More than half of 18-24 year olds would love an NFT or Crypto for Christmas
Recent market research showed that more than half of young people want an NFT or cryptocurrency for Christmas. This is somewhat surprising, as digital assets are not what you would expect in a Christmas gift, as well as when we consider that the general interest in said assets has decreased this year.
BanklessTimes.com investigated why young people have so much faith in NFTs and cryptocurrencies.
Young people are digital natives
It is very interesting to note that despite the volatility of the digital asset market, 51% of young people want an NFT for Christmas, while 55% want a cryptocurrency. But where does this interest come from?
Generation Z, people born in 1997 or earlier, grew up with social media and the internet.
As digital natives, they are more used to finding information online, and many use YouTube and Twitter to seek advice from “crypto-influencers”.
Furthermore, they find it much easier to navigate these online spaces. In fact, research shows that social media and games are the most common way teenagers find friends today. About 57% of teenagers have made a new friend online at some point.
Furthermore, data from 2021 shows that 70% of Gen Zers purchased digital items in a video game.
All of this leads to a strong foundation for understanding these new technologies and for fostering the adaptability necessary to get the most out of digital assets.
Risk and availability
Another important factor is the willingness to embrace risk. It’s no secret that crypto and NFT markets are particularly volatile.
Note that roughly 13% of Gen Z, and 11% of Millennials, are much more willing to take a big risk for a big reward. By comparison, only 3% of baby boomers are willing to do the same.
Furthermore, there is an increase in younger artists entering this field. NFT’s art market is very accessible, both to enter and to observe. Often, all you need to do is build a following on social media, or stay up to date with an artist by subscribing to their feed.
For proof, just consider that digital art makes up 18% of Gen Z’s art collection (compared to 8% of Millenials). Consider the $69 million Beeple sale in 2021. About 64% of bidders for the “Everydays – The First 5000 Days” NFT were under 40.
The interest 18 to 24-year-olds have in crypto and NFTs can be summarized in two ways. First, they were born into this landscape, they understand it better, and they access it with ease. Second, their willingness to take risks is much greater, making them more resistant to market fluctuations. Of course, it will be interesting to see how many NFTs and cryptos they actually get in the Christmas stocking this year.
