The Kids Are Alright: 82% of Gen Z Thinks NFTs Are a Scam

Crypto fans and those who are Very Online can't stop talking about non-fungible tokens (NFTs), but a good number of average internet users think these digital investments are just a scam.

Tidio asked just under 2,000 people to weigh in on the top trends of 2021, particularly on the internet. Trump being banned from Twitter, the GameStop stock surge, and supply chain issues topped the list of the year's most notable news stories. NFTs came in at number eight, just behind the metaverse and above inflation rates and Bitcoin prices.

NFTs likely scored lower because 60% of respondents think they're a scam, and less than 10% see them as a serious financial investment, Tidio says. Just 16% think the current prices for these digital assets represent their true value.

Most of the negative reaction to NFTs comes from the younger generations. About 51% of millennials think NFTs are a scam, but an overwhelming 82% of Gen Zers feel the same. This tracks with how the two generations think about cryptocurrency; 41% of Gen Z wants to invest versus 73% of millennials.

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It's possible Gen Z's negative feelings about crypto and NFTs relate to their concerns about the environment, since both technologies use a ton of energy. Eighty-two percent of Gen Zers believe there is reason to be concerned about climate change, and 75% don't think the agreements made at COP26 will be achieved.

Everything you need to know about NFTs, the crypto potentially worth millions