Beyond all the hype, sports fans are interested in making investments, based on knowledge about NFTs, says a study. The sports ecosystem is heavily involved in the production and issuance of non-fungible tokens to entice fans with engagement and investment opportunities.
However, months of the crypto downtrend and inflated floor prices across the NFT ecosystem have changed investor sentiment. It has prompted users to rethink their long-term investment strategies. The National Research Group (NRG), in its latest study, shows an openness among sports fans to learn about NFTs.
NFT sales plummeted to one-year lows in June 2022, indicating a momentary end of the NFT hype. A survey of over 3,000 fans across the United States, Japan, UK, and Brazil revealed heightened fear of losing money or getting scammed. Only 15% of respondents, as per the study, had complete trust in NFT marketplaces. 30% had little or no trust in them. The survey also pointed out that this problem is acute in Japan – about 4 in 10 consumers have low trust in NFT marketplaces.
Moreover, investors from the four countries unanimously agreed on the need for stricter regulations on NFTs. They want age restrictions and risk tolerance to be considered. 58% of sports fans across the US, Japan, UK, and Brazil have some level of understanding about NFTs. And 54% of the respondents said non-fungible tokens have positively impacted their favorite sports.