Why do People buy NFTs?

why-do-people-buy-nft

TL;DR

  • Appreciating and supporting an artist ranks as one of the reasons people buy NFTs
  • Buying digital art could also be a form of investment
  • For some people, it is a way of staying trendy and in vogue with the latest developments

Supporting Digital Artists

It is possible that artists who are known to create thought-provoking digital artworks could build an online community around their works. Through an impressive narrative, an artist’s NFT could become appealing to collectors, who would then make the decision to purchase their works as a means of supporting their creativity.

NFTs as Investments

The rapid rise in the value of generative art collections such as the Bored Ape Yacht NFT and the Crypto Punks has created awareness of how valuable NFTs could become when bought at an early stage.

For the Trend

For some collectors, the ability to have the bragging rights to owning an NFT is well enough reason to make them buy digital art. For example, BAYC collectors are seen as some of the highest-ranking collectors in the NFT space. The perk to this is that holders have exclusive access to events, shows, and merchandise that only BAYC holders can benefit from.

What is Your Reason?

There is no perfect explanation for why a collector should buy an NFT. Individual discretion and due diligence are the only things that logically explain why collectors choose certain NFTs over others.

Conclusion

If you are an NFT collector, you would have to clearly define your reason for holding an NFT or else you might end up collecting art will no intended purpose. The logic is simple — know why you choose an art over another.

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