Gamers, Millennials Far Ahead of the Bitcoin Learning Curve, Says Study
A recent survey shows that people buying Bitcoin today may still be early adopters, as most people have yet to understand cryptocurrency or blockchain technology.
- A Forte survey shows that around half of adults think blockchain and Bitcoin are the same thing.
- Millennials are twice as likely to have a better understanding of blockchain than older demographics.
- 63% of gamers would buy in-game assets if those assets could be traded for money.
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Commissioned by Forte, Vorhaus Advisors surveyed 2,000 consumers and found that 62% of adults think that “blockchain is the same as cryptocurrency,” with 48% stating “blockchain is the same as Bitcoin.”
Only 25% of adults in the U.S. are even familiar with blockchain technology, although this figure changes to 42% for millennials aged 18 to 34.
In a market full of investors worried that they’ve “missed the boat” on Bitcoin, the survey indicates that it may still be early days when it comes to cryptocurrency and blockchain investment.
Digital Assets in Gaming
Forte commissioned the survey to explore use cases for blockchain in gaming, an industry where players are already buying in-game assets.
Speaking to Crypto Briefing, Forte Vice President Kaiser Hwang cited use cases including “verified ownership of digital assets, in-game governance, and new gameplay designs.”
According to the survey, roughly a quarter of gamers have bought these in-game assets, spending $168 in the past year on average.
When secured by blockchain technology, ownership can be transferred to players outside the centralized in-game markets and into the real world. A majority of gamers said they would spend even more on in-game assets and virtual goods if they could be traded or sold like blockchain assets, and almost half expressed an interest in this form of true ownership.
Vorhaus Advisors CEO Mike Vorhaus stated that the “survey findings indicate we are just beginning to scratch the surface of how companies can monetize their games.”
The survey concluded that “gamers are 20% more likely than U.S. adults as a whole to see the blockchain’s decentralized nature, free of direct control by banks, governments and other central authority, as a benefit.”