According to a recent survey conducted by DEXterlab, about 60% of people buy NFTs for profit, according to the current statistics of the NFT market. In the survey article, one of the things stated is that people who do not follow the crypto space that closely often ask one question regarding NFTs: “Why?”.
It is difficult to comprehend why anyone would spend hundreds, thousands, or even millions of dollars on something as simple as a JPG, GIF, video file, or anything else anyone can get access to over the internet?
What is the Answer?
It was DEXterlab’s intention to understand better the reasons behind the purchase of NFTs and how much people are willing to spend. DEXterlab asked the community on Twitter why they purchase NFTs, how long they plan to spend on them, and how their NFT journeys are going. During the survey, there were over 1200 people who participated.
A significant part of the survey focuses on the reasons why people buy NFTs. There were 1,318 participants in this survey that replied to this question, out of whom 64.3% said their main motive for buying NFTs was to make money.
Almost 30% of the survey respondents say that they buy NFTs because they want to be a part of some community and have some flexibility. This is the determining factor in 14.7% of people’s purchase decisions when it comes to particular NFTs, as indicated in the survey.
The second reason people buy New Food Trust is because of the benefits they receive from it. This is followed close behind by digital art collectors, who, in the survey, made up 12.4% of all survey participants.
NFTs have to offer a lot of value with the rights that come along with them. These rights can sometimes be in the form of membership rights that give you access to various creators’ projects and the benefits that come along with them, whether a game or tool or anything else. It seems that 8.6 percent of people who buy NFTs do so for this specific reason, according to a DEXterlab survey.
It is quite interesting to note that DEXterlab’s survey showed that the majority of respondents (48%) are satisfied with any price between $50 USD and $500 USD for an NFT, and this seems fair to many consumers.
According to the survey, 25.5% of people who took the survey chose the second most popular answer, which is paying more than $2,000 USD for just one of these NFTs. There are 15.2% of respondents not frightened to spend up to $1,000 USD on NFTs, and 11.4% are not indifferent whether they spend up to $2,000 USD on their NFTs.
It is common that many still do not understand the value of NFTs and see no point in buying them. However, this is usually only the case if you jump on something without doing enough research before purchasing it.