Utility and long-term profit have been listed as the top reasons for buying non-fungible tokens (NFTs), according to a survey conducted by CoinGecko and Blockchain Research Lab.
An April 10 report by CoinGecko found that most people are considering the utility offered by NFT series and the benefits of holding tokens before purchasing, with more than 77% of respondents saying that in 11 cases, the The use of NFTs for their "intended function" has a degree of importance List reasons for buying NFTs. However, 15.7% responded that they were “neutral” about utility, and 6.7% considered it “not important” in the decision-making process prior to purchasing an NFT. The potential for long-term profit is the second most important factor, with more than 76% of respondents saying it is important to sell their NFT at a higher price later.
Some NFTs have sold for millions of dollars in the past, but the market has experienced a severe downturn in sync with the broader crypto market. Nonetheless, the NFT market is expected to be worth $230 billion by 2030. The third most important reason people buy NFTs is to participate in DAOs as stakeholders, with 72.9% motivated by the opportunity to acquire a stake in such projects.
Other reasons for the top ranking include passion for technology, community involvement, and enthusiasm for the NFT collectible business or artwork. The least important reason for ranking on the list was "disrupting an established structure or industry," with 59.5% of respondents citing it as the top reason for a purchase.
Overall, all 11 reasons listed were rated as having some degree of importance rather than being rated as neutral or unimportant. The results were taken from 343 responses examined by CoinGecko and Blockchain Research Lab, which were received in a survey conducted between December 2022 and January 2023.
