People’s Who Buys NFTs 

by Rohan

Non-fungible tokens, or NFTs, make it possible to verify ownership of any digital asset using the blockchain tokenization process. Although anybody can buy an NFT, the intended market is mostly composed of wealthy, risk-tolerant individuals. Because buying an NFT might be difficult, millennials who are familiar with cryptocurrencies and prepared to invest in hazardous assets are frequently the target market.

Who are Those People Who Buys NFTs ?

Anyone who buys NFTs is familiar with the renowned arcade video game from the 1990s will recall how the microtransactions for its in-game purchases made news. By the year 2022, virtually all video games use in-game or virtual products as a revenue stream, which has even given rise to a black market. Digital products, collectibles, and valuables are no longer the exclusive domain of experts and the wealthy. They are also profitable investments. As a result, NFTs are in use today and are being purchased. We have divided the term “people” into two streams: individuals and organisations.

With every historical moment, audiences inside the NFT industry continue to change. We may currently draw conclusions from early market indications and data on US buyers.

Location 

According to Google Source Trends, the number of keyword searches for NFT and non-fungible token subjects in the United States ranks 11th out of 65 areas.

We can identify specific outcomes from the states and localities that are fueling the growth in this search term by further analysing this data :

Top 5 States :

  • California
  • Hawaii
  • Nevada
  • Alaska
  • New Jersey

Top 5 cities :

  • San Francisco
  • Los Angeles
  • San Jose
  • San Diego
  • Austin

It is not unexpected that regional tech hotspots like Austin, Texas, and California generate results for searches including non-fungible tokens and NFT.

Age

Ages 18 to 24 make up the majority of those who intrested in NFTs  (14%). Then comes the 25–34 age group, where 8% of respondents expressed interest in NFTs. 

Gender

Men and women who buys NFTs in about similar amounts in the most interested age group (18 to 34), with 24% men and 21% women as owners.

Women in this market should not be undervalued. When you consider purchasers 35+, who show less than 3% people who buys NFTs , the erroneous impression that the NFT market is dominated by men arises. 

Income

Investing in NFTs is equivalent to those making over $150,000 yearly for those making less than $25,000 (lower-income) (upper-income.) These two groups of people who buys NFTs claimed to have made investments in non-fungible tokens.

The respondents with middle incomes ($25,000–$150,000) had the least interest in non-fungible tokens, with up to 94% expressing no interest at all.

Who Buys NFTs ?

Recent survey results and Google trends show  NFTs market is dominated by a young, tech-savvy audience. 

How do NFTs Function ?

The Ethereum blockchain has the majority of NFTs, however other blockchains have their own implementations of NFTs. Like bitcoin or dogecoin, Ethereum is a cryptocurrency, but its blockchain also keeps account of who is owning and exchanging NFTs. 

Which Nation Purchases the Most NFTs ?

According to reports, Asia, and more specifically the Philippines, has experienced the greatest uptake of NFTs. This is probably because play-to-earn NFT-based games like Axie Infinity have become popular because SLP, the in-game currency, can be converted into real money.

What Drives People who Buys NFTs ?

The value of an NFT purchase is not guaranteed to rise. On the contrary, its worth can actually fall. Although people who buys NFTs are a specific type of collector, it’s crucial to remember that their requirements and demands are continually evolving, and we are constantly learning what drives the NFT buying frenzy. What is known is as follows. 

Who Are NFTs’ Target Customers?

We must first choose a target market before delving further into this response. A target market is frequently thought of as the consumers of a specific business offering; these consumers frequently share the same or similar traits.

Although anybody who buys NFTs , the intended market is mostly composed of wealthy, risk-tolerant individuals. Because buying an NFT might be difficult, millennials who are familiar with cryptocurrencies and prepared to invest in hazardous assets are frequently the target market.

Although purchasing NFTs using money is feasible (by linking a credit card), very few transactions have been made in this way. People who buys NFTs are more likely to grasp blockchain technology, which implies that they already own some cryptocurrency. 

Those who possess significant amounts of a single cryptocurrency or NFT project, have been known to accumulate several NFT, which drives up the floor price. Since they have a large amount of bitcoin, it is customary for them to use it to gain some exposure to an NFT collection, which might rapidly rise in value.

As previously indicated by NFTexplained.info, the reason crypto natives are more frequently purchasing this sort of asset is due to the cognitive overhead and effort required to set up a digital wallet and connect it to an NFT marketplace.

The target market is likely to change as NFTs become more widely used and as more wealthy investors – those who might purchase expensive art, vintage cars, or fine wines – enter this market. 

Endnote

Collectibles enthusiasts, investors, flippers, admirers, and individuals from all over the world are the kinds of people who buys NFTs, from famous people like Gary Vee, Mark Cuban and Jay-Z to the average working-class person. You might enjoy purchasing an NFT if you enjoy shopping from your favorite brands and helping out various communities.

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