From crypto to NFTs: Identifying the new wave of digital investors

S. Balietti, C. Celebi, D. Tercero-Lucas

International Review of Financial Analysis

Summary:

The objective of this paper is to explore whether NFT investors represent a distinct cohort within the broader crypto investment sphere. Employing data from a public survey with global outreach, we first find that NFT owners are younger and possess, on average, a lower educational level than the general crypto population but a higher cryptocurrency knowledge. Second, there are no significant gender differences among NFT investors and non-NFT investors, but those working in the crypto sphere are more likely to invest in NFTs. Additionally, individuals involved in yield farming or using crypto derivatives are more likely to own NFTs. Finally, we show that individuals with more concerns about the potential misuse of cryptocurrency for illicit activities are less likely to engage in the ownership of NFTs.

Spanish layman's summary:

Este paper analiza si los inversores en NFTs forman un grupo distinto. Son más jóvenes, con menor nivel formaivo, pero con mayor conocimiento cripto. Trabajar en cripto o usar farming y derivados aumenta la tenencia de estos acivos. A su vez, quienes temen el mal uso de las cripto tienden a no tener NFTs.

English layman's summary:

This paper explores whether NFT investors form a distinct crypto cohort. They are younger, less educated, but more crypto-savvy. Working in crypto and using derivatives or yield farming increase NFT ownership. Those concerned about crypto misuse are less likely to hold NFTs.

Keywords: Non-Fungible Tokens; Cryptocurrencies; Investor profile; Household finance

JCR Impact Factor and WoS quartile: 7,500 - Q1 (2023)

DOI reference: https://doi.org/10.1016/j.irfa.2025.104172

In press: April 2025.

Citation:
S. Balietti, C. Celebi, D. Tercero-Lucas, From crypto to NFTs: Identifying the new wave of digital investors. International Review of Financial Analysis.