Sports Fans Twice As Likely To Buy Bitcoin, Ethereum, NFTs: Survey

A new survey has shown that sports fans are more likely to purchase cryptocurrencies like Bitcoin and Ethereum or NFTs (non-fungible tokens).

The Seton Hall University surveyed 1,514 U.S. adults and found that 57% of households with an avid sports fan have owned digital assets, more than double the rate of households without one, at just 24%.

“Although we are in the early innings of crypto and NFT ownership, sports fans have shown a real proclivity for engagement in these markets,” said Daniel Ladik, a Seton Hall marketing professor and poll methodologist.

"If managed effectively, NFTs could become a major source of revenue as well as a new avenue of fan connection for sports brands. In a digital age, interactive assets like NFTs can drive a sense of holder equity and belonging – key attributes for brand success," he added.

The rise in interest of sports fans in crypto is because celebrities in the sports industry are increasingly promoting digital assets. The Super Bowl was one of the most-watched television events of the year, and this year's game included spots from eToro, Crypto.com, and FTX.

Beyond TV advertising, major crypto companies have also poured money into sponsorships. Crypto.com paid around $700 million for the naming rights to what had been known as the Staples Center in Los Angeles.

The survey further noted that of those who hold and/or sold either, 62 percent specified crypto only, while 31 percent specified NFTs only. Seven percent said both.

According to the survey, participation in the buying or selling of crypto and NFTs is especially strong among younger demographics, with 42 percent of those aged 18-34; 29 percent of those aged 35-54; but only 7 percent over the age of 55, stating that a member of the participants' household bought or sold either.

A bitcoin representation is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. Photo: Reuters / BENOIT TESSIER