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74% of survey respondents say they buy NFTs for their status

Published on

February 27, 2023
Read Time:1 Minute, 51 Second

In accordance with Metaverse platform Metajuice, practically three out of 4 of the non-fungible token (NFT) collectors on their platform purchase NFTs for standing, uniqueness, and aesthetics.

Whereas present NFT gross sales aren't as excessive as they had been throughout the 2021 peak, the house remains to be holding, with customers citing varied causes for purchasing NFTs.

High 10 blockchains by NFT gross sales within the final 24 hours. Supply: Cryptoslam

In an announcement despatched to Cointelegraph, Metajuice highlighted that their staff surveyed over 6,000 NFT customers to search out out the motivations behind NFT purchases. The survey outcomes confirmed that among the many causes given by the researchers, noticing and sporting the NFTs as an avatar had been the highest causes for NFT purchases.

Moreover, 74% of respondents stated they're focused on NFTs due to the standing they confer. However, 13% of the survey individuals indicated that they purchase NFTs with the intention of reselling them sooner or later.

A survey respondent with the username "Flexfactor" stated that uniqueness and excellence are causes to leap in. They defined:

“I like the truth that individuals with the identical articles as me are much less prone to run into this. I prefer to be distinctive and stand out. Once I see somebody with an NFT with it, it seems like solidarity.”

John Burris, President of Metajuice, stated that proudly owning NFTs to showcase their digital objects provides worth. In accordance with Burris, it builds a "collective notion of state-driven developments" within the metaverse. Folks wish to personal the rights to objects that enhance their perceived standing and the way they seem within the Metaverse, as NFTs are an vital a part of that," he added.

Associated: Emojis are thought of monetary recommendation and have authorized ramifications, decide guidelines

Actual Imaginative and prescient CEO and co-founder Raoul Pal additionally lately expressed his perception that NFTs will carry out equally to high-end actual property in market boom cycles. On Feb. 21, Pal explained in a YouTube video that owning large collections like CryptoPunks and Bored Ape Yacht Club has already become a status symbol in the crypto space. The executive likened it to owning luxury cars and homes.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : February 27, 2023
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