Speculation with NFT and pure profit maximisation seem to have long ceased to be a motivation to buy NFT. But what is it then? The Art + Tech Report 2022 provides information:
In the NFT sector, some prejudices still hold their ground. For example, about 40 per cent of newcomers to this field think it’s all about maximising profits. The opposite is the case. About sixty per cent of NFT collectors say they are not interested in making a profit on resale. Also, unlike in other areas of art, the name recognition of the artist is much less important. Rather, the concept and presentation of the art are in the foreground. For 88 per cent of those surveyed, the concept is the most important argument when buying. A curated exhibition can encourage 57 percent to buy, which may be due to the fact that 85 percent of the respondents are already NFT collectors or owners in the art field. Another important point is security. Although the fear of being hacked is not decisive, a trustworthy platform is still important for many (31 percent).
Another, not insignificant reason for purchase for almost 60 per cent of those surveyed is belonging to a community, and as many as 90 per cent cite gaining knowledge as their motivation. This perhaps also leads to the sums involved, with 62 percent stating that they would not spend more than $1,000 on the artworks, but the art market remains attractive and seems to be developing, with almost three quarters of buyers stating that they would want to buy the same amount of NFT art again in 2022.
Conclusion: The NFT art sector seems to be just emerging. Although most collectors and potential buyers only spend just under 1000 dollars on the artworks, awareness and speculation hardly seem to be of interest to buyers. Rather, the concept and the exhibition are convincing. A great opportunity for not too well-known NFT artists.
The report ignored so-called collectibles such as the Bored Apes.
