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

A few years ago, Kevin McCoy created the very first NFT, which at the time was called mounted graphics. Non-fungible tokens (NFTs) represent the exclusive ownership of an asset, which may be works of art, memes, music or collectibles in Metaverset.

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

32% of them bought an NFT to feel comfortable with their social status in the online community. According to them, buying an NFT can be compared to owning a house or designer dresses in real life. In addition, 36% of respondents bought NFTs to earn a good amount by reselling them. Moreover, it is not necessary to always make a profit because it is difficult to predict market reversals. By 2021, NFT purchases have skyrocketed with the growing popularity of digital tokens.

NFTs reached $ 10.7 billion in trading in the fourth quarter of 2021. Ethereum, Bitcoin and other cryptocurrencies also experienced record prices. At present, sales are low due to the collapse of the cryptocurrency market, but recent crypto-financing markets, such as GameStop, are growing.

In addition, more than half of respondents said they consider NFTs as a digital store of their capital; 53% of people said they were happy to take out a loan or take out their savings to buy NFTs because they consider it their method of preserving value.

About 33% of respondents said they could spend $ 500 on buying a single digital token, while 21% said they would like to spend more than $ 500. It was noted during the survey that Gen Z are mostly interested in buying NFTs and they can spend up to US $ 100,000 on an NFT and 14% of the same age group can spend more.

It is important to mention here that it is not only Gen Z that seems to want to buy NFTs but also people of all age groups and they all have different buying goals. Millennials and Gen Xers buy NFTs at almost 30% and 18%, while Boomers buy only 13%. Many people (41%) said they wanted to buy between 2 and 5 NFTs, while 14%, including Millennials and Boomers, said they wanted to buy 11 or even more.

According to the study, 40% of Gen Zs buy NFTs for profit, 36% of Millennials, 29% of Boomers and 42% of Gen Xs. Gen Xs are more willing to buy NFTs to maintain their social status among all generations. When it comes to buying methods, Millennials use their savings to buy ENFs (33%), Boomers use their income (60%), and as mentioned earlier, Gen Z (29%) take the loan to buy ENFs. Moreover, all generations perceive NFT as a legitimate art medium.

Most respondents agree that NFTs are an ideal investment. It allows them to make money (26%) and show their wealth (55%).

Source: CenturyLink

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Also see:

60% of Gen Zs call NFTs a scam and actively distrust them, while less than 10% consider them a serious investment, according to Tidio

NFT tokens from several celebrities have lost their values ​​enormously in recent weeks, leaving buyers at a loss

NFTs and Metaverse may just be a passing fad, despite the huge buzz they’ve created, according to the latest Google search trends

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