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A majority of Americans surveyed think the digital art craze is more than just a fad and that NFTs are the 'next big thing

Published by Business Insider on Sat, 03 Apr 2021


<p><img src="https://static5.businessinsider.com/image/6059fb6e0d155e0019ef62a7-2000/rise in interest for NFTs 2x1.png" border="0" alt="rise in interest for NFTs 2x1" data-mce-source="Handout via REUTERS; Drew Angerer/Getty Images; Robyn Beck AFP via Getty Images; Lucy Nicholson/Reuters/File Photo; Samantha Lee/Insider"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>Non-fungible tokens, or NFTs, have soared in popularity in 2021. <a href="https://www.businessinsider.com/beeple-nft-art-buyers-reveal-names-who-is-metakovan-twobadour-2021-3">Artwork</a>, <a href="https://markets.businessinsider.com/currencies/news/jack-dorsey-nft-first-ever-tweet-sold-29-million-twitter-2021-3-1030233702">tweets</a>, and <a href="https://www.nytimes.com/2021/03/26/technology/nft-sale.html">news columns</a> turned into digital art have fetched millions of dollars at auction.&nbsp;&nbsp;</p><p>In an online survey conducted in the last week of March, 59% of Americans surveyed said they believe NFTs are more than a fad, and will be "the next big thing". Counterparts in the UK, meanwhile, were less certain, with 33% of Britons responding that its a passing fad.</p><p>18% of Americans surveyed believe the market for digital art is a bubble waiting to burst.&nbsp;</p><p>Still, a large percentage61% of Americans and 54% of Britonsview the nascent space in a positive light.</p><p>Conducted by research group Piplsay from March 29-31, the survey <a href="https://piplsay.com/the-sudden-hype-around-nfts-what-do-people-think-about-it/'utm_source=email&amp;utm_medium=mediamailer_organic&amp;utm_campaign=quant_piplsayresearch&amp;utm_term=nfts&amp;utm_content=text_body">polled</a> 30,390 people in the US and 6,050 in the UK to assess what people think of the latest blockchain-related digital trade.&nbsp;</p><p>Despite Americans believing in NFTs as potentially being here to stay, the survey revealed that 33% do not believe these are safe investment, while 41% of Britons also don't trust in the security of NFTs.&nbsp;</p><p>The market for digita art secured on a blockchain first opened up in 2015, and has since gained traction. The NFT space has been boosted by support from prominent figures including Jack Dorsey, Mark Cuban, and Kings of Leon, and has moved in step with the rapidly rising popularity of cryptocurrencies.</p><p>While it is still an emerging market, that also did not prevent <a href="https://www.businessinsider.com/how-nfts-went-mainstream-cryptocurrency-blockchain-2021-3">major brands</a> from Taco Bell to the NBA from getting on the bandwagon.</p><p>36% of Americans and 27% of Britons surveyed think the NFT space, given its highly speculative nature, is "just another playground for the mega-rich."&nbsp;</p><p>NFTs are unique digital assets secured on a blockchain. Each NFT has its own signature, which can be verified in the public ledger and cannot be duplicated.</p><p>When people buy NFTs, they gain the rights to the <a href="https://www.businessinsider.com/why-are-people-buying-nfts-investing-in-nft-crypto-art-2021-3'utm_source=markets&amp;utm_medium=ingest">unique token</a> on the blockchain, and not the artworks linked to the NFTs themselves.</p><p>The NFT market saw <a href="https://www.businessinsider.com/how-nfts-went-mainstream-cryptocurrency-blockchain-2021-3">immense growth</a>, with buyers vastly exceeding sellers, and has grown into a $250 million market, according to a <a href="https://nonfungible.com/nft-report-2020">2020 report</a> from L'Atelier BNP Paribas and nonfungible.com.</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/stocks-to-buy-biden-infrastructure-plan-trillion-build-back-semiconductor-bofa-2021-4" target="_blank" rel="noopener">BANK OF AMERICA: Buy these 14 semiconductor stocks poised to benefit from Biden's multitrillion-dollar infrastructure planincluding one set to surge 39%</a></em></p><p><a href="https://markets.businessinsider.com/news/stocks/nfts-majority-americans-surveyed-digital-art-more-than-a-fad-2021-4-1030272455#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/coronavirus-myths-debunked-wuhan-china-2020-2">Epidemiologists debunk 13 coronavirus myths</a></p>
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