A recent survey has revealed the top reasons why people buy NFTs, providing valuable insight into the industry’s growth and development. The results show that 75% of NFT holders consider the utility and benefits of a collection before making a purchase, indicating a desire for NFTs to have more practical use cases beyond being digital collectibles.
NFTs’ inherent versatility supports this expectation. Initially, NFTs had limited utility, mainly functioning as blockchain game items. However, they have evolved to include other applications, such as digital identity verification and proof of ownership for real-world assets.
Long-term profits ranked as the second most important reason, with 75% of NFT holders intending to sell their NFTs at a higher price later on. Beyond their functional applications, NFTs are often regarded as artistic expressions, making them a popular alternative asset for long-term investments. The rise of well-known blue-chip NFT collections has reinforced this perception.
Having a positive social impact ranked as the second least important reason for buying NFTs, with around 60% of NFT holders considering sustainability, philanthropy, and similar societal benefits when evaluating a project. This inclination may stem from a community’s enthusiasm for a project, leading to deeper involvement with NFT initiatives. However, not everyone shares this perspective, with 19.0% of NFT holders being indifferent to active participation and 8.2% considering it unimportant.
Understanding the motivations of NFT buyers can help developers and creators tailor their projects to meet the needs and desires of their target audience. NFTs have a lot of potential, and as the market continues to grow, it’s essential to keep abreast of buyers’ preferences and expectations.
