Momentive study: NFTs and Web3

TECHNOLOGY

Momentive study: NFTs and Web3

See what our research has to say about the future NFTs and Web3 as enthusiasm over these blockchain technologies cools down.

Sam Gutierrez

April 8, 2022 | 2 min read

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Key findings:

  • Enthusiasm for NFTs cool down in 2022 as awareness and optimism show signs of plateauing
  • Interest in crypto and blockchain drive NFT purchases, while a lack of knowledge and skepticism are the main reasons for avoiding the technology
  • There is high demand for professional investment advice for both crypto and NFTs, despite limited usage of financial advisors presently

Enthusiasm for NFTs cool down in 2022 as awareness and optimism show signs of plateauing

Hype for the future of NFTs continues to dampen from early 2021, with fewer U.S. adults believing that the technology will be as big in five years as it is now. One in three (34%) believe NFTs will be less popular as they are now, up from 15% the previous year, and 29% believe they will be just as popular in five years than now, down from 38% in 2021.

Interest in crypto and blockchain drive NFT purchases, while a lack of knowledge and skepticism are the main reasons for avoiding the technology

Despite the decline in hype, NFTs are still drawing interest: 20% of U.S. adults who have never purchased an NFT are interested in doing so. Purchases are largely driven by those wanting to learn more about crypto and blockchain technology (39%), followed by those aiming to diversify their investment portfolio (24%) or due to a family or friend recommendation (22%). Only a mere 11% of those who have purchased an NFT do so to support artists and creators.

Skepticism over the value of NFTs, and a general lack of knowledge continue to be the main barriers for adoption. Half (50%) of those who have not ever purchased an NFT haven’t done so because they do not know enough about what the technology is. Three in ten express concerns over viability: 32% don’t see the value in NFTs, 30% are not confident about long-term value, and 29% are worried about being scammed.

There is high demand for professional investment advice for both crypto and NFTs, despite limited usage of financial advisors presently

As crypto and NFTs continue to mature, there is developing interest in professional advice for investing in both types of blockchain technologies, especially among those who have purchased cryptocurrency or NFTs. Six in ten (60%) of those who have purchased crypto within the last 12 months say they are interested in professional advice, while more than half of those who have purchased NFTs (52%) express similar interest. Despite the interest, only a small minority (8%) follow NFTs through a financial advisor - online websites and blogs (34%), NFT marketplaces (33%) ,and social media platforms (32%) remain the most popular sources.

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