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A New NFT Survey reveals that 50% of people think NFTs are bad for physical art

Privacy HQ has released some new findings from its NFT survey. Privacy HQ is an online privacy knowledge database. The site recently published findings from a 1000-person survey on NFTs, as well as an auction experiment comparing NFTs to physical art. While many people see NFTs as an evolution of art, almost as many think that NFTs can be harmful to artists who create physical art.

a pixelated Mona Lisa (a new NFT survey suggests that people see NFTs are harmful to physical art)
A new survey from Privacy HQ speaks to a large amount of NFT skepticism still. Credit: Sam Rush | The North Wind

New NFT survey suggests that despite NFTs going mainstream, we are still early

To sum up, the Privacy HQ team surveyed 1,000 people. The survey’s first section asked respondents general questions about their relationship with NFTs. Privacy HW also ran an experiment in which respondents were asked to compare NFTs with famous pieces of traditional art.

The survey results seem to be in line with previous surveys. For example, out of 1,000 respondents, 35.1% said they were very familiar with NFTs. 28.9% said they were somewhat familiar, while 36% said they were not very familiar.

Unsurprisingly, there was somewhat of a correlation between age and familiarity with NFTs. Indeed, respondents between the ages of 25 and 45 all fell around the 40% mark for how many were very familiar. In contrast, this number dropped down to 29.2% for the 46-55 age range, and 15.2% for people 56 and over.

infographic from Privacy HQ's new nft survey
The new NFT survey suggests that younger people are more likely to be very familiar with NFTs. Credit: Privacy HQ

The negative narrative around NFTs still lingers

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’s important to note that over half of the respondents, 53.3%, answered that NFTS are “the natural, digital evolution of art.” Given all that, the survey seems to point to a growing acceptance of NFTs as more than just a passing fad. It is evident that there are still concerns about NFTs’ impact on the environment and their effects on traditional artists.

To be sure, the issue of NFTs and the environment is well hashed at this point. Perhaps more interesting is the belief that NFTs can be harmful to artists who make physical art. It is easy to see why some people might think so.

In reality, however, many major physical artists and art institutions have embraced NFTs with open arms. As a matter of fact, there are reasonable arguments that NFTs have created more opportunities for all kinds of artists, not just digital artists.

graphic from Privacy HQ's new NFT survey
These interesting results suggest that some see NFTs as killing off traditional art. Credit: Privacy HQ

Privacy HQ’s online art auction experiment

There was another fascinating element to the new NFT survey from Privacy HQ. The company had an “online auction” where respondents could bid on famous paintings. The way this worked is that it presented respondents with 10 famous paintings and 10 NFTs.

Participants were then asked how much they would bid on each piece to buy it. The experiment yielded some interesting insights. First, the average bid price for respondents was significantly lower than the last selling price. However, all three artworks with bid prices that were close to their actual prices were NFTs. This new NFT survey is well worth checking out for all the valuable insights it has uncovered. You can find the full report on Privacy HQ’s website.

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All investment/financial opinions expressed by are not recommendations.

This article is educational material.

As always, make your own research prior to making any kind of investment.

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Henry Hicks
Henry Hicks
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!


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