Survey: There Is ‘Significant Room’ for the NFT Market to Grow Despite Widespread Lack of Knowledge Among People

A survey about non-fungible token (NFT) trends on crypto users revealed that 47% of correspondents had heard of NFT, and among these, 63% of them had only a basic understanding about it, while 57% of them had never used them.

Survey Reveals Common User Has Just a Basic Understanding of NFT Market

According to a research conducted by crypto exchange Crypto.com, surveying 29,574 of its users, collectibles (47%) and gaming (33%) are the most commonly used NFT types.

Nearly half of the respondents, corresponding to 49%, sought financial gain by investing in NFT, said the study. In contrast, the most popular marketplace among the respondents is OpenSea, as 54% of the surveyed people revealed it.

But the interest in respondents is not limited to NFTs, as the survey showed that a majority of them (74) admitted to having used decentralized finance (defi) products. Moreover, the study pointed out that most of the respondents agreed that NFTs “are the next trending topic after DeFi,” and that NFTs “are a useful innovation.”

Speaking with news.Bitcoin.com, Eric Anziani, COO of Crypto.com, commented on the motivations behind the research:

While the crypto world has been focused on decentralized finance and Bitcoin all-time-highs, non-fungible tokens have quietly gained serious traction in 2020; nearly $8M was traded in the NFT market in the past month following steady growth over the past year. However, there is limited research into NFTs’ awareness, how people are using them, and roadblocks to adoption.

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There Is ‘Significant Room’ for the NFT Market to Grow

Anziani said that their research involving nearly 30,000 users reveals that though almost half hadn’t heard of NFTs, and also indicates “significant room for the market to grow in 2021 as people begin to see NFTs’ potential value and utility.”

On other figures revealed by the survey, 48% of respondents indicated that real-world non-fungible assets tokenization would be the “most beneficial aspect for NFT.” Also, 61% of respondents raised concerns on the “newness of the technology” who had heard of NFT, said the research.

In the latest NFT landscape developments, an artist who calls himself ‘Beeple’ raised $3.5 million during his latest non-fungible token art collection auction.

What are your thoughts on the survey’s findings? Let us know in the comments section below.

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