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Why you spend so much money on NFTs


NFTs have a record year.

There are a variety of ways to get your hands on these items. record-breaking sales to celebrity interest, non-fungible tokens — unique pieces of data stored on blockchain ledgers, often in the form of digital artwork — have taken 2021 by storm. According to a report by a, NFT trading volume jumped more than 700% and reached $10.7 billion in the third quarter. reportDappRadar, a blockchain analytics company.

Crypto enthusiastTom Brady, seven-time Super Bowl champ is just one example of a NFT-friendly celebrity. To view the full article, click here April,The football star was also co-founded Autograph, a Los Angeles-based NFT marketplace start-up. The company signed deals quickly with top athletes such as Tiger Woods, Wayne Gretzky and Derek Jeter.

According to company spokespersons, Autograph sold over 100,000 NFTs since then. Prices range from $12-$1,500 per unit. The digital assets can then be sold on Autograph’s secondary market for thousands – or sometimes millions – of dollars. A Brady NFT signed is available for sale currently. $4 million For sale is a signed Biles NFT $100,000

Dillon Rosenblatt (Autograph CEO), Brady’s cofounder and chief executive officer, said that there are two main reasons why people spend so much on NFTs.

Rosenblatt (23), says, “First it’s all about collecting.” CNBC Make It.“Then, it boils down to community.”

Psychology behind NFT’s craze

Rosenblatt says that collection is human nature. collectedEverything from coins and postage stamps to baseball cards

“There has always been a love of collecting,” he said.

Rosenblatt suggests that NFTs might be “the next frontier.” NFTs cannot be replicated. Their validity and ownership can be traced and verified as soon as their data is added to a blockchain ledger. Rareness is a desirable trait that collectors value, so each NFT is unique.

According to psychologists, collecting is popular because it has a strong social component. Shirley Mueller is a neuroscientist that studies the human desire to collect. wrote in Psychology Today last year that a primary motivating factor for many collectors — whether consciously or subconsciously — is to enhance their network of friends.

Rosenblatt states that some people buy digital assets to be part of the NFT Community.

It’s a big deal when somebody buys one of these iconic cars. Rosenblatt stated that this is the same thing as someone buying a unique car in car industry. The car can serve as an ‘flexible item’ that people value.

Autograph fosters this sense of community by providing users with access to a chat forum DiscordHere buyers can speak directly to influential people who have a product or service. branded NFTsOn the company’s website. Brady was one example.

Others top NFT marketplaces — like OpenSea Larva Labs or NBA Top Shot — offer their users similar access to private Discord chats. Rosenblatt states that you can feel included by purchasing an NFT at all prices.

He said, “It is an entryway to this world.”

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