1 in 4 US households bought or sold crypto / NFT; Nearly 60% of avid sports fans have given themselves up

Fans like the benefits of owning NFT; Look for more

While the concepts of cryptocurrency (Bitcoin, Ethereum, etc.) and irreplaceable tokens (NFT) may still be foreign to many Americans, 24% of US households own one or both. And the numbers are rising dramatically among avid sports fans, with 57 percent buying these new financial assets along with 34 percent of sports fans.

Participation in the buying or selling of cryptocurrencies and NFT is particularly strong among younger demographics, with 42 percent of those aged 18-34, 29 percent of those aged 35-54, but only 7 percent of those over 55 years say a member of their household has bought or sold.

More men (37 percent) than women (13 percent) participated with almost three to one advantage.

“Although we are in the early stages of cryptocurrency and NFT ownership, sports fans have shown a real propensity to engage in these markets,” said Daniel Ladick, professor of marketing at Seton Hall and survey methodologist. “If managed effectively, NFTs can become a major source of revenue, as well as a new way to connect with fans of sports brands. In the digital age, interactive assets such as NFT can foster a sense of equity and belonging – key attributes to brand success.

These were the findings of a survey conducted by Seton Hall Sports last month among 1,514 adults across the country. The survey includes a national sample based on data from the US Census Bureau on gender, age, ethnicity, education, income and geography and has a margin of error of +/- 3.2 percent.

Crypto / NFT breakthrough

Asked specifically whether their holdings were cryptocurrency and / or NFT, study participants indicated a stronger commitment to crypto. Of those who hold and / or sell, 62% cited only cryptocurrency, while 31% cited only NFT. Seven percent said both.

The sports market has supporters of NFT

While NFT and fan tokens have a value associated with their scarcity, the core value of these digital offerings is the benefits owed to their owners. A number of sports teams offer benefits to their NFT holders, and a Seton Hall Sports survey asked respondents about their interest in those benefits. In particular, they were asked if things like discounts in team shops, converting a game day ticket into a digital collector’s card, upgrading a ticket to a first-class venue or allowing walking on the field or court after a game have fan / buyer appeal.

Advantages of NFT

Upgrading a ticket at no extra cost seems to be the most popular “superiority” for NFT holders, with 43 percent of the total population saying yes to this benefit (66 percent of avid fans, 58 percent of sports fans).

Discounts in team shops marked 34 percent “yes” among the general population (49 percent among sports fans, 66 percent among avid fans); the conversion of a game ticket into a digital collector was 28 percent among the general population (40 percent for sports fans, 54 percent for avid fans); walking on the field or court after the match was noted by 33 percent of the general population (45 percent of sports fans, 57 percent of those in love); and to be a member of a steering committee related to the organization is 37 percent to the general population (46 percent for sports fans, 60 percent for avid fans).

“The figures seem to show that NFTs are fertile ground for leagues to improve the fan experience,” said Professor Charles Grantham, director of the Center for Sports Management at Seton Hall’s Stillman Business School, which sponsored the survey. “But, perhaps because teams and leagues do not fully understand the nature and potential of NFT and its benefits as a digital VIP card, this foundation has not yet been effectively planted by major sports organizations in the United States.

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Questions with plotted breakdowns can be found in the online version of this version at http://blogs.shu.edu/sportspoll/

Results of the May 2022 Seton Hall Sports Survey

This SHSP was conducted from May 5 to 9 and includes responses from 1,514 adults in the United States with a margin of error of 3.2%. The sample reflects the percentages of the US census by age, gender, income, education, ethnicity and region.

Cryptocurrencies, NFT and fan tokens, digital assets, all based on blockchain technology, are rapidly gaining popularity among sports teams and athletes.

Q15a. Including all members of your household, there is someone sometime bought cryptocurrency (eg Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), etc.) and / or irreplaceable tokens (NFT)?

