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4 min

Why Buy NFTs

Published on
June 22, 2022
MonsterArmyMonsterArmyMonsterArmy

Why Buy NFTs?

Since the entrance of NFTs into the crypto asset discussion, more people are showing interest in them. You would have heard some news about people buying some NFTs for large amounts of money. And you wonder why someone will spend millions on a piece of art accessible to other people. For instance, why would someone buy Beeple’s 10 seconds video for $6.6 million and others can still download the same video easily?

People buy Non-Fungible Tokens for several reasons. Here are ten of them:

1. The uniqueness of it

NFTs are non-fungible tokens with distinct identifications. NFTs are not exchangeable and replaceable. They are unique to their owners. This is what differentiates these cryptographic assets from cryptocurrency and even fiat currency. The uniqueness of owning one of the NFTs is why people buy them.

2. Prestige

Some people buy NFTs because of the prestige attached to them. While everyone can download a video or meme, only you have exclusive ownership rights. The ability to brag about items alone is enough a reason for some people to spend so much on them.

3. To own a piece of the internet

With Non-Fungible Tokens, people can uniquely own an aspect of the internet. They do not have to share this with anyone else. Although others can download a tweet, picture, meme, or other NFT, only the buyer owns it.

4. To build a digital gallery

Some people invest in cryptographic arts because they are building a digital gallery. A platform like Cryptovoxels makes it possible to become collectors and own their galleries online.

5. To support a community of creatives

Some people invest in NFTs to support a creative community. For instance, some people can send million on crypto arts by black creative to keep them.

6. For investment purposes

When NFTs entered the scene, they were not as regarded as now. This is because some people see them as speculative investments. It is not the safest investment, but the ability to resell these items in online marketplaces makes buying them an option for most people.

7. The fun part of it

Since blockchain and crypto became a part of financial discussions, some people have been curious to try out these non-traditional approaches to financial dealings. Then the NFT came on board. The fun part of trying something new and non-traditional is enough reason for some people to spend their money on cryptographic assets.

8. The availability of tech tools

With the increasing availability of trading tools like Robinhood, most people are willing to participate in NFT transactions. Buying and selling NFTs is no longer something too far-fetched with these tools. Anyone who can understand and use these platforms can make transactions. This ease that comes with the devices is why some people are willing to buy NFTs.

9. FOMO

The Fear of Missing Out (FOMO) is why people buy NFTs. With most people talking about how NFTs are the deals of the day and constant news of people spending millions on them has driven some people to join the train.

10. Trust in blockchain technology

NFTs run on blockchain technology, and people trust the technology. Knowing that NFTs cannot be duplicated and are immutable is why some people want to get involved.

Conclusion

NFTs are gathering enthusiasts as the clock ticks, and many people put their money in them. The rise in NFTs sales is due to several reasons, including the uniqueness of owning an NFT like MonsterArmy and the prestige that comes with it, and the desire to build a digital gallery.