Users of non-fungible tokens value their aesthetics and most often buy NFTs in order to “be unique and stand out.”
A survey conducted by MetaJuice found that about 74% of NFT buyers do it “for status.” And only 13% are motivated by the opportunity to make money on resale.
According to John Burris, President of MetaJuice, the primary motivation for most users to buy NFTs is similar to that of physical art collectors. “People want to own the rights to items that increase their perceived status, and how they appear in the Metaverse as NFTs are a key part of that,” Burris summarizes.
The MetaJuice study involved more than 6,000 NFT users who buy and sell non-fungible tokens in the IMVU Metaverse. Some respondents have been active users of the virtual world since 2006.
The survey found that about 40% of respondents described NFTs as “creative,” emphasizing their appeal as avatars for virtual interaction. Thus, over 47% believe that NFTs will help them “stand out,” and 17% of NFT users purchase them solely to “wear on their avatar.”
Users who want to buy NFTs most often get information about them from online sources. 45% learn about new collections on social networks, while 27% of respondents trust news and media websites.
Market participants highly evaluate the future prospects of NFTs, despite the decline in sales in 2022. Thus, 93% of buyers and 94% of sellers expressed a high interest in buying and selling NFTs in the future.
Analysts predict that the NFT sector will reach $97.6 billion by 2028. The main catalyst for market growth is the ability to create the intellectual property with NFTs.
