📊🤓✅ NFT Survey Results - 96 Respondents Are Looking To Spend +$1.9m On NFTs In 2021!

Dec 2, 2020

I recently tweeted about a 10 question survey that asked people a broad range of questions on the NFT ecosystem. I will go through each question and explain my findings. Here were the 10 questions.

How many months/years have you been in the NFT ecosystem?
What is the most you have spent on a single NFT (in $USD)?
How much do you expect to spend on NFTs in the next 12 months?
Which NFT category is your favorite?
Why is that category your favorite?
What are the primary venues that you buy and sell NFTs on? (OpenSea, SuperRare, etc)
What is one product/service that the NFT space needs?
Currently, the total amount traded in the NFT market has been ~$140m. What will this number be 12 months from now?
To date, the highest sale price of a single NFT was ~$120,000. What amount will be the highest sale of a single NFT within the next 12 months?
Hardest question yet - Why do you buy NFTs? (Investment purpose, fun, social, etc)

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1. How many months/years have you been in the NFT ecosystem?

This was a straightforward question that had surprising results. I expected there to be more respondents that had been involved with NFTs for less than 1 year and fewer respondents that have been involved for +3 years. I also think my personal network (people that would follow me on Twitter, see me tweet about this survey AND actually do the survey) is skewed towards people that have been in the space for a long time so that could be affecting results.

2. What is the most you have spent on a single NFT (in $USD)?

These results weren’t that surprising to me because I know most people in the NFT space spend $1,000s of dollars on assets because NFTs tend to be expensive. I am excited to do another survey a year from now and see if people are spending more or less on single NFTs

3. How much do you expect to spend on NFTs in the next 12 months?

This is where the survey results get wild. The majority of respondents are looking to spend at least $10,000 in the ecosystem. That is a serious amount of money but I think when you factor in that almost all of the users in the NFT ecosystem are also crypto investors it makes more sense. Purely being goods worth $10,000 seems excessive but when you factor in that this is part of their “investing” capital it makes more sense that it is such a high amount. People are expecting to earn a return from the money “spent” (invested) in the NFT ecosystem.

4. Which NFT category is your favorite?

For the sake of simplicity I categorize NFTs into the following buckets:

Collectibles: Assets with little to no utility. CyyptoKitties, CryptoPunks, etc
Game Assets: Assets with high levels of utility within their universe. Axie Infinity, Gods Unchained, etc
Virtual Land: Part social, e-commerce, gaming, and creative platforms all rolled into one. Decentraland, Cryptovoxels, Somnium Space, etc.
Crypto Art: Art that has been tokenized on a blockchain.
Other: Insurance, property titles, domain names, IP, etc

It was not surprising to me that most respondents favored art but I was surprised that virtual land, game assets, and collectibles were so even. I thought there would be more clearly favorable categories.

5. Why is that category your favorite?

These answers were very broad so I attempted to bucket them into rough categories.

Game/Play/Use: You can actually “use” the NFTs in some fashion, they do not just sit passively in your wallet.
Evolution in art: These respondents discussed how NFT art was a game-changer for the art world and how NFTs are perfect for digital artwork.
Love of collecting: Most people that chose this answer referred to their love of collecting as to why a specific NFT was their favorite.
Community/Social/Connection: These respondents would explain that the community and social connections are what really drove them to love a specific NFT project.
VR worlds are the future: Many people referenced the metaverse or how virtual worlds are multi-purpose platforms of the future.
Investment upside: This is self-explanatory but people that chose this answer liked specific NFT projects because they thought it has the greatest potential for a return.

6. What are the primary venues that you buy and sell NFTs on? (OpenSea, SuperRare, etc)

Note: “Native” refers to a marketplace that is built into a game/platform. Examples are the Axie Infinity marketplace or the CryptoKitties marketplace.

7. What is one product/service that the NFT space needs?

This question was difficult to turn into simple data points because the answers were so broad. I categorized the 89 responses into rough categories that I will explain below the pie chart.