NFTs, or non-fungible tokens, have become increasingly popular in recent years due to their unique properties. NFTs are digital assets that represent ownership of a specific item or piece of art, which is stored on the blockchain, providing a level of authentication.
Despite the growing popularity of NFTs, their use cases and motivations behind purchases are still not fully understood. To shed light on this, a new survey conducted by Metajuice, a Metaverse platform, reveals some interesting insights.
The study was conducted among 6,000 NFT holders, three out of every four individuals revealing they were motivated by status, uniqueness, and aesthetics. The survey aimed to find out what some of the reasons were why NFT owners bought these unique digital items.
One of the top reasons offered was the ability to stand out. The other commonly cited reason was to be able to wear these digital collectibles as avatars on social media accounts. Interestingly, around 74% of those that participated in the survey made it clear they were interested in NFTs for the status they got from them.
In addition, 13% of the respondents noted that they bought NFTs to resell them in the future. This suggests that some people view NFTs as an investment opportunity, not just a status symbol.
According to John Burris, the president of Metajuice, NFTs will play a key role in proving ownership, especially in the Metaverse. Thus, they add value or status to the holder. People who own rights to various digital items see their perceived value rise.
Raoul Pal, cofounder and CEO of Real Vision, also shares a similar sentiment. In a recent interview, he notes that NFTs will perform similarly to high-end properties. Before adding that owning a piece from a high-end collection like BAYC or CryptoPunks has become a status symbol within the crypto space.
The unique properties of NFTs have led individuals to view them as valuable assets, providing the holder with a sense of status and prestige. For instance, one respondent cited uniqueness and standing out as the reasons they are invested in non-fungible tokens. They noted that they like the fact that it’s less likely to run into people with the same items as them, and they enjoy being unique and standing out. With an NFT, when they see someone else with it, it feels like solidarity.
While the motivations behind NFT purchases differ among individuals, the survey indicates that status and uniqueness are significant driving forces behind NFT purchases.
Overall, NFTs have opened up a new world of digital assets, providing individuals with ownership of unique digital items that were previously not possible to authenticate. As the market for NFTs continues to evolve, it will be interesting to see how they are used and perceived in the future.
In conclusion, the Metajuice survey highlights the motivations behind NFT purchases and provides insight into the reasons individuals are investing in these unique digital assets. By providing authentication and proof of ownership, NFTs have become a new frontier in the digital world, offering a sense of prestige and status to their owners.