- A survey was conducted by MetaJuice to discover reasons behind the purchase of NFTs by participants.
- 74% respondents shared purchasing NFTs owing to the status they offer.
- 13% of the respondents shared the reason behind NFT purchase is reselling them in the future.
According to MetaJuice, three among the four NFT collectors on the platform buy non-fungible tokens for rarity, status, and aesthetics.
Though NFT sales are not as high as they were in 2021, users are still purchasing NFTs for one reason or another.
MetaJuice has mentioned in an announcement that around 6,000 NFT users were surveyed by their team to identify the motivations behind buying them. As per the results of the survey, standing out and using NFTs in the form of their avatar were the major reasons.
Moreover, 74% of the respondents mentioned that the reason behind their interest in non-fungible tokens is the status offered by them. However, 13% of the participants shared the reason behind purchasing the NFTs is to resell them later in the future.
Flexfactor, a participant, said that rarity and standing out are the prime reasons behind the purchase of NFTs.
Emphasizing on the same, they said:
I like the fact that it’s less likely to run into people with the same items as me.” I like being unique and standing out. With an NFT, when I see someone else with it, it feels like solidarity.
MetaJuice president John Burris said that acquiring NFTs to represent digital items adds increased value. Burris added that it creates a communal belief in status-driven trends in the metaverse. Individuals are drawn towards possessing the rights to items that have the potential to raise their status as well as the way they look in the metaverse, since non-fungible tokens are a major element of that.
Raoul Pal, Real Vision CEO and co-founder, shared that he believes non-fungible tokens will act similar to high-end properties when the market blooms.
On February 21, he explained that acquiring key collections such as BAYC and CryptoPunks has turned into a status symbol in the cryptocurrency world. Pal also compared this to owning expensive homes and cars.