Out of the individuals surveyed, 13% reported that they are purchasing NFTs with the intention of selling them at a later time.


Metajuice, a metaverse platform, reports that approximately 74% of nonfungible token (NFT) collectors on their platform acquire NFTs with the intention of attaining status, exclusivity, and aesthetic appeal.


Despite sales not being as high as they were during the NFT boom in 2021, the market is still thriving, with people offering various explanations as to why they continue to invest in NFTs.


Metajuice announced that they conducted a survey of more than 6,000 NFT users to understand the reasons behind their NFT purchases. According to the survey findings presented by the researchers, the most common reasons for buying NFTs were to stand out and use them as avatars.


Furthermore, 74% of those surveyed expressed their attraction towards NFTs due to the prestige they confer. In contrast, 13% of respondents stated that they purchase NFTs with the intention of reselling them at a later time.


A survey respondent using the username "Flexfactor" expressed that the desire to be distinct and noticeable is why they are interested in getting involved with NFTs. They clarified that they appreciate the rarity of owning an item that not many others possess, and take pride in standing out. Additionally, if they come across someone else who owns the same NFT, they feel a sense of connection or shared experience.


John Burris, who is the president of Metajuice, expressed that owning NFTs to showcase digital items provides extra worth. Burris stated that this fosters a "communal notion of status-led trends" in the metaverse. He further explained that individuals desire to have ownership of objects that boost their perceived social status, and the use of NFTs plays a crucial role in how they present themselves in the metaverse.


Raoul Pal, CEO and co-founder of Real Vision, has recently given his opinion about NFTs. On February 21, Pal said in a YouTube video that the ownership of important collections like CryptoPunks and Bored Ape Yacht Club has become a sign of status among crypto users, similar to having luxury cars and houses. He believes that NFTs will act similarly to high-end properties during market increases.



Other News from Today