12 Oct BIGtoken Series: Nearly 20% of Digital Users Drawn to Autograph NFTs
DEG new member BIGtoken provides more data to help DEG members understand the potential for entertainment NFTs. Scroll down for each installment in the BIGtoken series.
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BIGtoken: Nearly 20% of Digital Users Drawn to Autograph NFTs
October 13, 2021 | This week’s edition of BIGtoken research highlights the most sought-after “extras” for digital sports and entertainment memorabilia and carries a very impactful takeaway for owners of popular IP. When polled, 19 percent of BIGtoken consumer panelists said they would like an NFT in the form of an autograph. An additional 14 percent of panelists voted for scarcity (limited copies made), while special future access to talent was chosen by 14 percent. Only 11 percent named exclusive commentary or playback from actors, athletes, or broadcasters as their most desired added feature.
Selected by nearly one in five digital users surveyed, autographs from film and sports stars rise above as the most appealing added-value feature offered to NFT buyers in BIGtoken’s poll. This implies that price speculation on IP, made famous by the artist Beeple and others, is not the top priority amongst potential buyers of digital collectibles. Rather, more personally and emotionally important content is desired. BIGtoken’s research emphasizes that the market for mid-priced movie and TV studio assets appears to be among the most promising for NFT buyers who are also entertainment enthusiasts.
Continuing to win the hearts and minds of fans is an ongoing effort; however, digital collectibles are proving to be infinitely expandable and customizable to delight, capture, and engage across fandoms.
BIGtoken: More Than 40% of Consumers Expect Entertainment NFTs Priced Under $100
October 6, 2021 | BIGtoken research suggests an interest in relatively affordable NFTs that are related to fan-favorite IP. When polled, four out of five BIGtoken consumer panelists expected the value of a movie studio’s NFT to be under $1,000, with just one in five estimating it at over $1,000. Only 5 percent of users believed it would be in the highest value tier over $10,000, while north of 40 percent of panelists predicted the value would be under $100.
Plenty of pop culture entertainment properties have fueled sky-high sales of fan-generated NFTs, like the “Homer Pepe” Simpsons NFT that made headlines earlier this year when it sold for 205 ETH or nearly $700,000 at the current rate. This year’s sixth-largest NFT sale was a Rick and Morty collection from co-creator Justin Roiland, which sold for $1.6 million. Notably, collectibles with established scarcity tend to capture the highest dollars. Still, studios and sports organizations can also look to minting multiple, lower-priced collectibles to quench the market appetite and create a consistent, high-margin revenue stream.
In a marketplace where digital collectibles are known for making headlines for the enormous price tags paid by a select group of collectors, studios have an opportunity to reach millions of entertainment enthusiasts who want to own a unique piece of the pop culture they’re most passionate about with well-priced NFTs.
BIGtoken: Entertainment IP Will Fuel $35B to $45B Market for NFTs
September 29, 2021 | BIGtoken estimates that a $35 billion to $45 billion global market is developing for NFTs and digital collectibles, and the majority of that value will accrue to IP-rich entertainment companies and organizations. The company polled consumer panelists about which kinds of NFT or digital collectibles are of most interest to collect in the future. Most notably, content related to bands and musicians, films and television, and sports memorabilia emerged on top.
Looking into the future, as the market for NFTs evolves, BIGtoken expects over 70 percent of all digital collectibles will be related to IP from popular films, television and sports memorabilia. BIGtoken’s research implies that people are slowly opening up to the possibilities of digital ownership and the value of digital memorabilia, and the connection to nostalgia and emotional content will be the driving force behind purchases. The continuous headlines of film collectibles capturing big dollars are only just starting to scratch the surface: $4 million for a Maltese Falcon statue, $5.6 million for Marilyn Monroe’s white dress from The Seven Year Itch or the piano from Casablanca that Sam played “As Time Goes By” on for $3.4 million.
BIGtoken: Consumers Confused About Where to Buy NFTs
September 22, 2021 | By a ratio of roughly three-to-one, respondents in the BIGtoken consumer panel report that they do not know where to buy NFTs. One of the largest marketplaces for NFTs, Mintable.app, has seen an increase in visits in excess of 80 percent over the last six months, so the word is getting out. However, the general lack of knowledge on where to buy NFTs remains a big opportunity for entertainment brands because it provides a clear runway to educate and capture their fans and create places that would be familiar to fans seeking to buy NFTs and digital collectibles.
It’s been established that ample content on which to base NFTs isn’t an issue for entertainment companies, but one of the largest barriers to converting window shoppers to raving fans is actually where and how to buy NFTs and digital collectibles. Changing that is a very simple, but crucial process for developing long-term collectible revenue streams. If you are Disney.com and you’re getting 11.5 million visitors to your website every six months (according to Similarweb), that’s a very “safe” place to start an NFT store. For comparison of scale in the industry, according to Similarweb, jimmybuffett.com gets 86,000 visits every six months, selenagomez.com earns 250,000 visits every six months and amazon.com gets 2.65 billion visits every six months. All of those are trusted sites with ample fan traffic that are already carrying out transactions on a daily basis.
One of the keys to early success with NFTs is going to be ease of transaction coupled with buyer education. By providing education on the purchase, storing, and transferring of NFTs and digital collectibles, brands can begin to step out of the shadows and to the forefront of a new, exciting, and adoptable technology. With large amounts of traffic that could already be buying collectibles from the site, this is an opportunity that properties, brands, and acts do not want to miss.
BIGtoken: Education, Transparency Needed to Develop Market for Entertainment NFTs
September 15, 2021 | DEG new member BIGtoken over the past four months has been tracking consumer sentiment and activity for digital collectibles and NFTs (non-fungible tokens). It recently asked consumer panelists what they need to learn before they become active customers in the nascent digital collecitbles market.
- 46% said they want to know more about how NFTs are priced
- 45% said they want to know the potential future value of an NFT
- 40% said they want to know how an NFT is stored.
These findings suggest that education and transparency are going to be key for brands that want to jump into NFT sales. As with any new technology, new adopters will jump right in and be well ahead of the curve, in a speculative stage of the market. The business can be expected to shift to investors and collectors as more people learn about NFT technology and its potential.
For entertainment companies, content on which to base NFTs is plentiful, but in order to capture consumers at this early stage, companies will have to address barriers to purchase and storage.