February 28, 2023

74% of NFT Collectors Buy NFTs for Status, Survey Reveals

NFTs

NFTs

Metajuice, a metaverse platform, found that almost three out of four NFT collectors purchase NFTs on its platform for status, aesthetics, and uniqueness, Cointelegraph reported

Although the NFT sales are not as high as their peak in 2021, NFT collectors are still purchasing NFTs for various reasons.

Metajuice conducted a survey of more than 6,000 NFT users to know their motivations behind NFT purchases. It found that 74% of the NFT collectors bought NFTs due to the status that they give, while 13% of the surveyed said they had bought the NFTs to resell them in the future. 

The metaverse platform’s team found that among the top reasons for purchasing NFTs were standing out and wearing the NFTs as their avatar. 

In this regard, President of Metajuice John Burris said possessing NFTs to display their digital items brings added value as it builds a “communal notion of status-led trends” in the metaverse. 

According to Burris People want to own the rights to items that increase their perceived status, and how they appear in the metaverse as NFTs are a key part of that. 

Over the past week, the NFT sales over the past week witnessed a slight increase compared to the week prior, as they grew by 4.47%, according to Bitcoin News. 

Over the past seven days, the NFT sales amounted to more than $271.963 million, over $235.562, million of which were from the Ethereum blockchain, an 8.06% hike from the previous week. Out of the top 20 blockchains, Ethereum had the lion’s share of the NFT sales seven days ago, accounting for more than 86% of the total sales

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