Near to 1 / 2 of the surveyed non-fungible token (NFT) proprietors positively trade NFTs to generate income, as the partner of holders mainly bought their NFTs either “to collect” or “for their utility,” based on market research conducted by gold coin tracking site CoinGecko on Twitter.
The so-known as NFT flippers, who – like traders – try to buy low then sell high, were the greatest group of NFT buyers in CoinGecko’s survey, with 42% of respondents saying flipping was their primary reason behind buying.
The flippers were adopted by NFT collectors, who composed 26% from the respondents.
In addition, individuals who stated they bought NFTs for his or her utility, for instance to be used inside a game, composed 25%.
Important to note, however, is the fact that less than 1 / 2 of the respondents stated they’ve designed a make money from their NFT buying and selling, while 23% stated they’re ‘HODLers’ – or collectors – without any purpose of turning a fast profit.
70% of respondents stated NFTs are a minor a part of a general crypto investment portfolio, creating between % and 25% of the portfolios.
Meanwhile, laptop computer also discovered that most NFT proprietors used the OpenSea marketplace to get their bit of crypto art. With near to 59% saying they used this platform, this outcome is notable considering that competing platforms for example LooksRare, as well as exchange-owned marketplaces for example Binance NFT and Coinbase NFT, have popped up.
Laptop computer further discovered that most NFT users still depend around the Ethereum (ETH) network for his or her trades, with 46% selecting it as being the network they used. Ethereum was adopted by Polygon (MATIC) and Solana (SOL) because the second and third-most popular blockchain systems for NFT buying and selling.
Lastly, CoinGecko’s survey report stated that the most typical way to consider new NFT projects is thru either the social networking Twitter or even the messaging platform Discord.
The report described these power tools to be “fragmented” and getting relevant information “scattered among other noises,” but nonetheless stated they seem like “the smartest choice to stumble across fresh-out-of-the-oven projects.”
For additional specific tools, like the aggregator platform Rarity Tools, laptop computer found usage to become low, with simply 1.4% of respondents saying they tried on the extender.
Finally, before using an NFT, the most typical method to track the marketplace worth of the skill piece is thru tools on industry itself, instead of through custom-made spreadsheets or any other tailored approaches, the report stated.
CoinGecko’s survey solutions were collected via a Twitter poll, and the amount of participants varied between 394 and 874. Nearly all respondents were in the Asia-Off-shore region, which CoinGecko stated leads in NFT adoption globally.
Find out more:
– NFTs in 2022: From Word of the season to Mainstream Adoption & New Use Cases
– 72% of Surveyed Game Developers Thinking about Using NFTs and Blockchain
– How you can Hedge Your NFT Collection With Ethereum Derivatives
– Are You Able To Truly Own Anything within the Metaverse? Blockchains and NFTs Don’t Safeguard Virtual Property
– How NFT Finance Accelerates NFT Mass Adoption
– NFT Self-defense: Remaining Safe in Web3