74% of survey participants claim they buy NFTs for status
Metajuice survey reveals 74% of NFT users buy for status
Out of the survey respondents, 13% stated that their motive for purchasing NFTs was with the intention of reselling them in the future.
Metajuice, a metaverse platform, reports that approximately 75% of nonfungible token (NFT) collectors on its platform buy NFTs for their exclusivity, aesthetic value, and status symbol. Despite a decrease in NFT sales compared to the peak in 2021, the market continues to thrive as buyers cite diverse reasons for their purchases.
In an announcement sent to Cointelegraph, Metajuice highlighted that their team surveyed over 6,000 NFT users to discover the motivations behind NFT purchases. Based on the findings of the survey, the primary motivations for buying NFTs were to differentiate oneself and to use the NFTs as avatars. These reasons ranked highest among those presented by the researchers.
Furthermore, 74% of the participants expressed their interest in NFTs for the status they confer, while 13% reported purchasing NFTs with the intention of reselling them later. A survey respondent known as "Flexfactor" cited the desire for distinctiveness and individuality as their motivation for acquiring NFTs. They elaborated:
“I like the fact that it’s less likely to run into people with the same items as me. I like being unique and standing out. With an NFT, when I see someone else with it, it feels like solidarity.”
The president of Metajuice, John Burris, commented that possessing NFTs to exhibit digital possessions adds value by establishing a shared sense of status-driven trends within the metaverse. He explained that individuals desire ownership of items that enhance their perceived status, and NFTs play a crucial role in their appearance within the metaverse. "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," he added.
Raoul Pal, the co-founder and CEO of Real Vision, recently opined that NFTs will experience market booms akin to high-end real estate properties. In a YouTube video on February 21, Pal observed that possession of significant collections such as CryptoPunks and Bored Ape Yacht Club has already become a status symbol in the cryptocurrency industry. He likened this phenomenon to owning luxury cars and homes.