74% of survey participants say they buy NFTs for status

Published at: Feb. 27, 2023

According to metaverse platform, Metajuice, almost three out of four of the nonfungible token (NFT) collectors on its platform purchase NFTs for status, uniqueness and aesthetics.

While current NFT sales are not as high as during the peak in 2021, the space still holds on, with users giving various reasons for buying NFTs.

In an announcement sent to Cointelegraph, Metajuice highlighted that their team surveyed over 6,000 NFT users to discover the motivations behind NFT purchases. The survey results showed that among the reasons laid out by the researchers, standing out and wearing the NFTs as their avatar were the top reasons for NFT purchases.

In addition, 74% of the respondents highlighted that they are interested in NFTs for the status that they give. On the other hand, 13% percent of the survey participants said that they are buying NFTs to resell them in the future.

One survey participant with the username “Flexfactor” said that uniqueness and standing out are reasons for jumping in. They explained:

“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.”

John Burris, the president of Metajuice, said that owning NFTs to display their digital items brings added value. According to Burris, it builds a “communal notion of status-led trends” in 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. 

Related: Emojis count as financial advice and have legal consequences, judge rules

Real Vision CEO and co-founder Raoul Pal also recently expressed his belief that NFTs will perform similarly to high-end properties in market boom cycles. On Feb. 21, Pal explained in a YouTube video that owning major collections like CryptoPunks and Bored Ape Yacht Club has already become a status symbol within the crypto space. The executive compared this to owning luxury cars and houses.

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