74% of survey participants say they buy NFTs for status

In accordance with metaverse platform, Metajuice, virtually 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 should not as excessive as throughout the peak in 2021, the area nonetheless holds on, with customers giving varied causes for getting NFTs.

In an announcement despatched to Cointelegraph, Metajuice highlighted that their workforce 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 had been the highest causes for NFT purchases.

As well as, 74% of the respondents highlighted that they’re taken with NFTs for the standing that they provide. However, 13% p.c of the survey individuals mentioned that they’re shopping for NFTs to resell them sooner or later.

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

“I like the truth that it’s much less prone to run into folks with the identical gadgets as me. I like being distinctive and standing out. With an NFT, once I see another person with it, it appears like solidarity.”

John Burris, the president of Metajuice, mentioned that proudly owning NFTs to show their digital gadgets brings added worth. In accordance with Burris, it builds a “communal notion of status-led tendencies” within the metaverse. Individuals wish to personal the rights to gadgets that enhance their perceived standing, and the way they seem within the metaverse as NFTs are a key a part of that,” he added. 

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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 grow to be a standing image throughout the crypto area. The manager in contrast this to proudly owning luxurious automobiles and homes.