74% of survey participants say they buy NFTs for status

Based on metaverse platform, Metajuice, nearly three out of 4 of the nonfungible token (NFT) collectors on its platform buy NFTs for standing, uniqueness and aesthetics.

Whereas present NFT gross sales are usually not as excessive as through the peak in 2021, the area nonetheless holds on, with customers giving varied causes for getting NFTs.

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

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

As well as, 74% of the respondents highlighted that they’re considering NFTs for the standing that they provide. However, 13% % of the survey contributors stated that they’re shopping for NFTs to resell them sooner or later.

One survey participant with the username “Flexfactor” stated that uniqueness and standing out are causes for leaping in. They defined:

“I like the truth that it’s much less more likely to run into individuals with the identical objects as me. I like being distinctive and standing out. With an NFT, after I see another person with it, it seems like solidarity.”

John Burris, the president of Metajuice, stated that proudly owning NFTs to show their digital objects brings added worth. Based on Burris, it builds a “communal notion of status-led traits” within the metaverse. Individuals wish to personal the rights to objects that improve their perceived standing, and the way they seem within the metaverse as NFTs are a key a part of that,” he added. 

Associated: Emojis rely as monetary recommendation and have authorized penalties, choose 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 properties in market increase cycles. On Feb. 21, Pal defined in a YouTube video that proudly owning main collections like CryptoPunks and Bored Ape Yacht Membership has already change into a standing image throughout the crypto area. The manager in contrast this to proudly owning luxurious automobiles and homes.

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