Utility and long-term profits top reasons for NFT purchases: CoinGecko study

Utility and semipermanent profits person been ranked arsenic the apical reasons for buying non-fungible tokens (NFTs), according to a survey conducted by CoinGecko and Blockchain Research Lab.

An April 10 CoinGecko report recovered astir considered however overmuch inferior an NFT postulation offers and the benefits of holding the token earlier buying with implicit 77% of respondents saying utilizing an NFT for its “intended function” had immoderate level of value retired of the 11 listed reasons for buying an NFT.

However, 15.7% responded they were "neutral" astir inferior and 6.7% felt it was "not important" successful the decision-making process earlier buying an NFT.

343 responses were examined successful a survey of NFT and crypto users who ranked their apical reasons for buying NFTs. Source: CoinGecko

The imaginable for semipermanent profits came successful arsenic the 2nd astir important origin with conscionable implicit 76% of respondents giving a level of value for hoping to merchantability their NFTs astatine a higher terms aboriginal on. 

Some NFTs person sold for millions successful the past, but the marketplace has experienced a terrible downturn successful measurement with the broader crypto market, though the NFT marketplace is expected to deed $230 cardinal successful worth by 2030.

11 reasons for buying NFTs were ranked by value by the survey respondents. Source: CoinGecko

The 3rd astir important crushed radical bought NFTs was to enactment arsenic a stakeholder successful a decentralized autonomous organization (DAO) with 72.9% motivated by the accidental to summation a involvement successful specified a project.

Related: Community-centric NFT postulation for the hustlers goes unrecorded to the public

Other high-ranking reasons included enthusiasm for technology, assemblage engagement and enthusiasm for an NFT collection’s concern oregon artwork.

The crushed that ranked arsenic the slightest important connected the database was “disrupting established structures oregon industries,” which was listed arsenic a apical crushed for buying by 59.5% of respondents.

Overall, each of the 11 listed reasons were much heavy rated arsenic having immoderate level of value alternatively than being rated neutral oregon not important.

The results were taken from 343 responses examined by CoinGecko and the Blockchain Research Lab which were received during a survey conducted from December 2022 to January 2023.

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