Purchases of cryptocurrency in the household
N = 1.514 Total population Sports fan No hair dryer Passionate fan Random fan
Yes 24% 34% 11% 57% 20%
No 65% 59% 73% 39% 72%
I don’t know / no opinion 11% 7% 16% 4% 8%

Q15a. By age

Purchases of cryptocurrency in households by age
N = 1.514 Total population 18-34 35-54 55+
Yes 24% 42% 29% 7%
No 65% 43% 59% 86%
I don’t know / no opinion 11% 15% 12% 7%

Q15a. By gender

Purchases of cryptocurrency in households by sex
N = 1.514 Total population Men Female
Yes 24% 37% 13%
No 65% 55% 74%
I don’t know / no opinion 11% 8% 13%

15aa. You indicated that you or a member of your household have previously purchased cryptocurrencies or NFT. Which of the following applies? [Shown only to “yes” in Q15a.]

  • I / they hold and / or sell cryptocurrency.
  • I / they hold and / or sell NFT
  • I / you hold and / or sell BOTH cryptocurrencies and NFT
Types of cryptocurrency bought / sold
N = 364 Total population Sports fan No hair dryer Passionate fan Random fan
Hold / sold cryptocurrencies 62% 56% 84% 60% 51%
Retention / sale of NFT 31% 37% 8% 37% 36%
Both 7% 7% 8% 3% 13%

In addition to its value as a sports collector’s value (ie the equivalent of a digital autograph or a desired sports card), NFT and fan tokens may also include additional benefits for fans acting as a digital VIP card. Many sports teams as well as athletes offer NFT and fan tokens.

Pretend to own an NFT or a fan token from your favorite sports team / athlete, would you be interested in any of the following benefits?

Q15b. Significant discounts in the team shop for official goods (ie T-shirts, hats, exclusive items)

Interest in significant discounts in the team store for official goods
N = 1.514 Total population Sports fan No hair dryer Passionate fan Random fan
Yes 34% 49% 15% 66% 38%
No 40% 33% 49% 23% 39%
I don’t know / no opinion 26% 18% 36% 11% 23%

Q15c.Turning your game day ticket into a digital collectible card that can be sold or traded?

Interest in converting a game day ticket into a digital collector’s card that can be purchased or traded
N = 1.514 Total population Sports fan No hair dryer Passionate fan Random fan
Yes 28% 40% 12% 54% 31%
No 45% 41% 49% 35% 46%
I don’t know / no opinion 27% 19% 39% 11% 23%

Q16a. The benefit of walking on the field or court after the match for 15 minutes to take pictures?

Interest in walking on the field or court after the match to be photographed
N = 1.514 Total population Sports fan No hair dryer Passionate fan Random fan
Yes 33% 45% 17% 57% 37%
No 42% 37% 49% 33% 40%
I don’t know / no opinion 25% 18% 34% 10% 23%

Q16b. The possibility to upgrade tickets to more first-class seats at no extra cost?

Interest in the opportunity to upgrade your ticket to more first-class seats at no extra cost
N = 1.514 Total population Sports fan No hair dryer Passionate fan Random fan
Yes 43% 58% 24% 66% 52%
No 34% 28% 42% 25% 31%
I don’t know / no opinion 23% 14% 34% 9% 17%

Q16c.Be a member of the steering committee of your sports teams, providing input and feedback on decisions about the sports organization?

Interest in becoming a member of the steering committee of your sports teams
N = 1.514 Total population Sports fan No hair dryer Passionate fan Random fan
Yes 37% 46% 27% 60% 38%
No 52% 47% 58% 36% 54%
I don’t know / no opinion 11% 7% 15% 4% 8%

ABOUT THE SURVEY

The Seton Hall Sports Survey, which has been conducted regularly since 2006, is conducted by the Sharkey Institute within the Stillman Business School. This survey was conducted online by YouGov Plc. using a national sample weighted by gender, age, ethnicity, education, income, and geography, based on data from the United States Census Bureau. Respondents were selected by the YouGov selection panel to be representative of all U.S. residents. This survey is in line with the National Disclosure Council’s Disclosure Standards. The Seton Hall Sports Survey was selected for inclusion on iPoll by the Cornell Center for Public Opinion Research, and its findings have been published throughout USA Today, ESPN, The New York Times, Washington Post, AP and Reuters to CNBC, NPR, Yahoo Finance , Fox News and many points in between.

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