The underlying technology makes non-fungible token (NFT) a commodity from which users can profit with money. With the popularity of NFTs growing, is it really worth investing tens of thousands or even millions of dollars in something that everyone can get for free on the internet?
According to the poll, the second most popular reason for buyers is to join the community and brag. For 14.7% of survey respondents, this is the main reason to get some non-fungible tokens.
Digital art collectors accounted for 12.4% of total participants, while 8.6% of individuals gained access to games and tools, often in the form of memberships that allow access to artist projects, perks, etc.
NFTs cannot be traded in the same way as cryptocurrencies. Interests and needs are both driven by the unique characteristics and varying degrees of the scarcity of each. These factors also affect the value of the item.
So, they can be considered an investment that will generate profits later if you have a good understanding of the value of a particular digital asset and make a reasonable choice for your purchase.
While the main reason individuals buy them is to make money, the majority of NFT holders participating in the survey (58.3% of respondents) consider their assets to be unprofitable so far.
However, 41.7% of respondents revealed they profited from previously purchased NFTs.
It is true that many people still do not understand the value of NFTs and think there is no need to invest in them, but the global NFT trading volume will increase by more than 200% by 2022, surpassing $50 billion.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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