A survey report by MetaJuice: Status is the primary driver of NFT purchases
Over three out of four nonfungible tokens (NFT) users on the metaverse platform, according to MetaJuice, buy NFTs for status, distinctiveness, and aesthetics.
Metajuice’s team surveyed about 6,000 NFT users
Although current NFT sales were smaller than they were at their peak in 2021, the market is still viable, and users continue to purchase NFTs for various reasons.
In a press release, MetaJuice noted that their team polled over 6,000 NFT customers to learn the reasons behind NFT purchases. The survey results revealed that, of the factors outlined by the researchers, standing out and using the NFTs as their avatar were the main drivers of NFT buying.
Additionally, 74% of respondents said that the status that NFTs provide is what has them interested in them. Yet, 13% of poll respondents claimed they are purchasing NFTs intending to resell them in the future.
Uniqueness and standing out are factors for joining, according to a poll respondent with the handle “Flexfactor.” They described:
“I prefer that I have a lower chance of meeting someone who has the same things as myself. It makes me happy to stand out and be different. I feel a sense of kinship with an NFT when I see someone else using one.”
The ownership of NFTs to exhibit one’s digital goods, according to Metajuice President John Burris, adds value. In the metaverse, Burris claims that it creates a “communal notion of status-led trends.” He continued that the way they appear as NFTs in the metaverse is a crucial component of this because people want to possess the rights to things that elevate their perceived status.
Real Vision CEO: NFTs resemble real-life assets when the market booms
Raoul Pal, the co-founder and chief executive officer of Real Vision, recently stated his opinion that NFTs would perform similarly to luxury residences during market boom cycles.
In a YouTube video posted on February 21, Pal said that possessing significant collections like CryptoPunks and the Bored Ape Yacht Club (BAYC) has already turned into a status symbol in the cryptocurrency industry. The executive equated this to having expensive vehicles and residences.