NFT Consumer Research

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Two Surveys of 250 people each with the same questions -- executed on Sept-3-2022. One is framed as an "NFT" The other is framed as a "digital asset" First question (aided awareness): Higher than expected... 73% of people feel somewhat to extremely familiar More below🧵 ↓

Now, perception... You can see a huge difference between calling them digital assets and NFTs. 30% negative perception of NFTs vs 14% negative perception of "digital assets." Note that both were defined identically to the survey takers in the summary lead-in.

Now let's see what happens if we compare those who reported aided awareness of NFTs against all responses... Good news: Most of the "Neutral" folks actually become positive. The Negative people remain the same. This means awareness / education is generally helpful to perception

From here on we will stick to people who say they are "aware" of NFTs or digital assets... Next we ask about their beliefs about NFTs / digital assets. Fundamentally -- NFTs are seen as a fad (nearly 50%), but Digital assets are not. Both are perceived as expensive, however.

One note before we go forward. Expensive will ALWAYS be a top box response as a barrier to adoption if you put it there on any premium good. I think we can take this response seriously for NFTs, however, given the giant price tag most people associate with it.

This is probably the most interesting part... Asking what would make them interested in buying, assuming it's not as complex or alienating... As you would expect price comes first. We know this is a barrier. What's interesting is that ART of an ARTIST they like is next.

Why is this interesting? Because the majority of the volume in the current NFT market caters to the least meaningful barriers: -- Access to an online community -- PFP flex -- Metaverse -- Video games The videogame point may be thrown out though as this is not a gamer sample.

For fun... here are random verbatims to "If an NFT could be ANYTHING you want, what would it do?": -pay my bills -make me money -pay off my cards -Die off its bullshit -Solve something real instead of made up crap

This is quick and dirty. I'll go do some other cuts on the dataset. So what's the tl;dr? 1) We should call NFTs digital assets (duh). 2) Art drives the most interest among gen pop for NFTs (hmm). 3) Price is a barrier (obvious). 4) No one cares about the metaverse (in my view).