Utility and long-term profits have been ranked as the top reasons for buying non-fungible tokens (NFTs), according to a survey conducted by CoinGecko and Blockchain Research Lab.
An April 10 CoinGecko report found most considered how much utility an NFT collection offers and the benefits of holding the token before buying with over 77% of respondents saying using an NFT for its “intended function” had some level of importance out of the 11 listed reasons for buying an NFT.
However, 15.7% responded they were “neutral” about utility and 6.7% felt it was “not important” in the decision-making process before buying an NFT.
The potential for long-term profits came in as the second most crucial factor with just over 76% of respondents giving a level of importance for hoping to sell their NFTs at a higher price later on.
Some NFTs have sold for millions in the past, but the market has experienced a severe downturn in step with the broader crypto market, although the NFT market is expected to hit $230 billion in value by 2030.
The third most important reason people bought NFTs was to participate as a stakeholder in a
