Survey Shows NFT Buyers Flipping Out Due To Profitability Issues
The place of non-fungible tokens has suddenly risen with the digital space over the past year. As a result, more people and brands embrace NFTs on different occasions with different purposes.
Some businesses used the assets to create suitable advertisements and sensitize the public. There are the ones that don’t want to be left out with the trending assets. The stories could be interesting with a different twists of ideas and reasons for NFTs investments.
DEXterlab has surveyed NFTs’ engagement with over 1,300 participants on the Twitter platform. It’s a striking discovery that most people plunging into NFT investment want to flip the assets to make money. This explains the practice where people buy some digital assets and resell them for huge profits.
Usually, such assets would only be for a limited period, especially when the prices are low. Hence, they would depend on predicting the suitable time to make the purchases and sell-offs.
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The blockchain monitoring company survey concerns the respondents’ investment habits. Also, the firm took cognizance of a time frame between the end of May and the beginning of June.
The results from the survey show over 64% of the participants invested in NFTs with the sole purpose of making money. However, those with a high profitable outcome from their Non-Fungible Token investment are below 42%.
Community Participation Could Influence NFT Engagement
DEXterlab recorded another reason for people’s engagement in NFTs. The firm discovered that 15% of its polled value desired to belong to the Non-Fungible Token community. The company stated that the reason could not be bizarre. Instead, it highlighted that humans are highly friendly and want to display their personalities through community participation.
In a further explanation, the company cited one of the top and most successful Non-Fungible Token collections, the Bored Ape Yacht Club. In addition, it pointed out that BAYC has several celebrities as members. Also, the NFT Community has exclusive features like new drops for prominent NFTs and complete event participation for its holders.
Regarding the prices of NFTs, different people have their preferences. However, about half of the survey participants mentioned they would go for a modest price range of $50 – $500 per NFT.
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Some popular collections have floor prices running in tens and hundreds of thousands. Also, some people responded that they could prefer to be among the top limits by spending up to $2,000 per Non-Fungible Token.
Generally, the bearish market trend has brought down the prices of Non Fungible Tokens. But some collections remained unaffected by the downward price moves.
An example of such NFTs is Goblintown, a free-to-mint Non-Fungible Token collection that climbed up in the recorded charts. It now has almost $70 million in trading volumes and has maintained the third position within a range of 30 days.
Featured image from Pexels and chart from TradingView.com
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