Finder has produced a new Global NFT Adoption report, in which they break down Australia’s relationship with Non-fungible token (NFTs). If you don’t know what NFTs are, then please check out our recent post of the first techAU NFT collection, as well as a step-by-step how-to guide on creating your own.
The report shows that Australia’s interest or experimentation with NFTs remains in it’s early stages, with Australian adults much less likely to own NFTs compared to their global counterparts, according to Finder.com’s Global NFT Adoption report.
The Finder survey of more than 28,000 adults reveals just 4.6% of Australians own NFTs, which is well below the global average of 11.7%. A massive 70.2% of Australian adults, still have no idea what an NFT is.
This puts Australia at 16th place out of 20 countries, ahead of only Germany (4%), the United States (2.8%), the United Kingdom (2.5%), and Japan (2.2%).
Men are currently the biggest adopters, with 5.5% saying they own NFTs compared to 3.7% of women. In terms of age, the adoption definitely skews younger, with 18-24yo leading at 6.8%, of adopters, while 6.2% were aged 25-34, and 6.4% aged 35-44. Once you get past 40, the adoption really starts to drop significantly, with 45-54yo accounting for just 2.3%, while the 55-64yo group actually exceed them with 2.5% share.
While digital art makes up the bulk of what NFTs are really about the elderly cohort, of 65yo+ who are likely to have a piece of art on their wall, have not engaged the NFT space at all, with 0% share in Australia, according to the survey.
When asked about plans to enter the NFT market, an additional 7.1% of Aussie’s say they do want to own NFTs in the future meaning the adoption rate could reach 11.7%.
“It’s still very early days for NFTs in Australia. Around 30% of Australian internet users currently know what NFTs are and we expect adoption to grow with awareness.Keegan Francis, Cryptocurrency editor at Finder
The report reveals that the Philippines has the most NFT owners (32%), followed by Thailand (27%), Malaysia (24%), the UAE (23%) and Vietnam (17%).
Francis noted that NFT adoption is much higher in countries that have a lower average wage of working citizens.
“In some of these countries, people are quitting their jobs because they can make money trading NFTs or earning them in games.
NFTs can be a great gateway to cryptocurrency ownership, especially because many NFT games don’t require ID.
If you want to buy NFTs directly then you’ll need to set up a wallet, purchase cryptocurrency, and choose an NFT marketplace”.Keegan Francis, Cryptocurrency editor at Finder
You can find the full report here: https://www.finder.com.au/nft-statistics