Why do people want to invest in NFTs? 32% did it to feel comfortable with their social status in the cyber community 36% to earn a good amount by reselling them

A few years ago, Kevin McCoy created the very first NFT, which was then called mounted graphics. Non-Fungible Tokens (NFTs) represent exclusive ownership of an asset, which can be a work of art, memes, music, or collectibles in the Metaverse.

To understand what people perceive when they talk about things related to the blockchain, CenturyLink conducted a survey in which they asked a thousand people to tell what they know about NFT. 645 people said they knew the term. At the same time, 30% of these people have already purchased at least one token. 22% of people said they would never consider buying one. Respondents had different opinions and options regarding the purchase of NFTs.

32% of them bought NFTs to feel good about their social status in the online community. According to them, buying an NFT is comparable to owning a house or designer dresses in real life. In addition, 36% of respondents bought NFTs in order to make good money on their resale. Moreover, it is not necessary to always make a profit, because it is difficult to predict market reversals. In 2021, NFT purchases have skyrocketed with the growing popularity of digital tokens.

In the fourth quarter of 2021, NFT trading volume reached $10.7 billion. Ethereum, bitcoin and other cryptocurrencies also posted record prices. Currently, sales are low due to the collapse of the crypto market, but recent crypto finance markets like GameStop are on the rise.

In addition, more than half of the respondents said they view NFTs as a digital repository for their wealth; 53% of people said they would be happy to take out a loan or spend their savings on an NFT because they consider it their method of storing value.

About 33% of respondents said they could spend $500 to buy a single digital token, while 21% said they would like to spend more than $500. In the study, it was observed that Generation Z is mainly interested in buying NFTs and they can spend up to $100,000 on NFTs, while 14% of the same age group can spend more.

It’s important to note here that it’s not only Gen Z who want to buy NFTs, but people of all age groups and they all have different buying goals. Millennials and Gen Xers are buying NFTs at nearly 30% and 18%, while Boomers are buying only 13%. Many people (41%) said they would like to buy 2 to 5 NFTs, and 14%, including Millennials and Boomers, said they would like to buy 11 or even more.

According to the study, 40% of Gen Zers buy NFTs for profit, 36% of Millennials, 29% of Boomers, and 42% of Gen Xers. Gen Xers are more likely to buy NFTs to maintain their social status across generations. When it comes to buying methods, millennials use their savings to buy ENF (33%), boomers use their income (60%) and, as mentioned earlier, Gen Zers (29%) take out a loan to buy ENF. In addition, all generations perceive NFT as a legitimate medium of art.

Most respondents agree that NFTs are the ideal investment. This allows them to make a profit (26%) and demonstrate their wealth (55%).

Source: CenturyLink

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See also:

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