Why do people spend so much on NFTs?
Posted: 15 Mar 2023, 11:12
The emotional component is something that usually leads people to buy NFTs of their favorite artists and celebrities. But most often, people buy an NFT because of the prestige that comes with owning one. They’re a sort of flex, like owning a Porsche or a Rolex. And who wouldn’t want a status symbol?! That being said, NFTs also come with an element of exclusivity. For instance, an A-list celebrity could win an NFT from the same collection as you. You could also be invited to certain events that have stars attending! Which brings us to the utility of NFTs. Recently, the largest NFT marketplaces have been keen on offering utility to the buyers which drives up the value of an asset.
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