2021 Outlook on cryptocurrency

The rise of NFTs

It’s almost impossible to read the news or scroll through your timeline without a story about non-fungible tokens (NFTs) popping up. And it’s this self-sustaining attention that our panel believes is driving interest in NFTs. Almost three-quarters (74%) of panellists say that new crypto millionaires drove NFTs into the limelight and generated headlines by for certain NFTs, sparking a gold rush of people wanting to cash in.

Around half (53%) also believe that the emergence of NFTs such as NBA Top Shot has made them more accessible to a wider audience, and about a third (35%) think that Covid-19 played a role, with more people engaging with the arts digitally as cultural events move online due to the pandemic.

While about three-quarters think that NFTs are here to stay (73%) and that NFTs will become mainstream (76%), 4 out of 5 (80%) don’t think it’s a good time for retail investors to be dipping their toes in the water.

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