BBVA reveals that most NFT purchasers aim for immediate returns or to gain access to games. Current NFTs are perceived as “archaeological relics” or akin to an “autograph from a historical figure.” Recently, Grand View Research forecasted a compound annual growth rate of the NFT market at 34.2% from 2023 to 2030.
BBVA’s latest analysis indicates that 64% of non-fungible token (NFT) or collectible image buyers are primarily driven by profitability. In other words, they view it as an investment. Meanwhile, 12% of these buyers collect with no intention of selling.
In their study titled “Understanding NFTs: Tokens for Collecting Various Digital Assets,” BBVA delved deeper, suggesting that digital collectibles are perceived as “archaeological relics” or akin to an “autograph from a historical figure.” This is because, much like historical artifacts, their value can fluctuate over time.
BBVA: Historical Works Hold Significant Potential in the NFT Realm BBVA highlighted works like Andy Warhol’s “Blue Marilyn,” which was purchased for $4,000 in 1964 and sold for $195 million in 2022. They believe that blockchain technology could foster a mini digital economy centered around specific artworks.
BBVA made the following statement regarding NFTs and blockchain technology:
“With the emergence of ‘blockchain’ and its ability to record all kinds of digital transactions across interconnected terminals, it has become feasible to bring this unique object collection capability to the digital realm.”
BBVA also referenced a 2022 analysis by DexterLab, which pointed out that 14.7% of NFT buyers do so to “belong to a community.” Meanwhile, 8.6% purchase collectibles to access games and special tools within a gaming ecosystem.