88% of Surveyed High-Net-Worth Art Collectors Interested in Buying NFTs

Source: Adobe/immimagery

A whopping 88% of high-net-worth (HNW) traditional art collectors say they are interested in buying digital art in the form of NFTs, a new report on the art market for 2022 has found.

According to The Art Market 2022 report, which is published jointly by the annual art exhibition Art Basel and Swiss banking giant UBS, activity in the market for digital art will likely remain strong in 2022, as more traditional art collectors enter the space.

And while 88% of the HNW individuals who responded to the survey said that they were interested in buying NFTs, only 4% said they were “not at all interested.”

The report noted the growing interest in NFTs, stating:

“One of the most significant developments in the wider art industry in 2021 was the explosion of interest in NFTs, even if for now most NFT sales have been outside the traditional art market.”

Further, the report also noted that more than half – 56% to be precise – of the surveyed HNW investors said that they were not just interested, but were actually planning to buy digital art.

The figure was even higher among collectors who identified as millennials, with 61% of them planning to make an NFT purchase. 

Also, higher-than-average interest was also seen among collectors from Taiwan, Singapore, and the UK, where more than 60% of respondents said they are planning to buy one or more NFTs.

The figures were based on survey responses from 2,339 high-net-worth collectors who are “active in the art market” across a number of large countries, including the US, UK, Mainland China, Hong Kong, and others.