52% of NFTs Are Bought by Credit Card

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he crypto community has risen to the occasion and sees immense value in owning Non-fungible Tokens (NFTs); a whopping 52% of respondents told DappRadar and Alsomine that they prioritize being able to purchase NFTs with their credit cards. This joint report serves as evidence that there is an increasing demand for this asset class, demonstrating its potential strength on the market.

According to the survey report, a whopping 92% of participants believe there is some benefit in owning an NFT. As well as this, 52% rated “being able to purchase with credit cards” as one of their top two priorities.

Out of the survey participants, an overwhelming 92% expressed that there is a great benefit to owning NFTs - 65% strongly believing so and 27% viewing it as advantageous.

According to the survey, 31% of NFT owners valued its money-making capabilities as the most important advantage. Asset Ownership and Gaming & Metaverse functions were not far behind with 22% and 19%, respectively.

Amongst those with a comprehensive understanding of NFTs, the ability to offer membership or access privileges was considered fourth in value with 18%, while providing tickets and admission passes ranked highest amongst new users. Surprisingly, this function was thought most valuable even though it wasn't ranked at the top overall.

When considering the preferences of customers when investing in NFTs, a survey indicates that 52% prioritize being able to purchase with their credit cards.

Of the 52% that have already engaged in cryptocurrency activities, around 38%, are experienced users. Additionally, research has revealed that women tend to be more open to using their credit cards when making NFT purchases.

Despite the crypto market experiencing some of its toughest conditions, the NFT sector remains resilient. The on-chain trading volume totaled $24.7 billion at year's end 2022 - a slight decline from 2021’s total of $25.1 billion - showing that even in turbulent times, the demand for NFTs holds strong.

Furthermore, the quantity of individual transactions noted a 19.75% increase in 2022, totaling 6.9 million by year's end. Additionally, NFT sales saw an incredible surge with a 67% climb that resulted in 107 million purchases.

Mike

An editor at Coincrop

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Mike is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely putting his latest car project back together.