So, Why Are People Buying NFTs?
By far the most common follow-up question to “what are NFTs” is “why would someone pay money for that?” It’s a fair question, since purchasing an NFT doesn’t really result in you receiving anything — not copyright, not even a physical print — just a line of code on the blockchain.
And yet, OpenSea alone has sold $10 billion worth of NFTs. To whom, and why?
Here are three of the most common reasons folks buy NFTs:
To Support Creatives and Digital Artists:
Some people buy NFTs just because they like the artist’s work and they want to see more of it. There’s also some pride and intrinsic warmth in knowing that you helped to support someone else’s passion.
As a Potential Investment:
Some folks are handpicking NFTs they believe will explode in value — or, at least enough to outpace the ETH they spend on them!
For the Pure Joy of Collecting:
Art collecting has been around for millennia, and NFTs represent an exciting new playground for folks who just like knowing that they own certain pieces — even if no one else will ever see them in their house!
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