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

Author

Listed:
  • Balietti, Stefano
  • Celebi, Can
  • Tercero-Lucas, David

Abstract

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.

Suggested Citation

  • Balietti, Stefano & Celebi, Can & Tercero-Lucas, David, 2025. "From crypto to NFTs: Identifying the new wave of digital investors," International Review of Financial Analysis, Elsevier, vol. 104(PA).
    • Handle: RePEc:eee:finana:v:104:y:2025:i:pa:s1057521925002595
    DOI: 10.1016/j.irfa.2025.104172
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    More about this item

    Keywords

    Non-Fungible Tokens; Cryptocurrencies; Investor profile; Household finance;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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