Why Do People Buy NFTs?

Why Do People Buy NFTs? Should I Buy an NFT? ~ SoulDay Token Collection by Galeria Rodrigo

It’s a question that comes up repeatedly: why would someone buy an NFT? Further, why would someone spend millions of dollars on one? Is it really about rarity? Utility? The artwork? Yes, but there’s more to it.

When I think about NFT ownership, or why we created a collection of 25,000, I think about the “land rush” scene from the 1992 Tom Cruise movie Far and Away. (If you haven’t seen the movie, you can find the 3-minute clip on YouTube.)

It’s this “land grab” concept that I believe accurately encompasses NFT ownership. Yes, rarity, utility, artwork, etc. of course all come into play, but at a base level, it's about real estate. Original, digital real estate on a blockchain for which you are the sole owner. Real estate that is immutable, and transferable.

Don't believe the hype. The NFT space is rich in opportunity, and is here to stay. If you haven't made the plunge, do your research. Avoid fads, and fly-by-night operations. Lean towards forward-thinking creators with history and longevity.

(Please note: this is opinion; not financial advice.)

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GALERIA RODRIGOProgressive US art gallery serving customers around the globe since 2015. Creators of SoulDay on Ethereum. Learn more at galeriarodrigo.com.

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