Hint… it’s more than just JPEGs and speculative trading.
Research from DappRadar and Alsomine shows that consumers want real value, benefits and utility from NFTs (non-fungible tokens). The research report combines Alsomine’s survey findings and DappRadar’s on-chain analysis of today’s NFT market to better understand consumers’ and potential buyer’s preferences and needs
92% of survey responders see an advantage in having NFTs that can provide real value and benefits (i.e. subscriptions, membership, exclusive content, unique experiences, earnings & savings, and more)
…but less than 40% have heard of or purchased utility #NFTs.
52% of survey respondents say that the ability to purchase NFTs w/ a credit card is one of the two most important aspects when acquiring NFTs.
There are two main gaps in the NFT market: an information gap and an access gap, with consumers needing easier access to the market and the ability to purchase NFTs without the requirement to use cryptocurrency and at a relatively low price.
NFT Market Growth
The number of unique traders in 2022 increased by 19.75% compared to 2021, reaching 6.9 million in total.
Despite a 60% YoY drop in ETH… on-chain NFT trading volume in 2022 remained almost unchanged from 2021 at $24.7B
NFT sales saw a 67% increase this year, reaching 107 million
👉 Read the full report here
Will 2023 be the year of utility NFTs?
As the use cases for utility NFTs grow, we’ll see increased adoption & mainstream recognition of web3 technologies, and the emergence of new business models & revenue streams for creators, developers, & entrepreneurs alike.
The next wave of NFT adoption will come when more companies and collections are able provide to additional value in meaningful ways to their communities with utility.