Non-fungible tokens (NFTs) are increasingly gaining popularity, despite their current market downturn, with many investors taking NFT flipping as a “trading strategy” to generate revenue.
DEXterlab, the blockchain monitoring Software Company, conducted an online survey on Twitter which involved more than 1,300 people to determine the NFT buying behavior from late May 2022 to early June 2022.
According to the new survey, more than 64% of people polled stated that their major reason for buying non-fungible tokens (NFTs) was to make money, while 15% bought NFTs aiming to be part of the trending NFT community:
“People are highly social creatures, so the desire to be a part of a community and show off isn’t surprising.”
Despite the majority of investors aiming at making revenues from non-fungible tokens (NFTs) flipping, the blockchain monitoring software firm found that less than 42% of people polled had made profits within that period.
Nonetheless, the survey team highlighted the success of popular NFT projects, including the Bored Ape Yacht Club, which features celebrities among its ranks with exclusive perks like access to holder-only events or new popular NFT drops.
Although some NFT projects such as BAYC often see their floor prices surging in tens or hundreds of thousands, more than 50% of respondents said they were only comfortable paying floor prices between $50 and $500 for an NFT. Surprisingly, more than 25% confirmed that they have already spent more than $2,000 per NFT.
NFTs See Their Floor Prices Crumble
Some of the biggest blue-chip NFT tiers, such as CryptoPunks, Mutant Ape Yacht Club (MAYC), Bored Ape Yacht Club (BAYC), and Moonbirds have seen their floor prices plunging more than 50% in the past 30 days. However, these NFTs continue leading in the top NFT sales charts over the same period.
Although the NFT market prices have fallen across the board, there are NFTs that have showcased strong resilience to the prevailing bear market. Goblintown, a free-to-mint NFT collection with no utility or roadmap, is a perfect example, maintaining its third position on the top NFT chart in the past 30 days.
At the time of writing, Goblintown NFTs have a floor price of 3Ether (ETH) or around $ 4,000, with its most expensive NFT selling at 77.7 ETH ($151,000) on June 1, 2022. The NFT project has recorded more than $70 million in volume in the past 30 days.
Even though many digital collectibles are down on their NFT purchases, there are signs showing a healthy and robust market in the long term, especially for those still holding out to profit from their NFT buys. According to DappRadar, the NFTs’ sales volume hit $3.7 billion last month despite recent market downturn.
Solana NFTs emerged as the best trading NFTs in the history of NFTs, amassing more than $335 million in sale volume across all marketplaces. These NFTs recorded an increase of 13% growth from April.
Meanwhile, the NFT space continues creating a robust market while attracting widespread mainstream adoption. According to CoinGecko, the NFTs market anticipates transacting more than $800 billion in the next two years. Nonetheless, NFT holders will have to wait a little longer before they can realize their profits.