The Psychology of Collecting and Its Relation to the NFT Market

The Psychology of Collecting and Its Relation to the NFT Market

By bkocsis10 | Brens Interesting Things | 13 Oct 2021


Whether its memorabilia, trading cards, video games, sneakers, or anything else, people have always been into collecting.  Most recently the collecting craze has been overcome by NFTs, and most people have heard about this as people continue to mint, buy, sell and trade NFTs.  But what drives us to collect? Why is this craze so big and what makes us want to be a part of it?  Hopefully I can shed some light on some of these questions.

 

Why Do We Collect Things?

One of the biggest drivers for increasing a collection is pride.  It makes a lot of sense when you think about it.  We have this collection of any item, let’s say an NFT.  You mint one or purchase one and you take pride in it because it is rare and valuable, and you would consider it an excellent addition to your collection.  Most collectors want to set themselves apart from others and show off their unique, rare, or valuable collectible to the other collectors and friends to oh and ah over.  The second biggest driver is the interest in profiting.  I’d say this is most relevant in NFTs as a lot of people purchase and collect them with the hope and expectation that they will rise in value and be able to produce a profit.  This may drive you to increase your collections and purchases as you may continue to spot things one considers a good investment, and with the right research and decisions you can profit.

 

Tying it into NFTs

The internet changed the way people do everything, and collecting is no exemption.  Even early on the way we collected physical objects was changed with the adoption of the internet.  As more and more information became accessible on the internet, collecting anything opened to a wider population as anyone can learn whatever they need on the internet.  Furthermore, with NFTs anyone can go on the internet and view all sorts of collectibles and collections right there at their fingertips, whether that is on Open Sea or elsewhere.  Another part of this psychology that almost ties directly into this NFT craze is the feeling of collecting something when you think you are ahead of the curve.  This is similar to what I was speaking of earlier when I said people collect things because they think they'll profit.  It is exciting to be an early adopter and you may see a lot of value by getting in early.



At the end of the day, NFTs are new, exciting, futuristic, and valuable.  Many people see them as something that will rival the fine art market.  My opinion is as long as humans are driven to collect the NFT market will continue to grow, or at the very least never go away.  People will always be driven to collect,  it is just a matter of what they want to collect.

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bkocsis10
bkocsis10

I am a finance and real estate student who always has a pretty strong interest in block chain, and I have a bit of a background in IT as well.


Brens Interesting Things
Brens Interesting Things

All sorts of cool things I find to write about.

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