Asia-Pacific Consumers More Optimistic On NFTs Than European And North Americans

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Asia-Pacific Consumers More Optimistic On NFTs Than European And North Americans

More global consumers are attracted to the blockchain technology and cryptocurrencies due to the popularity of non-fungible tokens (NFTs)whose trading volumes have increased significantly, says a report titled ‘New Value Crypto Trends in Business and Beyond-2022, published by the cryptocurrency exchange Ripple (XRP).

According to the report, people in the “Asia Pacific (APAC) and Latin America (LATAM) are more optimistic about the value of blockchain and its tokens.

While the Middle East and Africa (MEA) and North America were somewhat less enthusiastic, Europe was the most conservative.

However, the report said that the consumer experience was not smooth due to Web2.0 infrastructure and design issues.

Ripple surveyed more than 800 people in 22 countries in the Asia Pacific (APAC), Latin America (LATAM), North America, Europe and the Middle East and Africa (MEA) regions.

Here are some interesting highlights about consumer feedback NFTsmetaverse, the central bank digital currency (CBDC), etc.

Global NFT Trends

Consumer Interests in NFTs Higher in APAC Region

The report noted that “respondents in APAC were up to three times more likely than respondents in other regions to say they had a NFT to commemorate an important moment. And they were twice as likely to say they would buy an NFT to show their appreciation for an artist, pop figure or brand.”

This “suggests that the emotional attachment to creators and/or moments will be an even bigger driver of NFT interest in APAC than in other parts of the world.”

Asia Pacific Consumers more optimistic in NFTs than European and North Americans; Source: Ripple

NFT Key Technology In Metaverse

The report finds that NFTs are widely used and “key technology to drive ownership in what is called the metaverse.” Metaverse is a 3D animated virtual world that offers people an immersive social, gaming and entertainment experience.

The report further notes that whether virtual land, a car, or an NBA star’s virtual sneakers, “NFTs represent ownership of unique forms of value in the metaverse.” And people can “do things like trade, play games, display, pledge and lend” with this value.

Therefore, the trend shows that “NFTs in metaverse add different values ​​to people for different activities,” and that is why it is an important technology.

Functional interests count over emotional reasons

Globally, consumers are “more interested in what we might call the functional benefits of NFTs, as opposed to the more emotional benefits.”

Functional reasons to buy an NFT include trading, unique experiences and appreciation in value. Emotional reasons include buying to show appreciation for any particular pop culture, artists and brand.

“50 percent of respondents said they would only buy an NFT for a functional reason. This compares to 45 percent of respondents who said they would buy an NFT for an emotional reason,” according to the report.

NFT
“50 percent of respondents said they would only buy an NFT for a functional reason. This compares to 45 percent of respondents who said they would buy an NFT for an emotional reason.”

Music is the most popular NFT genre

The report found that 55 percent of consumers would be interested in purchasing music-themed NFTs, followed by collectibles at 43 and games at 41 percent. Sports and Arts came in fourth and fifth place respectively with 39 percent and 33 percent favoring them.

“It will be interesting to see in the coming years if and how the metaverse changes consumer interest levels across these categories and perhaps introduces new categories,” says the report.

Trend of increasing NFT trading volume

Ripple noted that trading volume in NFTs increased by a whopping 38,000 percent between 2020 and 2021, and over $10 billion worth of NFTs were sold in Q3 2021 alone.

It also notes that “artists, musicians, movie stars, athletes, brands and more see NFTs as a new way to engage their audiences with something innovative, unique and valuable.”

Opinion on current NFT technology

According to the report, most respondents believe that NFTs have a lot of room for innovation. The NFT technology at its core is not new, but an “ancient human desire to own things that connect us to our interests, passions and memories. The core technology is proven; now the industry needs to make it easier for consumers to participate .”

According to the report, new “approaches, including decentralized identity, will help solve some key issues around trust, security and privacy for consumers, while making it easier to verify, buy, sell, store, transfer NFTs wear, show and use.”

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