Primary motivation for 47+% of NFT purchases is to “stand out”. Secondary motivation at 17+% is to “wear on their avatar”. “Limited editions” and “exclusives” overwhelming motivations for future buys. Satisfaction at 68+% levels
MetaJuice, the blockchain-focused subsidiary of Together Labs, today releases data from over 6,000 buyers and sellers of NFTs across the world’s largest Web3 social metaverse, IMVU. The data provides insights into the NFT purchasing motivations of IMVU users, including respondents who have been active in the virtual world since 2006.
Key findings from the survey:
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The desire to express oneself rings true in the owner survey findings, which showed 74% buying them for status, uniqueness, or aesthetics, and just 13% buying NFTs for the option of reselling them.
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An overwhelming 93% of buyers and 94% of sellers have indicated an interest in buying and selling NFTs again in the future, respectively.
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87% of NFT owners made their first NFT purchase on IMVU, and 93% of NFT buyers are interested in buying again.
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When asking NFT users where, outside of IMVU, they make their purchases,Sandbox (15%), Coinbase (13%), and Blur (13%) were the top 3 results.
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With sentiment shared by buyers and sellers, 70% of buyers and 71% of sellers deemed NFTs either Very Favorable or Somewhat Favorable, respectively.
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When describing their opinions of NFTs in general, the most popular response saw 40% of users describe NFTs as creative
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68% of buyers and 69% of resellers are satisfied with their involvement in NFTs.
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Most users learn about NFTs from online sources, with 45% learning about them on social media and 27% getting their information from news and media websites.
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The more people are aware of and educated on NFTs, the more positively they treat the subject. Awareness of NFTs was 18% in April 2021, but that skyrocketed to 71% in January 2023.
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Over that same time, general NFT sentiment has followed suit. In March 2022, just26% of surveyed users had either a Very Favorable or Somewhat Favorable response to NFTs, and 44% had a Neutral perspective.
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Just nine months later, in January 2023, 49% of all users are Very or Somewhat Favorable, and only 24% have a Neutral rating.
Buyers said that:
“I was surprised at how popular they are. They sell out so fast. I am happy to see people supporting IMVU NFTs,” user 4YO said.
“I like the fact that it’s less likely to run into people with the same items as me. I like being unique and standing out. With an NFT, when I see someone else with it, it feels like solidarity,” user FlexFactor explains.
“The ability to own the rights to an NFT and stylishly display your digital items to other users brings tremendous added value,” said John Burris, President of MetaJuice. “As NFTs are bought and resold, it helps to build a communal notion of status-led trends within the metaverse. People want to own the rights to items that increase their perceived status, and how they appear in the Metaverse as NFTs are a key part of that.”
IMVU Creators will soon have the option to turn the products they create in-game into minted NFTs, with artists detailing the total quantity, item descriptions, and fixed prices. Once approved, their digital items will appear on the in-game IMVU marketplace. Additionally, Together Labs is releasing Limited Edition NFTs every week, with tens of thousands of items selling out within 30 minutes to two hours and has seen MetaJuice climb the DappRadar 7-day Collectibles rankings as high as the #3 spot.
IMVU sent a 35-question survey to participants from all genders, ages, and platforms. Over 40% of participants are aged 18-24, over 60% of participants identify as female, and more than 30% have been on IMVU for two years or more. Participation was entirely voluntary, with no incentive paid. The release of this data comes at a time of resurgence in the NFT markets, with trading volumes from $662 million in October 2022 rising by 42.9% to $946 million in January 2023.
