The NFT market has been a hot topic in the crypto world, and a recent survey conducted by Metajuice, a metaverse platform, sheds light on the motivations behind NFT purchases. According to the survey, almost three out of four NFT collectors on Metajuice purchase NFTs for status, uniqueness, and aesthetics. The survey involved over 6,000 NFT users, indicating that there is a significant interest in NFTs despite the market not being as high as its peak in 2021.
The results of the survey show that standing out and wearing NFTs as avatars are the top reasons for NFT purchases. This is not surprising given that the metaverse is a space where people can showcase their personalities, and owning unique NFTs can help them stand out from the crowd. Additionally, the survey found that 74% of the respondents were interested in NFTs for the status that they give. NFTs have become a way for people to display their wealth and status, and owning rare and valuable NFTs can enhance their perceived social standing in the metaverse.
Interestingly, the survey also found that 13% of the participants said that they are buying NFTs to resell them in the future. This suggests that some NFT collectors are treating NFTs as investments, with the hope that they will increase in value over time. This is similar to how people invest in traditional assets like stocks and real estate, with the expectation of a return on their investment.
John Burris, the president of Metajuice, believes that owning NFTs to display digital items brings added value, builds a “communal notion of status-led trends” in the metaverse, and enhances how people appear in the metaverse. He suggests that people want to own the rights to items that increase their perceived status, and NFTs are a key part of that. NFTs are becoming a status symbol within the crypto space, comparable to owning luxury cars and houses.
Real Vision CEO and co-founder Raoul Pal also share this sentiment, and he believes that NFTs will perform similarly to high-end properties in market boom cycles. In a recent YouTube video, Pal explained that owning major collections like CryptoPunks and Bored Ape Yacht Club has become a status symbol within the crypto space. He compared this to owning luxury cars and houses, suggesting that NFTs are becoming a new form of a luxury item.
In conclusion, the survey conducted by Metajuice provides insight into the motivations behind NFT purchases. NFTs have become a way for people to stand out and display their status in the metaverse. While some NFT collectors treat NFTs as investments, others are buying them for their aesthetic value and uniqueness. The NFT market may not be as high as its peak in 2021, but it is clear that there is still significant interest in NFTs, and they are becoming an increasingly important part of the crypto space.
