NFT Collectors Buy for Status and Uniqueness

The Metaverse platform Metajuice recently carried out a poll, the results of which showed that the vast majority of collectors of nonfungible tokens (NFTs) do so for the sake of prestige and uniqueness. According to the results of the poll, seventy-four percent of respondents buy NFTs because of the status that they provide, while thirteen percent have future plans to sale their NFTs. One respondent to the poll gave the reasons of being unique and standing out as motivations for purchasing NFTs. They said that they prefer the fact that they are less likely to run across other individuals with the identical products. John Burris, the president of Metajuice, echoed this sentiment when he said that owning NFTs to display digital items brings added value and builds a communal notion of status-led trends in the metaverse. Burris said this in response to a question about how owning NFTs to display digital items brings added value.

Users continue to provide a variety of explanations for why they purchase non-fungible tokens (NFTs), despite the fact that current NFT sales are not as great as they were during the top of the market in 2021. Raoul Pal, CEO and co-founder of Real Vision, has voiced his conviction that non-financial assets (NFTs) would perform in a manner comparable to that of high-end homes during market boom cycles. In a video uploaded to YouTube, Pal drew parallels between the ownership of large NFT collections such as CryptoPunks and Bored Ape Yacht Club with the ownership of luxury automobiles and residences. Pal is of the opinion that non-fungible tokens are quickly becoming status symbols within the crypto space, and he thinks that as the crypto space continues to develop, NFTs will most likely become even more valuable as symbols of prestige and wealth.


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Status plans to incentivize node operators for decentralized messaging protocol

Ethereum-based project Status has started an incentivization program for node operators around its decentralized peer-to-peer messaging protocol, Waku.

In an announcement today, Status said it would be rolling out the first phase of a program to encourage people to set up and run nodes used by Waku, a private messenger based on the Whisper protocol. The project said it planned to offer up to $100 worth in its native token SNT to 100 people participating in a three-month program.

The Status team forked Whisper to create Waku in 2019. The protocol uses community owned and operated nodes to route messages through the network rather than the “traditional” client-server model, with the project working on a peer-to-peer messaging service aimed at competing with major firms like WhatsApp, Telegram, and Signal.

“Using peer-to-peer networks for personal communication is the only reliable way to escape censorship,” said former Cointelegraph reporter Andrey Shevchenko, who will be running one of the nodes. “Status has clearly put a lot of effort into this to make it technically viable so I’m curious to see where it goes.”

According to the project, one of the pushes for the development of the protocol was Ethereum co-founder Vitalik Buterin recently encouraging developers to “go further” in innovating beyond the typical boundaries of decentralized finance, or DeFi. Buterin said that non-financial applications for Ethereum, including decentralized social media, could serve this purpose.

Related: Status, an Ethereum Private Messenger Goes Waku on Telegram

The Status rewards program provides a small incentive for participants to provide they have set up and maintained one of the nodes. The project ran a pilot in South Korea — where it plans to have 25 nodes up and running — but also aims for a large presence in Latin America.