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Conversations about NFTs are escalating at a rapid pace. But with rapid growth comes much confusion and misunderstanding. One in five people say they are confident in their understanding of NFT’s…but are they really? At this moment in time, the hype has not yet translated into action with only 6% of people saying they have purchased an NFT. When will adoption hit a tipping point and become mainstream? And which categories will this growth come from?
The WHY Group set out to put people’s knowledge to the test, identify underlying interest levels, and pinpoint motivations for future engagements. Our findings led us to an adoption framework and set of actionable guidelines for how brands can navigate this relatively unknown world.
While some may think NFTs are the latest fad, early adoption has been years in the making. Since 2008 there have been many milestones paving the way for NFTs today. We have only just hit the early adoption phase, but growth is accelerating with the number of unique wallets being bought or sold increasing 198% from 2017 to 2021.
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