Cryptocurrency and NFTs are becoming more and more popular with Gen Z. Here’s what you need to know about these digital assets and how retailers can capitalize on this trend.
Why are Gen Zers interested in cryptocurrency and NFTs?
Gen Zers are drawn to cryptocurrency and NFTs for several reasons. For many young people, these digital assets offer a more accessible and democratic way of investing than traditional financial products.
Cryptocurrency and NFTs are also seen as a way to support creativity and expression. The digital art market, for example, has exploded in recent months, with NFTs selling for millions of dollars.
How are Gen Zers Using NFTs
NFTs are unique digital assets. You can buy, sell, or trade them like any other cryptocurrency. But unlike other digital assets, NFTs can’t be replaced by another identical copy.
This makes NFTs excellent for Collectors and investors who want to own a piece of digital history.
And it’s not just investors – even celebrities are getting in on the action. NBA Top Shot, a platform where fans can buy, sell and trade digital clips of their favorite basketball players, is one of the hottest new trends in the NFT space.
Top Shot has already generated millions of dollars in sales and is not the only NFT platform out there.
Artists and musicians are also using NFTs to sell their work. Beeple, a digital artist, sold an NFT of his work for $69 million, and 3LAU, a DJ and producer, sold an NFT album for $11 million.
It’s not only the big players who are cashing in – even everyday people are making a killing from selling NFTs.
One widely known NFT platform is OpenSea, which allows anyone to buy, sell or trade a wide variety of digital assets.
OpenSea has seen a surge in activity in recent months, with the value of all assets traded on the platform rising from $20 million in January to over $200 million in April.
What Retailers Should Know about Cryptocurrency & NFTs?
As cryptocurrency and NFTs become more mainstream, retailers need to be aware of this trend and how to capitalize on it.
There are a few tricks to do this:
1. Accept cryptocurrency and NFTs as payment
More and more retailers are linking with cryptocurrency payment processors to accept crypto and NFTs as payment. This is an excellent way to tap into the Gen Z market and show that you’re keeping up with the latest trends.
2. Sell products and services related to cryptocurrency and NFTs
If you’re not ready to accept cryptocurrency and NFTs as payment, you can still tap into this market by selling products and services related to these digital assets. This could include everything from cryptocurrency wallets to NFT art.
3. Use social media to connect with Gen Zers interested in cryptocurrency and NFTs
Social media is a great way to connect with Gen Zers interested in cryptocurrency and NFTs. Use platforms like Instagram and Snapchat to raise brand awareness and drive traffic to your website or store.
The bottom line
Crypto and NFTs are now more popular among Gen Zers. As a retailer, it’s important to watch this trend and consider ways to capitalize on it.
From accepting cryptocurrency and NFTs as payment to selling products and services related to these digital assets, there are several ways to tap into this growing market.