Millennials, those between the ages of 26 and 41, are history’s first truly digital-native, globalist generation. Their desire for personalization, autonomy and self-sufficiency is evident. They want granular choices, seamless experiences from retailers, and demand products which align with their identities and which complement causes they believe strongly in.
Millennials now demand financial products which give them ultimate choice in how they handle their money. One notable choice of millennials in the past few years, particularly surrounding financial instruments, have been that of crypto assets. The open-source nature of blockchain means millennials are able to envision and act upon their generational values, spurring corruption and insider deals of past generations, in place of code which cannot be bribed.
As a generation that is not afraid to move around, crypto assets align perfectly with such behaviors, as new types of blockchain assets now cross borders seamlessly and offer millennials the freedom to choose. Data shows that more than 94% of people who own crypto assets are between the ages of 18 and 40, with millennial households being the highest proposition of crypto investors. Furthermore, 18% of millennials own Bitcoin while 42% plan to obtain it in the next 5 years, while between 49% and 54% of millennials are invested in crypto assets and consider them to be a key part of their retirement plans. Notably, surveys show that nearly half of millennial millionaires have invested at least one-fourth of their wealth in crypto assets.
Indeed, millennials have extremely low trust in institutions overall, and that includes regulators and banks, and are happy to switch jobs if they find another opportunity that offers space for personal growth. Using a growing universe of financial tools, millennials are also embracing new ways of investing and managing their money, namely in the areas of decentralized finance, tailoring their assets into various protocols which allow them the freedom to decide what happens with their money and when, as they so desire.
Younger consumers are clearly more open to the concept of buying second hand luxury goods and doing so online and institutions and marketplaces are taking note, as the increase in popularity and desire for access to cryptocurrencies has pushed various online platforms to add crypto payment as an option, most recently the secondhand marketplace eBay and NFT Marketplaces like LuxFi.
So how will luxury marketplaces seduce this millennial generation? Without question, the differentiating factor will be the quality of goods offered, the services attendant to marketplace activity, and the autonomous and lively community support which is embedded in the growing LuxFi Ecosystem. As more young people enter crypto and find their values affirmed by the essentially autonomous nature of decentralized blockchain transactions, we will assuredly see major changes in the way institutions and society manages such desires on behalf of this generation, with decentralized marketplace platforms such as LuxFi leading the way.
LuxFi is the world’s first asset-backed NFT marketplace for luxury assets, where people can buy, sell and invest in luxury assets using cryptocurrencies and traditional payments. We eliminate counterfeiting while minting an NFT on a multi-chain blockchain network, with a focus on luxury assets that hold value well and have a high resale value. Leveraging our big data intelligence system and unique algorithm for automated data collecting and data processing, the value of each NFT on our platform is backed by real-world data.
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