Why NFTs are Taking the World by Storm and Getting a Fan Base Along the Way
Non-Fungible Tokens (NFTs) represent exclusive ownership of an asset that could be artwork, memes, music, and Metaverse collectibles. But what exactly about NFTs drives interest, and do people truly understand the value and concept? Let’s take a closer look at what is boosting appeal.
First, we must review the current landscape. In July, CenturyLink conducted a survey in which they asked one thousand people to state what they know about NFTs, and 64.5% were confident in understanding the term. Nearly 30% of these knowledgeable respondents had already bought at least one token, while 22% said they would never consider buying one.
Out of that 64.5%, they were asked WHY? Why purchase an NFT? The results are interesting:
- 32% purchased an NFT to feel good about their social status in the cyber-community.
- 36% bought NFTs to gain a good amount from them by reselling them.
- 53% would request a loan or take out their savings to buy NFT because it’s a way to preserve value.
And not surprisingly, generation Z was the segment most interested in buying NFTs and would spend up to $100,000 US dollars on an NFT. Those numbers are pretty telling.
Let’s face it, though: NFTs are an emerging technology. And those who are buying them now are early adopters. Early adopters are likely risk-takers and trend-setters. They buy NFTs because they like being the first to try something new, to be able to boast that they had something before anyone else. This type of buyer is unique in that it doesn’t matter if NFTs turn out to be a fast-fading fad; they want to be a part of it.
But this group isn’t the only people buying into the hype. In another world (no pun intended), such as a blockchain-based game, NFTs can represent anything you can dream of: trading cards, characters, powers, outfits, materials, real estate, and more. People who buy gaming NFTs want to own a piece of the game and can trade or sell their access or benefits with other players.
In another realm, luxury brands, sports teams, musicians, singers, and household brands offer NFTs to connect with fans or consumers. Some of these NFTs come with VIP perks like backstage passes, meet and greets, exclusive partnerships. discounts, or limited edition merchandise..
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Let’s not forget that the potential to make money is a significant reason why NFTs have reached substantial levels of interest. When the Bored Ape Yacht Club NFTs launched in April 2021, each was valued at .08 ETH, or roughly $190. By September 2021, one sold for 769 ETH, or about $2.3 million.
The community knows that few NFT projects will ever reach the heights of the Bored Ape Yacht Club. They know buying NFTs holds risks but also see it as a way to support creators, eliminating the middleman’s profit.
How To Purchase An NFT
OK, now you know why people buy NFTs. We get it, your interest is peaked. Want to join the game but are afraid of how to proceed? We’re here to help.
The first step is education. Do your research and embrace information on projects that match your interests— fashion, games, travel, art, sports, music, and even fitness — and immerse yourself in them. Understand who the NFT players are in the spaces that interest you, and make sure your goals and beliefs align.
The next step is to find the marketplace that sells the NFT you want. Some NFT projects have their own marketplaces, while others use sites like OpenSea. Before you can proceed down the purchasing path, you will need a crypto wallet. We know it sounds complex, but it can be easily downloaded to your smart device.
Next, you need money or, in this case, cryptocurrency. Crypto is purchased in an exchange. Just be sure to double-check which currency your NFT is priced in because not all marketplaces use the same crypto. Here’s the final step, connect your wallet to the NFT marketplace and press the sold button.
It’s a whole new world. Web3 and the intelligent Internet are being built out before us. We don’t know what the future holds, but we do know that NFTs will have an important role to play in ways that grant us access to new ways of life and ideas that we never imagined. The future is before us. Let’s tackle it together.
To learn more about NFTs and why they matter to creators and innovative thinkers, read more here!