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Why young people are embracing NFTs and Crypto

According to a survey released by CNBC last year, almost half of Millennial millionaires have 25% or more of their wealth in crypto, with about half owning NFTs. By November, separate research from the Pew Research Center found that 31% of Americans between the ages of 18 and 29 said they’ve invested in, traded, or used cryptocurrency, when compared with 21% for those 30-49, 8% for 50-64, and 3% for 65+.

Millennials (people born between 1981 and 1996) and Gen Zers (born in 1997 and after) are embracing new technology and interacting with art in new ways. For many, that means doing things differently and experimenting with cryptocurrency trading, NFTs, and decentralized finance. Let’s explore just a few of the key factors driving young people, including collectors and creators, to dip their toes into Web3.

One place to start is with the changes that have influenced the traditional art market, beyond the NFT space, in the last two years. A 2021 Basel and UBS survey of high-net-worth coll...

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