The term “flipping” is being used by an increasing number of merchants to exchange nonfungible tokens (NFTs). According to the results of a recent survey, the most prevalent reason people buy NFTs is “to make money.” [citation needed]
DEXterlab conducted a poll asking over 1,300 users of Twitter about their NFT buying habits between the end of May and the beginning of June. According to the available statistics, less than 42 percent of NFT traders have generated a profit up to this point.
According to 15 percent of respondents, “to be part of a community” and “to be able to adapt” tied for the second most frequent reason for receiving an NFT. The first reason was “to learn something new.”
According to DEXterlab, since people are social creatures, it is natural for them to want to conform to the expectations of others and to boast about the things they have achieved.
Members, for instance, are given priority registration for exclusive events as well as brand-new and highly sought-after NFT drops. The crew had nothing but praise for the Bored Ape Yacht Club (BAYC), which is recognized for its famous members.
More than half of those who responded to the survey said that they were only ready to pay between $50 and $500 on an NFT, even though NFTs often sell for thousands of dollars.
Respondents indicated that they would not be prepared to spend more than $2,000 for an NFT, which was started by one-fourth of the sample.
The floor prices or market values of some of the most prominent “blue chip” NFT collections, including CryptoPunks, Mutant Ape Yacht Club (MAYC), Blue Ape Yacht Club (BAYC), and Moonbirds, have significantly decreased over the last month. Despite this, the NFT sales numbers have helped keep these sets in the lead in their category.
Even though the price of all NFTs as a whole has declined, the value of specific NFTs has been able to remain unchanged.
Goblintown, a collection that is free to mine but without any sense of purpose or direction, came in third place with sales of approximately $70 million over the previous 30 days.
There was a transaction on June 1 that included 77.7 Ether (ETH), which was worth more than $151,000 at the time. The current value of 3 Ether (ETH) is more than $4,000.
Individuals who are still awaiting a return on their investments in NFT should remain optimistic in anticipation of forthcoming reassuring data. Despite the challenges faced by the sector at the moment, DappRadar stated that the volume of sales of NFTs topped $3.7 billion in the previous month.
In the month of May, Solana NFTs produced $335 million in total volume across all markets, which was a new record for the network’s entire lifetime.
The use of NFTs seems to be unavoidable in the not-too-distant future. During the next two years, it is anticipated that NFT transactions would total over $800 billion; nevertheless, the market is still in its infancy, and hodlers will have to wait.
