Non-fungible tokens (NFTs) have been hailed by some in the finance and entertainment industries as the next best way to invest, even to the point of being the subject of a “Saturday Night Live” skit. However, the sector is so unpopular that it’s almost unheard of.
Pew Research Center data shows that about half of Americans have heard of NFTs, but only 2% of Americans and 6% of adults under 30 have bought one.
It’s not because people don’t know about NFTs that they don’t want to spend money on them. Pew found that 49% of American adults have heard about non-fungible tokens, and 11% have heard a lot about them. Sixty-nine percent of adults ages 18 to 29 said they had heard at least a little bit about NFTs. Only 56% of adults ages 30 to 49 and 36% of adults 50 and older said they knew about NFTs.
Men were 22% more likely than women to say they had heard of NFTs. Among racial and ethnic groups, Asian Americans were the most likely to say they had heard at least a little about NFTs (66%), compared to about half of White or Hispanic adults (49% and 48%, respectively) and 38% of Black adults. Also, two-thirds of high-income Americans have heard at least a little bit, followed by about half of middle-income Americans (51%) and a third of low-income Americans (36%).
One thing that all of these different groups had in common was that they didn’t want to buy NFTs. Pew also said that only a small number of people in all of these groups had actually bought these items.