What are Ripple's reports found out about NFT collectors? -

Since the non-fungible tokens (NFT) emerged and entered the crypto market, they did so with a boom.

Today NFTs and digital art have placed themselves as a major point of conversation during any discussion on the crypto industry, after all, they have played a vital role in changing its shape. The craze has gone up so much that creators, collectors and analysts are desperate as they want to understand the trends for now to ensure best returns possible on investment. Similar to this, Ripple has revealed its 2022 report about crypto trends titled – New Value: Crypto Trends in Business and Beyond, that talked a lot about booming digital assets trends.

The reports consisted of different flavours and takeaways, varying from the choices and preferences of people across the regions while buying the NFTs or how many NFTs have been sold, etc. For example, the report stated that most of the people respondents in the survey have answered that the reason they buy NFTs are functional.

Approximately three times such people were customer base in Asia Pacific regions who said that they would buy digital arts as a milestone celebration in life. They also expressed their interest in buying NFTs in order to support a brand or celebrity. Such data from the market is very critical for digital artists and creators.

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The report stated specifically what kind of NFTs, creators should focus on. It stated that by and large many consumers, despite few differences, are interested in NFTs that are related to either one area or another which was fairly steady in different regions. The report mentioned that the higher area of interest was music, Second remains collectible while gaming comes third.

Due to several environmental concerns, NFT creator has got a bad reputation among the nun crypto users as they believe that the creators don’t care or are concerned about the environment. The report found out this may be true to some extent but at a bigger level, it made clear that what really matters for many developers and consumers is sustainability.

There was nearly a fifth of customers in the survey said that they would buy only a sustainable NFT while two-third of the creators agreed that the clients demanded them to choose some more sustainable blockchain. The report brought out examples of Solana, Flow and XRP ledger as low energy usage blockchains.

Some concerns have also been raised lately on NFT marketplaces like OpenSea regarding the theft of Digital art on the platform and also lack of proper action. Lastly, no matter how many blows there are in the crypto market about NFTs, data says that the digital art area is facing drops since January 2022. At the time of writing, the data shows that in March 2022, total sale of NFTs was 1,626,818.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing