According to the survey conducted by CoinGecko and Blockchain Research Lab, the top reasons to buy NFT were “benefit” and “long-term profitability”.
According to CoinGecko’s report, more than 77 percent of survey respondents indicated that when purchasing an NFT, using it for its intended function is at the forefront. However, 15.7 percent said they were neutral on usage and 6.7 percent said they thought it was not important in the decision-making process before purchasing an NFT.
Making Profit Comes First
Slightly more than 76 percent of respondents said they plan to sell their purchased NFTs at a higher price, with long-term profit potential being the second most important factor.
NFTs were sold for huge sums when they first came out, but the market has suffered a massive setback with the broader crypto market. Despite this, the NFT market is expected to reach $230 billion by 2030.
The third most important reason people bought NFT was to join a decentralized autonomous organization (DAO) as a stakeholder, and 72.9 percent were motivated by the opportunity to have a stake in such a project.
Other reasons included interest in technology, community involvement, and enthusiasm for work or art associated with an NFT collection. In the survey, the most insignificant reason was disrupting or changing the order with 59.5 percent.
Overall, all 11 listed causes were rated as having some level of significance rather than neutral or insignificant.
Results are from 343 responses surveyed by CoinGecko and Blockchain Research Lab in a survey conducted between December 2022 and January 2023.
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