Non-fungible tokens (NFTs) are becoming more and more popular, and this has raised the question of whether it is really worth spending tens of thousands or even millions of dollars on something that everyone can get for free on the internet.
The basic technology of NFTs turns them into a product that their users can sell and make money from.
According to the results of a recent study by DEXterlab, which were released on June 10 and surveyed 1,318 people, 64.3% said that the main reason they buy NFTs is “to make money.”
The second most common reason people buy NFTs, according to the study, is to join a community and flex. This is the main reason why 14.7 percent of survey respondents got the NFTs they did.
12.4 percent of the people who took the poll collect digital art, and 8.6 percent buy NFTs to get access to games and tools. These are usually in the form of membership privileges that give access to artists’ work, benefits, and tools for everything else.
NFTs can be invested in
As the name suggests, tokens that are not fungible can’t be traded in the same way that cryptocurrencies can. The unique qualities and different levels of scarcity of each item create both interest and demand. As a result, these factors also affect the value of the items.
For this reason, you could think of NFTs as an investment that could pay off in the future if you know how much a certain digital asset is worth and buy it at the right time.
Even though the main reason people buy NFTs is to make money, 58.3% of respondents said that their NFTs haven’t been very profitable so far.
But 41.7 percent of those polled said they were able to use the NFTs they had already bought to their advantage.
Many people still don’t understand the value of non-fungible tokens and think there’s no reason to invest in them. However, there is demand, and by 2022, the amount of NFTs traded around the world is expected to grow by more than 200 percent, reaching $50 billion.
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