Blockchain Survey Reveals Consumers Don’t Understand Blockchain, Yet Covet What It Enables
Digital media consulting company Vorhaus Advisors has released “Untapped Opportunities: Games, Virtual Goods, and Blockchain,” a Forte-commissioned survey of more than 2000 consumers and their behaviors towards virtual goods in games.
Overall, the report indicates that people have little awareness of blockchain, yet covet the very capabilities it enables. For example, consumers are interested in the ability for developers, publishers, and players to make money from the exchange of virtual goods in-game. Findings indicate that gamers are now accustomed to the practice of buying virtual goods inside games, as half of survey respondents say they find value in the goods they purchase across every platform, and are more likely to increase their spending on virtual goods in the years to come. While blockchain is still a broadly unfamiliar concept to most US adults, the survey found gamers who are virtual goods buyers are more familiar with the technology and its potential benefits.
Key findings include:
- In the general population, only 25% of US adults have any idea what blockchain is, but this rises to 42% in the 18-34 demographic.
- Of the adults who recognize the term “blockchain,” most don’t understand it, with 62% stating that “blockchain is the same as cryptocurrency”, and 48% saying that “blockchain is the same as bitcoin”
- Only 18% of US adults say they’ve used a product or service related to blockchain, but this rises to 25% among the 18-34 demo.
- But they do covet the applications that blockchain enables: 63% of gamers would spend more if virtual goods had real-world value, and could be traded or sold
According to Vorhaus Advisors, Forte commissioned the independent survey to better understand consumer attitudes towards virtual goods ownership, and the new business opportunities it opens up for the game industry. Its platform enables the emergence of community economics, a system in which the interests of game developers, publishers, and players are aligned, leading to healthier game communities.
“Our survey findings indicate we are just beginning to scratch the surface of how companies can monetize their games,” said Mike Vorhaus, CEO of Vorhaus Advisors. “It also shows that there is already consumer desire for blockchain-enabled features like virtual goods ownership, and the ability to earn income from playing games. Because of this, we see enormous potential for game companies to grow their business while better satisfying their customers at the same time.”