NFT Collectors Buy for Status and Uniqueness

Rebeca Moen  Mar 02, 2023 17:14  UTC 09:14

2 Min Read

The Metaverse platform Metajuice recently carried out a poll, the results of which showed that the vast majority of collectors of nonfungible tokens (NFTs) do so for the sake of prestige and uniqueness. According to the results of the poll, seventy-four percent of respondents buy NFTs because of the status that they provide, while thirteen percent have future plans to sale their NFTs. One respondent to the poll gave the reasons of being unique and standing out as motivations for purchasing NFTs. They said that they prefer the fact that they are less likely to run across other individuals with the identical products. John Burris, the president of Metajuice, echoed this sentiment when he said that owning NFTs to display digital items brings added value and builds a communal notion of status-led trends in the metaverse. Burris said this in response to a question about how owning NFTs to display digital items brings added value.

Users continue to provide a variety of explanations for why they purchase non-fungible tokens (NFTs), despite the fact that current NFT sales are not as great as they were during the top of the market in 2021. Raoul Pal, CEO and co-founder of Real Vision, has voiced his conviction that non-financial assets (NFTs) would perform in a manner comparable to that of high-end homes during market boom cycles. In a video uploaded to YouTube, Pal drew parallels between the ownership of large NFT collections such as CryptoPunks and Bored Ape Yacht Club with the ownership of luxury automobiles and residences. Pal is of the opinion that non-fungible tokens are quickly becoming status symbols within the crypto space, and he thinks that as the crypto space continues to develop, NFTs will most likely become even more valuable as symbols of prestige and wealth.

Read More