Around 64% of people said their top reason for buying an NFT was to “make money”, says a recent survey conducted by DEXterlab, a blockchain monitoring software company. About 15% of respondents said they took to NFTs to be part of a community and “to flex”. More than 1,300 people participated in DEXterlab’s poll, about their NFT buying habits, which was conducted on Twitter from late May to early June.
The survey revealed that less than 42% have made a profit so far, despite a majority looking for gains from NFT trading. Since 2021, hundreds of thousands of people across the world have taken to non-fungible tokens as a trading strategy.
DEXterlab highlighted that people are highly social creatures. As such, their desire to be part of a community and show off isn’t really surprising. The company highlighted the success of the Bored Ape Yacht Club (BAYC), and was popular among celebrities. But nearly half of the respondents said they were only comfortable paying a modest price of between $50 – $500 for a token. Respondents also shared that they are ready to spend within the upper limits of the poll, that is, more than $2,000 per NFT.
The survey stated that blue-chip NFT collections like Mutant Ape Yacht Club (MAYC), CryptoPunks, BAYC, and Moonbirds, have seen their floor prices halve. But these collections continue to top the charts for the top NFT sales over the same period. However, it should be noted that NFT prices have slumped across the board. DEXterlab said Goblintown, a free-to-mint collection with no utility, recently topped the charts. It has remained in third place over 30-days recording about $70 million in volume.
There are signs of a healthy NFT market. The month of May saw NFTs bring in $3.7 billion despite poor market conditions, with Solana NFTs coming up. It sealed May as the best trading month in the network’s history.
