Over half of NFT flippers aren't making a lot of money, according to a survey

The majority of NFT investors have slashed their purchases, yet there is evidence that the market is robust in the long run.

Flipping non fungible tokens (NFTs) has become a popular trading tactic in light of NFTs' growing popularity. According to a recent poll, "to earn money" was the most common motivation given for purchasing an NFT.

From the end of May to the beginning of June, DEXterlab, a blockchain monitoring software startup, queried more than 1,300 Twitter users about their NFT purchasing habits. According to the data, fewer than 42 percent of NFT traders have produced a profit so far.

The second most common reason for purchasing an NFT was "to be part of a group" and "to be able to adapt," according to 15% of respondents.

DEXterlab commented, "People are extremely sociable animals, thus the need to be a part of a group and show off isn't strange.

As an example of a successful club, the team cited the Bored Ape Yacht Club, which boasts celebrity members and offers exclusive privileges like admission to events for club members only or new, popular NFT drops.

Most respondents claimed they were only willing to spend between $50 and $500 for an NFT even though certain collections, like the BAYC, have floor costs in the hundreds of thousands.

Only a quarter of the respondents said they were willing to pay more than $2,000 per NFT, which was the second most common response.

CryptoPunks, Mutant Ape Yacht Club (MAYC), BAYC, and Moonbirds, some of the biggest "blue chip" NFT collections, have had their floor prices or market values drop in the last 30 days. However, these collections have topped the list of top NFT sales throughout the same period, despite this

Although NFT prices have dropped, there are still instances of NFTs that have withstood the bear market.

Over the last 30 days, Goblintown, a free-to-mine collection with no usefulness or direction, has stayed in the third position, seeing approximately $70 million in traffic.

It now costs 3 Ether (ETH), which is nearly $4,000 at the time of this writing, while the most expensive one sold on June 1 brought in 70.7 ETH, which was then worth about $151,000.

For those who are still hoping to make a profit from their NFT purchases, there is other evidence that the market is robust. The DappRadar research says that despite the market difficulties, NFT sales volume came in at $3.7 billion last month.

For the first time in network history, Solana NFTs generated $335 million in total volume across all markets in May, an increase of 13 percent year-over-year.

Shortly, NFTs will be widely adopted by the general public due to their continued success in building a market. The NFT market is expected to transact over $800 billion in the next two years, as per CoinGecko's research, but hodlers will have to wait a bit longer to reap their earnings.

Source: Cointelegraph News