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The world of non-fungible tokens (NFTs) has exploded in popularity over the past few years. More and more people and businesses are exploring the possibilities of this emerging technology.
According to research, most investors buy non-fungible tokens (NFTs) for for their utility and long-term profit opportunities.
A survey conducted by CoinGecko and Blockchain Research Lab has found the top 11 reasons why investors and traders look to buy NFTs. According to the results, more than 75% of investors buy their NFTs for the purpose it was intended to fulfil. Only 15.7% noted that they are neutral about the utility of an NFT. 6.7% noted that they felt utility was “not important” for their decision to buy an NFT.
As digital, unique assets that cannot be replicated, NFTs are ideal for representing everything from art and music to sports collectibles and virtual real estate.
NFTs have provided a new avenue for artists to sell their work directly to collectors . This means they can conduct business without the need for third-party involvement. Major auction houses including Christie’s and Sotheby’s have been involved in the sale of NFTs. Through auctions from the leading auctions houses, millions of dollars have moved in the industry. This has also led to a greater surge of interest in NFTs as an investment opportunity.
Why do people buy NFTs?
The survey results points out that people are looking to the world of digital assets now for more reasons than the collectibles they can offer. While NFTs started out as collectibles such as CryptoPunks and Bored Apes Yacht Club. Since the adoption and exploration of tokenised assets, however, the functions have expanded too.
The research from Coingecko shows that the top three reasons that investors buy NFTs is for utility, long-term profit, and stakes in decentralised autonomous organisations (DAOs) respectively. The least important reasons for buying NFTs are for savings (with 63% of investors noting it as important), for social good (60.6%), and for disruptive nature in traditional industries (59.5%).
Source: Coingecko