NFT purchases primarily based on utility and profitability in 2023

A recent report listed the top 11 motivators for investors to buy NFTs (non-fungible tokens). The report from CoinGecko notes that its utility is the most important factor in driving purchase decisions.

The reports show that over 75% of cryptocurrency owners now have at least one NFT.

Tools drive NFT ownership

The report notes that 77.6% of NFT owners consider the asset’s value or the benefits of ownership before purchasing.

Strangely, 15.7% said they were doubtful about the usefulness of NFTs. According to the report, many of these NFT owners may see them more as collectibles than anything else.

NFTs are common in the gaming industry, and many brands and merchants implement them into their rewards programs. Adidas recently announced the final phase of its Into The Metaverse project. The launch of ‘ALTS’ non-fungible tokens is similar to rivals Puma and Nike.

BeinCrypto recently pointed out that non-fungible tokens are gaining popularity due to more than their ability to symbolize exclusive ownership. They also have the power to develop new experiences for communities while fostering a sense of community, especially when the digital asset can encourage interaction and brands symbolize their clientele by providing benefits such as access to private events and tools.

According to the survey, 68.8% of NFT owners buy shares because they want to be part of the project team and community, ranked as the fifth most important factor.

But before that, 76.1% of owners rank long-term profitability as their second most important motivation for buying NFTs. NFTs have been a popular choice among artists and creators to monetize their work, which has built value back.

The third generation of Reddit’s “Collectible Avatars” recently launched, a collection that exceeds a market value of $74.5 million.

The market is too big to ignore

By having the chance to take part in the fundraiser as a stakeholder, another 72.9% of NFT owners are drawn to them. According to CoinGecko, at least seven out of ten owners are inspired by the opportunity to own a stake in the business or decentralized autonomous organization. (DAO). Meanwhile, the fourth most important factor was a personal passion for the technology behind NFT.

That said, enthusiasm for the collection’s business plan or concept and the collection’s artwork are other important factors that determine NFT ownership.

The motivation for gains in the near future follows next. In descending order of importance, other reasons for buying an NFT are savings and social good.

In the end, disrupting the status quo was the least important rationale for buying the non-fungible tokens. Almost 6 out of 10 NFT owners believe disruption is essential. 3 in 10 are neutral about interruption, while 1 in 10 think it is unimportant, and reportedly represent individuals with a more conservative point of view.

NFTs have sold $69.5 million worth of digital items in the past 24 hours, according to CoinMarketCap. Over 92,000 sales during that time have helped reach the target. The market is too big to ignore at this point, with a total market cap of nearly $2 billion.