Learnings About Why People Buy NFTs
Article source, here.
TL;DR
A new research study found that the two most important factors when deciding to buy an NFT were utility and profit in the long term.
In order to have a successful NFT project today, it must have some element of utility.
While they were fundamental to the rise of NFTs, gone are the days of profile pic NFT projects created for art's sake selling out.
Consistent value --> consistent demand --> increase in value of the NFT project overall in the long term.
Full Story
A new research study conducted by CoinGecko and Blockchain Research Lab just dropped.
The findings aren't that surprising; but they do suggest that we're trending in the right direction when it comes to overall interest in NFTs .
The survey found that the two most important factors when deciding to buy an NFT were:
Utility
Profit in the long term
'Profit in the short term' came in at number 8 out of the 11 possible options.
See what we mean by trending in the right direction?
Here're our takeaways:
In order to have a successful NFT project today, it must have some element of utility.
While they were fundamental to the rise of NFTs, gone are the days of profile pic NFT projects created for art's sake selling out.
This survey was conducted between Dec 22' - Jan 23', and, the fact that people are looking for profit in the long term rather than buying NFTs to flip and 'get rich quick' from, suggests that NFT investors have matured.
(And perhaps that those opportunities to flip NFTs are becoming rare).
The best NFT projects today seem to combine both utility and the delivery of consistent value.
Consistent value --> consistent demand --> increase in value of the NFT project overall in the long term.
While this was just a small survey of 343 NFT holders, we like how the NFT industry is trending.