Check out VIP+’s expansive special report on the impact, limitations and future of NFTs + Entertainment
Hitherto niche blockchain-based non-fungible tokens exploded in popularity in Q1, with global sales on the Ethereum blockchain approaching $1 billion in Q2 2021, an astonishing increase of 105 times the $9 million in sales seen in Q2 2020.
As is clear from data based on NFT sales on Ethereum, the most popular types currently are collectibles, which include most, if not all, entertainment-related NFTs. These can take the form of collaborations with popular collectibles such as cartoony “CryptoKitties,” exclusive add-ons from album releases that yield real-world benefits or scenes from famous or noteworthy shows or events. Soon they'll even include NFTs layered onto tickets sold for sport events and concerts.
VIP+ partnered with GetWizer Consumer Insights to assess the interest that U.S. consumers have in NFTs . One key finding: Overall interest in the phenomenon is strongest among those age 15-29, with 52% interested in at least one of the categories measured. That percentage declines steeply the older one gets, as just 12% of those 60+ say they're likely to engage.
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