According to the Metajuice platform, nearly three out of four of the non-fungible token (NFT) collectors on their platform buy NFTs for the sake of status, uniqueness and aesthetics.
While current sales of NFTs are not as high as they were during their 2021 peak, the industry is still resilient, with users giving various reasons for buying NFTs.
In an announcement sent to Cointelegraph, Metajuice points out that his team has surveyed over 6,000 NFT users to find out why they buy NFTs. The survey results demonstrate that, among the reasons indicated, standing out and using NFTs as avatars are the main reasons for purchasing such items.
Additionally, 74% of respondents said they are interested in NFTs because of the status they confer. On the other hand, 13% of survey participants said they buy NFTs to resell them in the future.
A survey participant with the username “Flexfactor” said that uniqueness and standing out are the reasons why he participates. He explained:
“I like that I’m less likely to bump into people with the same items as me. I like to be unique and stand out. With an NFT, when I see someone else having it, I feel sympathetic.”
John Burris, president of Metajuice, said that owning NFTs to show off one’s digital objects adds value. According to Burris, this creates a “common notion of status-driven tendencies” in the metaverse. People want to own the rights to objects that increase their perceived status, and how they appear in the metaverse as NFTs is a key part of that,” he added.
Related: Emojis are investment advice and their use has legal consequences, says a US judge
Raoul Pal, CEO and co-founder of Real Vision, also recently expressed the belief that NFTs will perform similarly to high-end real estate in market boom cycles. On Feb. 21, Pal exposed in a YouTube video that owning major collections like CryptoPunks and Bored Ape Yacht Club has already become a status symbol within the cryptocurrency industry. The executive likened it to owning luxury cars and houses.
