Non-Fungible Tokens (NFT) are being talked about now, and the art world was shocked by them. Because of the technology behind it, NFT can be used as a commodity.
NFT is mostly used by investors to buy works of art and collectibles. But NFT can now be used to make a wide range of unique physical and digital goods.
So, why do people actually want to buy NFT? A survey found that people buy NFT for at least four main reasons, ranging from making money to flexing.
- As a money profit
NFT is not like cryptocurrencies in that it can’t be traded. Both are rare in different ways and have different qualities. This is what makes people want an NFT and affects how valuable it is.
Because NFT is so unique, it can be a good investment if you know how much certain digital assets are worth and choose the right ones to buy.
For example, when Blocksmith Labs NFT collection first came out in March, the base price of an NFT was about 5 SOL. They bought it when it first came out, and now they can trade their NFT collection for 130 SOL.
- Collection for digital art
It’s not too different from collecting physical art, except that blockchain technology and NFT have made it possible to own digital art, which wasn’t possible before.
Also, buying digital art gives you more ways to support artists.
- As access to play games
One of the best things about NFT is that it gives you value. Usually in the form of membership rights that give you access to the creator’s project and the benefits that come with it, like games, tools, or other things.
For example, NFT-based membership requires users to have a certain NFT so that they can get the most out of several tools and access game items that are only available to NFT owners.
- To flex in the community
People are social animals, so it makes sense that they want to belong to a group and show off. Having an NFT can show how successful you are, who your friends are, and what your social status is.
A strong community is also one of the most important benefits of an NFT project because active people can be the key to the project’s success by creating buzz and bringing in new people. This means that you are investing in something that will pay off in the long run.
Also, people in the community who hold certain NFTs often have access to different facilities. For example, BAYC holders can get free access to more NFT collections or go to special events that only BAYC holders can go to.
Find out more about Upcoming NFT Drops here.