Why do people buy NFTs?

18 Apr 2022

There are plenty of reasons why people buy and/or invest in NFTs today. Let’s take a look at the top reasons why you may choose to purchase an NFT:

  1. Ownership

This does not mean that you cannot save NFT jpegs with a right click! Is buying a replica artwork the same as buying the original?

2. Membership Think of NFTs as access keys for a private club. A collection limited to only 1,000 pieces means a maximum of 1,000 people can enter that club & enjoy the privileges of being a member of the community.

3. Artistic Value Artistry may be at the forefront of everything. If you like an NFT visually, you can invest in it regardless of its price fluctuation. Or maybe you want to support the artist.

4. Collection Some people just like to collect things. IRL, you collect shot glasses. In Web3, you collect NFTs.

5. Utility An NFT project can give you the benefits of a real-life, exclusive club membership:

  • Discounts: When you become an NFT owner, you can earn discounts on various brands and products that the team has agreed and collaborated with.
  • Giveaways and WLs
  • Games: When you play these games, you win prizes, in most cases, within the NFT ecosystem. By using the project token, you can get discounts and extra lives within the games.
  • IRL items such as merchandise items, meetups
  • Educational content: In these educational programs, take Ninja Squad as an example. You can learn the details of NFT and crypto trading, make market analyses, and much more. The content of these trainings may vary for other communities (for example, a music NFT community may offer you training about music).

NFTs have the potential to change the way physical art ownership works, and it also comes to a level where everything you can think of can be owned and accessed.

That’s why it’s so important to understand exactly what NFTs mean, why people are investing in NFT collections, and how this market has grown and evolved. It’s time to get involved in this excellent technology! 🤓

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I think people are very split on the idea of NFTs, but it's undeniably quite interesting.
MBA ChitChat
Waiting for BULBmoji NFTs to come out.
NFT's are a fascinating piece of the decentralized contract technology. I feel we are just playing around with its capabilities. Soon, I'm sure, we will see a lot broader real world use cases done.
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