NFTs were everywhere for a short time. But, it turns out, locally there wasn’t the interest. HypeAuditor releases a study that shows that sponsored posts around NFTs and cryptocurrencies were lacking on home soil.
The research, released in June 2022, shows that only 124 Instagram influencer accounts in Australia contain the word NFT in the bio. Since January 2022 there have been 717 posts about NFT, but only 15 percent were sponsored.
It’s also a younger demographic into the controversial cryptocurrency. The primary age group posting about NFTs is 25 to 34 years old. As some Australian businesses are trying to be disruptors by adapting campaigns that involve NFTs, it seems that it’s been slow to take up.
Alex Frolov, CEO and co-founder of HypeAuditor spoke about the report. “It’s been reported that Australians have participated in the hyped-up market activity of trading NFTs. Many have said they’re using it as a way to save money for a house. But, compared to other countries like the United States, the uptake has been rather slow down under. The slow trend might be an indication that Aussies are a bit more cautious when it comes to spending or investing in new sectors. They are more willing to take their time to understand the market before throwing themselves at it. The skyrocketing cost of living in Australia may also be another reason why Australians are more reluctant to gamble their savings on NFTs”.
It’s yet to be determined what the Australians cautious uptake of NFTs will mean. It could be that they are behind the trend. Or perhaps Aussies been intelligent investors, not being swindled by what could be a passing phase.