NFTs Aren’t Dead. 83% of the Market Has Just Never Been Tapped.

The Myth of Saturation

The industry has spent the past 18 months declaring NFTs “dead.” And sure—transaction volumes are down. The hype cycle has cooled. But if we stop looking at OpenSea dashboards for a second, we’ll see something much more interesting: digital collectibles haven’t failed. They just haven’t reached their actual audience yet.

In a recent U.S. study of over 1,500 consumers aged 18–39, we found that only 7% currently own a digital collectible, and just 17% have ever owned one. That means 83% of the total market has never even touched the category. But here’s the plot twist: among people who are very interested in categories like music, fashion, gaming, and sports, over 50% said they would consider buying a digital collectible—if it offered real-world benefits like access, personalization, or exclusive rewards.

That’s not apathy. That’s a massive pool of latent demand, waiting on better products—not better marketing.

What Consumers Actually Care About

We also asked: what makes a digital collectible appealing?

Across all interest groups, the top drivers weren’t “ownership” or “decentralization.” They were emotional and social:

• Connection to events or people they follow
• Enhanced status or personal identity
• Access to exclusive content, experiences, or rewards
• The ability to customize or personalize the item
• Meanwhile, technical features like onchain provenance or supply scarcity ranked lowest.

Consumers don’t want to buy a “token.” They want to buy into belonging, recognition, and cultural meaning. And when framed the right way—as a digital pass, a limited-edition item, or a fan membership—interest increases significantly.

From Drops to Bridges

If you're in Web3 and believe the NFT market is saturated, consider this: in the music category alone, 51% of fans say they’d consider purchasing a digital collectible tied to their favorite artist, even though fewer than 1 in 10 ever have. In sports, the numbers are similar—over half would buy if the collectible offered perks, community, or access.

Yet most NFT projects today are still designed for the same small base of early adopters. The result? Thousands of drops, but very few new doors opened.

The opportunity now isn’t to chase floor prices. It’s to build bridges to the 83% of people who’ve never felt invited. That means designing for identity, not speculation; making utility obvious, not abstract; leading with culture—music, sport, fashion—not tech; and simplifying the UX so people don’t even realize they’re using Web3.

Because when you call something an “NFT,” most people hesitate. But call it a digital pass to something they already love, and they lean in.

The NFT market didn’t die. It just never got off the ground. We’ve built plenty of rails. Now we need to build reasons. And if we get it right, this next wave won’t be driven by degen culture. It’ll be driven by people who’ve never bought an NFT in their life—but are about to, without even knowing it. ◼️