NFTs aren’t just for the young: 5 ways this new tech can increase appeal across generations

Anyone paying attention to tech has heard of non-fungible tokens (NFTs), a burgeoning technology taking the world by storm. Celebrities like Reese Witherspoon, Kevin Hart, and Serena Williams are enthusiastic NFT holders, while global brands such as Nike, Pepsi, McLaren, and Samsung have taken their seats at the table, too.

For now, the younger generations are behind the wheel, but Web3 (the next iteration of the internet) is inevitable, and the metaverse is how users will experience it. NFTs are expected to play a huge role in that development, and internet users of all ages can and should begin to test the waters now. These five applications of NFTs span generational divides, and invite users to get involved in this innovative new technology.

1. NFTs VERIFY OWNERSHIP OF PHYSICAL PROPERTY

The revolutionary benefit of NFTs is their verification of authenticity and ownership on the blockchain, an indelible, decentralized public ledger. While most people associate NFTs with art and music, they have applications that go well beyond social media and entertainment.

For example, a growing number of real estate investors are using NFTs to represent physical properties. This strategy saves buyers and sellers the massive hassle associated with transferring property ownership. Owners can wrap legal documents into an NFT and make the transfer in a few clicks. That kind of efficiency is valuable whether you’re in your mid-twenties or mid-sixties.

2. NFTs ENHANCE TRADITIONAL AND DIGITAL ART WORLDS 

Before NFTs, digital content creators struggled to prove authorship of their work or benefit from their art’s popularity, no matter how viral a piece went. NFTs allow artists to exponentially profit through smart contracts, NFT-embedded programs that automatically reward artists with royalties each time their work sells. This feature makes NFTs appealing to more conventional artists as well, which is why the traditional art world is engaging with this new technology in unprecedented ways.

NFTs have already arrived in established art spaces, including the international art fair Art Basel and Christie’s, the 256-year-old auction house known for selling the most expensive art pieces in the world. Traditional artists and collectors eager to remain relevant in the evolving art world will continue to deepen their understanding of the transformative role NFTs can play. Accordingly, we can expect an influx of older generations—the age group most likely to buy and sell art—to enter the NFT space.

3. TECH IS BECOMING MORE ACCESSIBLE TO USERS OF ALL AGES AND ABILITIES 

The blockchain isn’t quite mainstream, but it’s well on its way. The number of crypto-curious corporations is growing, and a 2021 Pew Research report found that over 16% of Americans have used, traded, or invested in cryptocurrency—that is just 5% less than the number of Americans who say they use TikTok. Given the imminent adoption of Web3, developers are working on making NFTs and crypto-infrastructure more accessible and the technology less intimidating.

History shows that mainstream adoption is both feasible and likely to succeed among older users. Think about Facebook’s growth across demographics. There was a time when Facebook seemed like alien technology to people who grew up watching VHS cassettes. But today, 73% of people ages 50 to 64 use Facebook. NFTs are just as versatile as social media platforms, offering older generations a way to creatively invest, keep up with tech, and connect with others who share their niche interests.

4. NFTs UTILITY WILL MAKE THEM UBIQUITOUS 

Regardless of a person’s age or technical knowledge, the built-in utility of NFT technology means that they will become part of people’s daily lives with or without their sign-off. For example, NFTs are already being deployed by event organizers to issue exclusive passes and enable varying access levels to festivals, concerts, and branded experiences. Non-exchangeable NFTs will soon be adapted to encompass user ID in the metaverse. Before long, NFTs will be so thoroughly integrated into our day-to-day experiences that we may not even realize their pervasiveness.

5. NFT ADOPTION IS INEVITABLE. WHY NOT GET READY NOW? 

NFTs are already shaping user experiences of the metaverse, and all evidence points to their imminent adoption. As Web 3.0 evolves, NFTs will become essential to everyday life, regardless of age. Bill Gates predicts that work meetings will happen in the metaverse in the next two to three years. If the current NFT market represents a broader trend, musicians and artists will release more of their work as NFTs. As more consumers adopt virtual reality, NFTs will play an even more significant role in personalizing metaworlds.

Life without social media seems strange to us now, but it’s only been mainstream since the early 2000s. A world without NFTs will seem just as bizarre in another twenty years. Everyone, regardless of age, should take advantage of the technology in front of them today.