On April 10, 2023, CoinGecko and Blockchain Research Lab conducted a poll that revealed the primary motivations for purchasing non-fungible tokens (NFTs).
Despite criticism from some detractors who view NFTs as overpriced digital art, their popularity has surged, and more than 75% of cryptocurrency owners now hold at least one NFT, and even businesses from traditional industries are building up their own NFT collections.
The poll found that NFT holders consider various factors when deciding to make a purchase. All 11 reasons listed in the poll for buying NFTs were deemed important by the respondents.
These include using NFTs for their intended functions, long-term financial gains, gaining a stake in a venture or decentralized autonomous organization (DAO), personal enthusiasm for the technology or business model of the NFT collection, becoming part of the community, and disrupting established structures or industries.
The report revealed that over 77% of respondents considered the “intended function” of an NFT to be an important factor. Most respondents also considered the utility of the NFT collection and the potential advantages of holding the token before making a purchase.
Long-term profits were the second most important reason for purchasing NFTs, voted for by 71.6% of owners. Three out of every four NFT holders stated their intention to sell their NFTs at a higher price in the future.
The third most common reason for buying NFTs was to participate in a collection as a shareholder, accounting for 72.9% of purchases. At least 7 out of 10 NFT holders were motivated by the opportunity to own a portion of the business or DAO.
Personal enthusiasm for the technology of the NFT collection was the fourth most important reason. 71.1% of NFT holders look out for the NFT’s underlying technology when deciding whether or not to buy in.
An earlier poll conducted on April 6, 2023, showed that most NFT owners possess over 51 collectibles. The poll analyzed 438 responses from NFT owners and revealed that 26.5% of respondents identify themselves as avid collectors.
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