Razorfish Survey Reveals Web3 Early Adopters Prefer Virtual Goods

Razorfish Survey Reveals Web3 Early Adopters Prefer Virtual Goods

Published: November 03, 2022

Razorfish, a global leader in marketing transformation, released its latest findings from the “Unlocking the Real Impact of Virtual Goods” survey.

It found 70% of web3 early adopters value virtual goods above physical ones.

With the holiday season right around the corner, brands are gathering as much information as they can regarding their customers’ preferences this year. What Razorfish agency’s survey suggests is that brands offering virtual goods will have a competitive edge come holidays.

The “Unlocking the Real Impact of Virtual Goods” survey that Razorfish conducted aims to get a better grasp of the relationship customers have with digital goods. The survey attempts to understand how customers perceive virtual goods and uncover how this perception is reshaping digital culture.

More specifically, the survey aims to help brands discover opportunities to connect with customers who are web3-oriented.

“Unlocking the Real Impact of Virtual Goods” revolves around attitudes, perceptions, behaviors and spending habits of customers who own or have owned digital goods in the past year.

Of these people, 70% consider digital goods to be equally or more valuable than physical products.

"The rise of Web3 is exciting because of the amazing potential it has to revolutionize how people engage with the digital world," said Cristina Lawrence, EVP of Consumer & Content Experience.

"We set out to understand consumer perceptions around virtual goods as mechanisms to express themselves and engage in communities. For brands, virtual goods offer new connection points – or even wholly new revenue streams – with these consumers."

The so-called early adopters of web3 are already spending significant amounts of money on digital goods.

38% of them are spending a quarter of undisclosed income on virtual goods, while 35% say they spend at least $1,000 of their monthly income. Both groups expect to increase their spending on digital goods in the following year.

The survey also tackles the question of why these early adopters perceive virtual goods as luxurious. It lists three main reasons: desired acquisition, emotional importance and exclusivity.

The Razorfish investigation comes at a time when the agency is developing its turnkey solution, called Razorfish Drop, that will allow brands to “develop and productize real-time virtual goods and direct-to-avatar commerce streams with contextual relevance and scale.”

More and more brands are turning their gaze to web3 adopters as their future audience and surveys such as these provide the backbone businesses need to take a daring step into the marketing of tomorrow.

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