40% Of NFT Buyers Eye Long-Term Profit: Study
NFTs have recently gained popularity in the art and digital asset markets. NFTs are immutable and impossible to duplicate digital assets that are stored on a blockchain.
According to a report shared with BeInCrypto, 39% of NFT buyers are motivated by the long-term profit factor.
The study also discovered that three out of every four NFT holders consider how much utility a collection provides before purchasing.
Furthermore, 68.80% of buyers said they bought an NFT to be a part of the community, indicating that people are using their money to support projects and ideas they believe in.
Despite the promising narratives, the NFT market value did recently take a massive hit. Various factors have acted as an obstacle to further innovation and adoption. One of the factors is security risks.
(With inputs from Shikha Singh)
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