MetaJuice Releases Comprehensive NFT Purchasing Data with Status Being the Overwhelming Motivation for Buyers

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The data provides insights into the NFT purchasing motivations of IMVU users, including respondents who have been active in the virtual world since 2006.

Metadata
Provider: 
PR NewswirePR Newswire
Retrieved on: 
Monday, February 27, 2023
Information
Tags: 
Female, Social media, Learning, News, Solidarity, IMVU, NFT, Limited Edition, Ageing, Cryptocurrency, Real estate, Metaverse, Non-fungible token
Geotags: 
CALIFORNIA
Organisation: 
METAJUICE
Summary
Key Points: 
  • The data provides insights into the NFT purchasing motivations of IMVU users, including respondents who have been active in the virtual world since 2006.
  • An overwhelming 93% of buyers and 94% of sellers have indicated an interest in buying and selling NFTs again in the future, respectively.
  • 87% of NFT owners made their first NFT purchase on IMVU, and 93% of NFT buyers are interested in buying again.
  • With sentiment shared by buyers and sellers, 70% of buyers and 71% of sellers deemed NFTs either Very Favorable or Somewhat Favorable, respectively.


MetaJuice Releases Comprehensive NFT Purchasing Data with Status Being the Overwhelming Motivation for Buyers

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

REDWOOD CITY, Calif., Feb. 27, 2023 /PRNewswire/ -- 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:

  • 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.
  • An overwhelming 93% of buyers and 94% of sellers have indicated an interest in buying and selling NFTs again in the future, respectively.
  • 87% of NFT owners made their first NFT purchase on IMVU, and 93% of NFT buyers are interested in buying again.
  • When asking NFT users where, outside of IMVU, they make their purchases, Sandbox (15%), Coinbase (13%), and Blur (13%) were the top 3 results.
  • With sentiment shared by buyers and sellers, 70% of buyers and 71% of sellers deemed NFTs either Very Favorable or Somewhat Favorable, respectively.
  • When describing their opinions of NFTs in general, the most popular response saw 40% of users describe NFTs as creative.
  • 68% of buyers and 69% of resellers are satisfied with their involvement in NFTs.
  • 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.
  • 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.
  • Over that same time, general NFT sentiment has followed suit. In March 2022, just 26% of surveyed users had either a Very Favorable or Somewhat Favorable response to NFTs, and 44% had a Neutral perspective.
  • 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 sold again as time passes, 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, where buyers can pay in MetaJuice's VCOIN. 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 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. 

About MetaJuice
MetaJuice (www.metajuice.com) is unlocking the metaverse. By building blockchain-driven economies where everyone can own, earn, create and shape the future metaverse, MetaJuice will realize its vision of opening the metaverse and creating a world where users, players and creators can participate and share in its success. MetaJuice created and launched the meta token VCOIN, NFT assets, and soon a new global metaverse token available outside the U.S. and Canada. MetaJuice is the blockchain subsidiary of Together Labs, whose portfolio includes IMVU, the world's largest Web3 social metaverse.

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SOURCE MetaJuice

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