August 30th, 2023, Janice Fernandes
Coca-Cola recently launched its NFT (non-fungible token) collection 'Masterpiece', on Base, a new Layer 2 Ethereum blockchain owned and operated by Coinbase. Coca Cola isn’t the only company to venture into NFTs, brands like Puma, Nike and LG have either launched an NFT collection or a platform in the metaverse.
What makes Coca-Cola's move interesting is the timing of it. The last few months have witnessed a slump in NFT prices slump. So, what’s the US public’s perception of NFTs – what’s their level of understanding and would they consider dealing in NFTs?
Recent data from a YouGov survey reveals that around a third of US adults say they have never heard of NFTs (34%), while 29% have heard of them, but lack understanding. Roughly 22% say they have some understanding (22%), while around one in nine (11%) know what they are but don’t own one and only 4% of US adults own NFTs.
Among those familiar with NFTs, around two-thirds are unlikely to consider buying, selling or using an NFT (66%). High income earners are most likely to deal with NFTs (18% of $80k+) when compared to those earning between $40k and &79.9k (12%) and under $40k (13%).
However, high income earners are also most unlikely to buy, sell or use NFTs (70%).
Factors consumers believe to have influenced changes in the popularity and market value of NFTs
Over a quarter of US adults (28%) attribute the shifts in NFT popularity and market value to the perceived value of the assets. This sentiment is more pronounced among individuals with higher income levels ($80k+) with over a third saying customer's perception of the product has changed (36%).
Around 27% of respondents indicate that media coverage has impacted NFTs. Cryptocurrency price fluctuations, known to correlate with NFT prices, are identified as a contributing factor by 24% of respondents.
Roughly 21% of respondents suggest awareness and understanding of NFTs among potential buyers is an influencer in changes in NFT popularity and market value. This sentiment is slightly more pronounced among higher-income groups, with 25% of respondents earning above $80,000 acknowledging this factor.
Fewer than two in ten respondents mention changing interests in alternative digital assets or investments (18%), while 17% attribute the changes to market saturation.
Regulatory or legal factors (14%), Environmental considerations tied to blockchain transactions (14%), and transaction fees (12%) are the other reasons respondents believe NFT’s market value has shifted.
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Methodology: YouGov Surveys: Serviced provides quick survey results from nationally representative or targeted audiences in multiple markets. This study was conducted online on August 18-22, 2023, with a nationally representative sample of 2,417 adults in the United States (aged 18+ years), using a questionnaire designed by YouGov. Data figures have been weighted by age, gender, education and region to be representative of all adults. Learn more about YouGov Surveys: Serviced
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