The place of non-fungible tokens has suddenly increased with the digital space over the past year. As a result, more and more people and brands are adopting NFTs on different occasions with different goals.
Some companies have used the assets to create appropriate advertisements and raise awareness. There are those who don’t want to be left out with trending assets. The stories could be interesting with different ideas and reasons for NFT investments.
DEXterlab has interrogates NFT engagement with over 1,300 participants on the Twitter platform. It is a striking finding that most people who get into NFT investing want to flip assets to make money. This explains the practice of people buying digital assets and reselling them for huge profits.
Usually, these assets would only be for a limited period, especially when prices are low. Therefore, they would depend on predicting the appropriate time to make purchases and sales.
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The blockchain watchdog’s survey is about respondents’ investment habits. Also, the firm became aware of a period of time between the end of May and the beginning of June.
Survey results show that more than 64% of participants have invested in NFTs with the sole objective to earn money. However, those with a high profitable result from their investment in non-fungible tokens are below 42%.
Community involvement could influence NFT engagement
DEXterlab recorded another reason for people’s engagement in NFTs. The company discovered that 15% of its surveyed value wanted to belong to the non-fungible token community. The company said the reason couldn’t be weird. Instead, he pointed out that humans are very friendly and want to display their personalities through community involvement.
In an additional explanation, the company cited one of the most successful and successful non-fungible token collections, the Bored Ape Yacht Club. Furthermore, he pointed out that BAYC has several celebrities among its members. In addition, the NFT community offers exclusive features such as new drops for top NFTs and full event participation for its holders.
When it comes to NFT prices, different people have their preferences. However, about half of survey participants mentioned that they would opt for a modest price range of $50 to $500 per NFT.
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Some popular collections have floor prices that run into the tens and hundreds of thousands. Additionally, some people responded that they might prefer to be part of the max limits by spending up to $2,000 per non-fungible token.
Generally, the downtrend of the market has driven down the prices of non-fungible tokens. But some collections have not been affected by the drop in prices.
An example of such NFTs is Goblintown, a collection of free non-fungible tokens that has climbed the recorded charts. It now has close to $70 million in trading volume and has retained the third position within a 30-day range.
Featured image from Pexels and chart from TradingView.com