In a day when Netflix said it would launch an ad-supported service with Microsoft, it looks like the streaming world is in fact poised to compete in terms of popularity as consumers begin to realize they can own digital assets, not just rent or stream them.
Based on a new survey of 2,000 Americans (thus statistically relevant), a new study found that 77% of Americans would rather own digital content and assets than just rent or stream them. Indeed, some 28% now spend more than $49 per month on digital assets they actually own, such as digital art, music and in-game items.
Does this mean a shift from the streaming era, as exemplified by Spotify and Netflix, to an era of ownership? It's clearly too early to say definitively, and let's face it, a movie is very different from a Fortnite in-game skin. But there is a touch of changing attitudes in this survey.
Suffice it to say, the study, commissioned by blockchain-driven metaverse platform Virtua and academically reviewed, revealed a strong commitment to owning digital assets. The majority of respondents who had purchased digital items (65%) valued them at the same level as or more than physical items. And three quarters (78%) felt 'emotionally attached' to them.
The majority of those who bought digital items (61%) also preferred to receive a digital item (NFT or in-game "skins") as a gift rather than a physical one. According to the survey, this is partly because digital assets were considered better for the environment (38% thought so), but whether they were aware of the energy costs involved in - for example - mining NFTs, was not expanded.
In a statement, Virtua CEO Jawad Ashraf said, “The 'assets' that we will own and take into the metavers are evolving. With the introduction of Web 3.0, the meteoric rise of digital collectibles and the dawn of the Metaverse, we will appreciate our digital items more than ever.”
Additionally, 70% said they "connect better" through digital assets than physical ones, while 89% said it would be disconcerting to lose these assets.
Americans also like digital assets because they "remind them of important moments in their lives (87%)" and "help create the perception of who they want to be" (73%).
dr. Janice Denegri-Knott, a professor of consumer culture and behavior at Bournemouth University, said the research found that more people are attached to their digital items than previously thought.
"Virtua's first digital ownership report is based on the largest ever intergenerational study of its kind... Some people assume that we view digital ownership as less beneficial or desirable compared to physical ownership, but the findings of this study suggest otherwise," she said.
“There is a growing adoption of digital ownership, with the lines blurring between owning digital and physical goods, especially for younger cohorts,” she added.
The survey also found that different generations view digital assets and other digital assets differently. Nine in 10 (90%) of millennials (24-42) feel emotionally attached to digital assets, while three quarters (74%) consider them a good investment.
They also say their digital identity is "important" (80%) or "very important" (47%).
Meanwhile, the younger Gen Z group (16-23) is the most active, with 30% selling digital items and 20% trading them. More than half (52%) of all Gen Z Americans said they buy, sell or trade digital items.
The survey was conducted by Censuswide, which surveyed 2,000 respondents aged 16 and over in the US based on the ESOMAR survey principles.
Virtua is the new name for Terra Virtua, a blockchain-powered VR entertainment platform that has raised $2.5 million to date, according to Crunchbase, and plans to launch its own digital asset-driven Metaverse.
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