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The report, carried out through online surveys and interviews with senior managers from 46 of the main online art platforms, reveals that 36 percent of those who own works of this type say that their intention is to sell part of their collections, while six percent would donate them to charitable causes.
In contrast, 43 percent of buyers say they will keep their NFTs for personal enjoyment, 28 percent would like to display them in the Metaverse, and 19 percent in a museum or physical gallery.
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Hiscox highlights in his study that the NFT market suffered a drop of more than 90 percent, mainly as a result of the collapse of some cryptocurrencies such as Luna or FTX.
In fact, remember that OpenSea, the NFT sales platform, went from selling 3 billion in September 2021 to just 350 million in September 2022.
In relation to the drop in interest in NFTs, the study shows that 39 percent of art buyers consider this market a speculative bubble and half (50 percent) see no artistic value in NFTs. In fact, 59 percent are no longer interested in this format, preferring more traditional physical art.
However, when asking buyers for the reasons that would make them buy NFTs, 37 percent say they would if there were more regulation in the market. Additionally, 29 percent appeal to confidence and say that they would buy NFTs if the buying and selling process was more similar to that of more traditional e-commerce.
Likewise, another 28 percent of art buyers would purchase NFTs if traditional artists made works in this format.
Currently, according to the cited report, only twelve percent of buyers say they will buy one in 2023, which is 15 percentage points less than the previous year.
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However, the percentage of buyers who trust it has fallen from 82 percent in 2022 to 66 percent in 2023.
On the other hand, the percentages of buyers who acquire them for their social impact and patronage, as well as for belonging to an open-minded community, do increase, from 39 percent in 2021 to 54 percent in 2022 and from 38 percent to 44 percent, respectively.
2023-08-07 08:00:00
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