Why do people buy NFTs?

NFT sales may be down, but some are still holding out hope for becoming wealthy off digital art.

Selina Lee

The NFT market has seen some serious ups and downs.

DEXterlab, a digital asset discovery platform, recently polled its Twitter followers on why those who bought NFTs participated in such a volatile market.

Some bought NFTs to collect digital art, while others did it for various perks. NFTs with benefits (AKA “utility NFTs”) can score you:

  • Access to communities with virtual and IRL meetups, like Gary Vee’s VeeFriends
  • Access to games. For example, Axie Infinity players must buy three Axie NFTs to start
  • Real-life perks. Crypto Baristas is a coffee project that promises its NFT holders discounts at future cafes

But 64%, an overwhelming majority…

… are hoping to make money

While the NFT market has made some creators and traders a pretty penny — artist Pak sold his piece “The Merge” for $91.8m — it’s far from a sure bet.

Fine artist Takashi Murakami, whose physical works appear in art museums around the world, recently apologized to investors after the value of his NFT collection plummeted due to market conditions beyond his control.

Meanwhile, the median NFT price has dropped to ~$412 from ~$1.7k in April.

Still, interest in the space remains high, with players like Meta and eBay getting into the game — meaning many are still apt to take the risk.

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