Utility and long-term profits top reasons for NFT purchases: CoinGecko study
NFTs are purchased for a variety of reasons but according to a new survey from CoinGecko, the majority buy them for utility and long-term profits. Utility and long-term profits have been ranked as the top reason s 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. 343 responses were examined in a survey of NFT and crypto users who ranked their top reasons for buying NFTs. Source: CoinGecko The potential for long-term profits came in as the second most crucial fac...