DappRadar

Hint: the answer is not assets for speculative trading Research from <a href="https://dappradar.com/" rel="noopener noreferrer nofollow">DappRadar</a> and <a href="https://www.alsomine.com/" rel="noopener noreferrer nofollow">Alsomine</a> shows that consumers want real value, benefits, and utility from NFTs (non-fungible tokens). While it may seem that pixelated JPEGs and gorilla cartoons like the infamous Bored Apes became the poster children for NFTs, people want and expect much more than just art or speculative trading. Our research shows that consumers value real benefits, utilities, price, and ease of transactions (i.e. paying with a credit card).<h3 id="strong-will-2023-be-the-year-of-utility-nfts-strong">Will 2023 be the year of Utility NFTs?</h3>The web3 and blockchain industries continue building better safety and security infrastructure at the same time as enterprises develop stronger B2B technologies. We consider these two developments critical pillars for mass adoption. To move the needle even more, major brands like Nike, Starbucks, and Walmart have taken the first steps with their own strategies for onboarding current and new users to Web3. However, something quite obvious is still missing – a deep understanding of consumer needs, preferences, and behaviors.Important questions still remain, which we will dive into with this report. Who are the broader NFT consumers, and what do they want from Web3? But also, what role do they see NFTs playing in their lives? Who are the companies and brands innovating in web3, pushing the industry forward, while building products and services with web3-backed technology that consumers need today?NFTs have proven their potential to revolutionize commercial relationships between businesses and their consumers, and this new wave of digital transformation is already affecting multiple industries. Commercial NFTs – smart contracts representing tangible, measurable value, business benefit, or utility – are what consumers really want. Read the full NFT Behavior Report &#x1f449; <a href="https://dappradar.com/blog/behavior-report-what-do-consumers-want-from-nfts?utm_source&#61;cmc&amp;utm_medium&#61;community&amp;utm_campaign&#61;report" rel="noopener noreferrer nofollow">HERE</a> &#x1f448;<h3 id="key-takeaways">Key takeaways</h3><ul><li>Despite a 60% YoY drop in ETH, the on-chain NFT trading volume in 2022 remained almost unchanged from 2021 at $24.7 billion, demonstrating the industry’s resilience. The total NFT sales count in 2022 increased 67% to 107 million, with marketplace-based sales accounting for 68.35 million transactions.</li><li>92% of respondents see an advantage in having NFTs that can provide them with benefits; 61% mentioned one of the two most important considerations (33% most important) when choosing an NFT.</li><li>There are two main gaps in the NFT market: an information gap and an access gap, with consumers needing easier access to the market and the ability to purchase NFTs without the requirement to use cryptocurrency and at a relatively low price.</li><li>52% of survey respondents say that the ability to purchase NFTs with a credit card is one of the two most important aspects (30% most important) when acquiring NFTs.</li><li>Web2 companies moving towards NFTs is an important trend, with over 100 tier-one brands already offering NFTs to their consumers today,  as they seek to create unique and valuable experiences for their consumers.</li></ul><a href="https://dappradar.com/blog/behavior-report-what-do-consumers-want-from-nfts?utm_source&#61;cmc&amp;utm_medium&#61;community&amp;utm_campaign&#61;report" rel="noopener noreferrer nofollow">Read our Full NFT Behavior Report</a>

Behavior Report – What Do Consumers Want from NFTs?

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