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DappRadar x Alsomine: What Do Consumers Really Want From NFTs?

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

Key takeaways

  • 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

NFT_Behavior_Report_—_DappRadar_x_Alsomine_February_2023_compressed
.pdf
Download PDF • 6.10MB

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.

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