Amid the NFT crash, an inflection point for brands

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Is the shine off nonfungible tokens (NFTs)? As of May, just 2% of US adults surveyed have invested in NFTs and like them, while another 4% have invested but aren’t happy about it. The 64% majority said they have no investment or interest in these assets, up from 56% in October 2021.

Beyond the chart: A few weeks after this survey, cryptocurrency and NFT prices crashed. On Tuesday, the price of the cheapest NFT in the ever-popular Bored Ape Yacht Club collection fell below $100,000 for the first time since April 2021.

But some blockchain companies see this as a turning point, where NFTs no longer serve as financial investments, but rather foster a sense of community for owners—and drive loyalty for brands—through exclusive benefits. As the number of NFT skeptics grows, though, it’ll likely take more than a few perks to sway them.