More than half of buyers turn to NFTs no longer profitable, survey shows

With the growing popularity of Non-Fungible Tokens (NFTs), many have begun to “make” these assets as a trading strategy. In a recent survey, around 64% said their main reason for buying NFTs was “making money.”

Blockchain monitoring software company DEXterlab polled more than 1,300 people on Twitter between late May and early June about their NFT buying habits. The results show that while most people want to profit from NFT trading, less than 42% have so far.

Why should you buy NFTs?

— DEXterLab (@Dexterlabdata) May 27, 2022

The second top reason for buying an NFT was that about 15% said it was to be part of the community and to be “flexible”.

“Humans are highly social creatures, so the desire to be part of a community and show off is not surprising,” DEXterlab wrote.

The team highlighted the success of the Bored Ape Yacht Club (BAYC), which boasts celebrities among its followers, as well as exclusive perks such as access to holder-only events or popular new NFT releases.

While some NFT collectibles, such as those from BAYC, can often be sold for as low as tens or hundreds of thousands of dollars, nearly half of respondents said they would be willing to pay a modest price of $50 to $500 for an NFT .

Surprisingly, the second most popular answer, with a quarter of respondents saying they are prepared to spend at the survey’s cap of more than $2,000 per NFT.

Over the past 30 days, some of the largest “blue-chip” NFT collectibles such as CryptoPunks, Mutant Ape Yacht Club (MAYC), BAYC, and Moonbirds have seen their lowest price or market cap halved. Still, these collectibles topped the NFT sales charts over the same period.

How is your NFT journey going?

— DEXterLab (@Dexterlabdata) June 2, 2022

Despite the general decline in the price of NFTs, there are still examples of NFTs challenging the bear market.

Most recently, a free creative series called Goblintown with no utilities or scripts topped the charts, and has since held at No. 3 with nearly $70 million in sales over 30 days.

The current lowest price in the series is 3 Ether (ETH), which is around $4,000 at the time of writing, while the most expensive sold for 77.7 ETH on June 1, worth nearly $151,000 at the time.

Other signs point to a healthy market for those still looking to profit from buying NFTs. According to a recent report by DappRadar, NFT sales exceeded $3.7 billion last month despite poor market conditions.

The report also revealed that Solana’s NFTs had the best one-month volume in the network’s history, generating $335 million in volume across all markets, a 13% increase from April.

NFTs continue to create a strong market for themselves, and widespread adoption is imminent. According to a report by CoinGecko, the NFT market is expected to surpass $800 billion in the next two years, although holders will have to wait longer to realize profits.

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