Recent NFT survey finds 50% of people are bad for physical art

Privacy HQ survey shows negative sentiment and unfamiliarity surrounding NFTs
April 29, 2022 - Cynthia Chung

Latest NFT survey conducted by Privacy HQ, an online privacy knowledge base published results from a 1000-person survey on NFTs, accompanied by an auction experiment to compare NFT valuation to physical artwork.

In general, many survey participants see NFT as a natural evolution of art, and almost as many believe that NFTs threaten artists who create physical artwork. 

 

The primary questions of the survey relate to survey participants’ relationship to NFTs. The results from the survey are similar with data from related previous surveys. For example, 35.1% from the 1,000 survey participants mentioned they are very literate in NFT knowledge, 28.9 % mentioned they are considerably familiar and acquainted with NFTs, whereas 36% claimed they weren’t very acquainted. 

 

The findings from the survey appear to fall in step with numbers from related previous surveys. For instance, out of 1,000 respondents, 35.1% mentioned they have been very conversant in NFTs. 28.9% mentioned they have been considerably acquainted, whereas 36% mentioned they weren’t very acquainted.

 

The survey also uncovered a correlation between age and familiarity with NFTs. Results show people between ages of 25 to 45 fell across the 40% mark for the number of NFTs they are familiar with. By contrast, the number dropped to 29.2 % for those aged between 46 to 55 and 15.2 for those aged 56 or older.


To sum up, the survey indicates that NFT skeptics still abound and are concerned about the impacts of NFTs. 46.6% of all survey participants said they believe NFTs are “concerning for the environment.” Simultaneously, 47.7% said that  “NFTs are detrimental to artists who produce physical pieces.

 

 

Adverse sentiment around NFTs still remain

Significantly, the survey also showed that many people are still dubious about the effects of NFTs. To that end, 46.6% of all respondents said that NFTs reported a belief that NFTs were “concerning for the environment.” At the same time, 47.7% of respondents said that “NFTs are detrimental to artists who produce physical pieces.”

It is also worthy to note that 53.3% of the survey participants said that NFTs are “the natural, digital evolution of art.” Despite all this, the survey appears to highlight a growing acceptance of NFTs as more than just a hype against the camp that raises their concerns about NFT’s environmental impact and traditional artists.

In reality, many influential traditional artists and art institutions have welcomed NFTs with open arms.

 


Private HQ’s auction experiment

Private HQ held an experimental online artwork auction with survey participants. In the experiment, survey participants were offered with 10 pieces of famous artwork and 10 NFTs.

Participants were asked how much they would bid on each piece to buy it. The experiment shed light on interesting insights. First is that the bids came in lower than their last selling price. However, the three artworks whose bid prices that mirror their real prices were all NFTs. 

 

The NFT survey tests the value of the NFT and traditional art markets. You can view the complete report on Privacy HQ’s website.

Photo: Sam Rush/ The North Wind, Privacy HQ

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