The majority of individuals who purchase nonfungible tokens (NFTs) do so for their utility and long-term profit potential, according to a recent survey by CoinGecko and Blockchain Research Lab. The survey found that utility and long-term profits were the most important factors for purchasing NFTs, with over 77% of respondents considering the utility and benefits of holding the token before making a purchase.

While 15.7% of respondents were neutral about the importance of utility, and 6.7% felt it was not a significant factor in their decision-making process before purchasing an NFT, the potential for long-term profits came in as the second most crucial factor. Just over 76% of respondents gave importance to the potential of selling their NFTs at a higher price later on.

The survey recorded 343 responses from NFT and crypto users who ranked their top reasons for buying NFTs. Source: CoinGecko

The survey found that the third most important reason for buying NFTs was to participate as a stakeholder in a decentralized autonomous organization, with 72.9% motivated by the opportunity to gain a stake in such a project. Other high-ranking reasons included enthusiasm for technology, community involvement, and excitement for an NFT collection’s business or artwork.

The reason that ranked as the least important on the list was “disrupting established structures or industries,” which was listed as a top reason for buying by 59.5% of respondents. Overall, all 11 listed reasons were more heavily rated as having some level of importance rather than being rated neutral or not important.

Although some NFTs have sold for millions in the past, the market has experienced a severe downturn in step with the broader crypto market. Despite this, the NFT market is expected to reach a value of $230 billion by 2030. The results of the survey were taken from 343 responses examined by CoinGecko and the Blockchain Research Lab, which were received during a survey conducted from December 2022 to January 2023.

Survey respondents ranked 11 reasons for buying NFTs by importance. Source: CoinGecko