According to research,over 64% consumers buy NFTs just to gain money
According to a research, over 64% of consumers buy NFTs
just to gain money
With the increase in popularity of non-fungible tokens (NFTs), the issue has emerged as to whether it is truly worth spending tens of thousands of dollars or even millions of dollars on something that anybody can receive for free on the internet. NFTs' underlying technology turns them into a commodity that their owners may profit from.
According to the results of a new study released on June 10 by an American lab, 64.3 percent of the 1,318 persons interviewed claimed that the major reason they buy NFTs is to earn money.
According to the poll, the second most common reason people buy NFTs is to join a community and flex. This is the key motivation for 14.7 percent of survey respondents to purchase particular NFTs.
Digital art collectors account for 12.4 percent of all survey respondents, while 8.6 percent buy NFTs to acquire access to games and tools, usually in the form of membership privileges that grant you access to artists' projects, rewards, and everything else.
NFTs as an investment
Non-fungible tokens, as their name implies, are not capable of being traded in the same way as cryptocurrencies are. The distinct traits and various degrees of scarcity that each thing has fuel interest and demand; naturally, these aspects also influence the value of the objects.
As a result, NFTs can be viewed as an investment that may yield returns in the future if you have a clear grasp of the value of a particular digital asset and make appropriate purchasing decisions.
Despite the fact that the main reason people buy NFTs is to make money, the majority of NFT owners who took part in the study said their NFTs haven't been very profitable so far, with 58.3 percent saying their NFTs haven't been very profitable so far and 41.7 percent of respondents, on the other hand, indicated they were able to benefit from the NFTs they had previously acquired.
Many people still don't grasp the value of non-fungible tokens and believe there is no need to invest in them, but demand is increasing, with worldwide NFT trade volume expected to reach $50 billion by 2022.
