Millennials, Gen Z want NFTs in their portfolios

More than half of millennials and nearly three-quarters of Generation Z are considering including NFTs into their investment portfolios, according to a new survey.

The findings from a worldwide poll carried out by financial advisory and fintech deVere Group among 600 clients, show that 52% of those born between 1980 and 1996, and 74% of those born between 1997 and 2012, would welcome the inclusion of non-fungible tokens (NFTs) into their portfolio mix.

An NFT is a digital asset, such as an image, audio clip or GIF, whose ownership is recorded on a tamper-proof digital ledger known as a blockchain.

This emerging asset class took off in a considerable way last year with a digital-only piece of art selling for $69 mln. Since then, an increasing number of celebrities, and artists, as well as fashion, music, tech and sports brands have been creating, buying and selling NFTs.

“Digital natives – those who have grown-up immersed in a fully accessible digital life – understand that unique, highly portable and transferable digital assets have an intrinsic value and that this is a trend that will inevitably grow moving forward,” said deVere CEO and founder Nigel Green.

“They know that how we live, study, work, interact and enjoy downtime is increasingly digitally orientated. As such, it’s natural to want to take digital representations of fashion brands, music, sport and art into the digital space - and now we can with NFTs.”

Green said this groundswell of digital engagement creating new business models across many sectors.

“Sensibly, younger generations – who instinctively better understand it – appreciate that, therefore, it’s going to shape the future of investing,” he said.

“They’re keen to have a stakeholding in this new financial ecosystem by including NFTs in their portfolios.