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Utility and long-term profits top reasons for NFT purchases: CoinGecko study

Published 04/11/2023, 03:18 AM
Updated 04/11/2023, 05:00 AM

Utility and long-term profits have been ranked as the top reasons for buying nonfungible tokens (NFTs), according to a survey conducted by CoinGecko and Blockchain Research Lab.

An April 10 CoinGecko report found most considered how much utility an NFT collection offers and the benefits of holding the token before buying, with over 77% of respondents saying using an NFT for its “intended function” had some level of importance out of the 11 listed reasons for buying an NFT.

The survey recorded 343 responses from NFT and crypto users who ranked their top reasons for buying NFTs. Source: CoinGecko
Survey respondents ranked 11 reasons for buying NFTs by importance. Source: CoinGecko

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