The survey includes 438 participants and was conducted from December 2022 to January 2023. Of those, 75.8% confirmed that they held one or more NFTs at that time. The report also revealed that of the remaining respondents, 2.5% used to hold an NFT, while 20% had not.
Further analysis of the survey shows that once people enter this market, they rarely stop at just owning an NFT. At least a quarter of NFT holders identified as enthusiastic collectors, owning 51 or more NFTs, accounting for 26.5%. Additionally, 18.7% of holders own between 11 and 50 NFTs, while 25.8% own between 2 and 10 NFTs. Only 4.8% own a single NFT, indicating that they rarely stop participating in an NFT after their first purchase.
The report concludes that the growth potential of the NFT market is more dependent on adoption, with projects making it easier for people to have their first experience with NFTs. In addition, the growing diversity of NFT projects attracting different demographic groups and interests can also contribute to the continued growth of the NFT market.
The popularity of NFTs has been supported by an increasing number of projects using them, such as NFT collections from well-known brands like Adidas and Starbucks. Seamless NFT experiences like Reddit’s avatar collection have also helped encourage adoption.
It is clear that NFT has become an integral part of many crypto holders’ portfolios and this market’s growth potential is huge. As the NFT continues to grow and serve a variety of needs, it is possible that the market will attract more avid collectors.