24% American Households Purchased NFTs or Crypto, Study Shows

Cryptocurrencies and non-fungible tokens (NFTs) are emerging as some of the sought-after assets by households and sports fans on American soil, according to a poll by the Seton Hall University. 

Per the report:

“While the concepts of cryptocurrency and NFT may still be foreign to many Americans, 24 percent of households in the U.S. have owned either or both.”

The demographics were even higher for avid sports fans at 57%, whereas the rest of the sports fans acknowledged owning these financial assets at 34%. The poll added:

“When asked specifically if their holdings were cryptocurrency and/or NFTs, survey participants indicated stronger engagement with crypto. Of those who hold and/or sold either, 62 percent specified crypto only, while 31 percent specified NFTs only. Seven percent said both.”

Those aged 18 to 34 years had a higher participation rate in crypto and NFT trading at 42%. 

NFTs can become a game-changer in the sporting arena as an ideal source of revenue, according to Seton Hall Marketing Professor and Poll Methodologist Daniel Ladik.

He pointed out:

“If managed effectively, NFTs could become a major source of revenue as well as a new avenue of fan connection for sports brands. In a digital age, interactive assets like NFTs can drive a sense of holder equity and belonging – key attributes for brand success.”

The poll noted that sports fans got inclined toward NFTs based on some of the benefits accrued, like getting discounts when a team scored and upgrading a ticket.

Charles Grantham, the Director of the Center for Sport Management at Seton Hall’s Stillman School of Business, acknowledged:

“The numbers would seem to indicate that NFTs represent fertile ground for leagues to enhance the fan experience.” 

Nevertheless, Grantham commented that more had to be done in the NFT space and said:

“But, perhaps because teams and leagues don’t fully understand the nature and potential of NFTs and perks like a digital VIP card, that ground has yet to be sown effectively by major sports organizations in the United States.”

Americans have shown their interest in the crypto space based on past research. For instance, Americans presented a stronger desire than Canadians for cryptocurrencies, according to a recent Ipsos survey. 

Furthermore, a FitRated study showed that 81% of Americans would be motivated to exercise if they got crypto rewards, Blockchain.News reported.