Inside the mind of an NFT holder
The Brand Attachment theory and Emotional Memory effect on
holding NFTs: an article + thread.
There are 3 main reasons people hold NFTs:
1) The usual: value appreciation
2) Brand Attachment
3) Emotional Memory
Now, what are the 2nd and 3rd ones?
If you’ve ever gotten emotionally attached to your NFTs to the point where it’s hard to sell them, you might be experiencing them. In the image below, you’ll notice that socialization & sentimentality are huge in the NFT
There’s art, social groups, and a brand involved.
So… of course, it can be a little hard to not bring emotions in.
Brand attachment is the emotional connection between people and brands.
Users feel love for brands/(projects) when they experience genuine connections or moments that provoke certain feelings.
NFTs bring individuals with similar interests from all over the world together, thus creating emotional connections (friends, convos, etc) and therefore emotional memory. Brand emotional memory is something we have at least experienced ONCE, outside NFTs.
A good example could be McDonald’s, many people have childhood memories from going there, and it makes them go back to it again. Or your fav sports team, i.e “it was my father’s fav team! We would always watch it together!”
In a study about this topic, one person described how emotional memories took part in their favorite brand. The brand, in this case, Campbell’s Soup evoked to that person meaningful memories with people and experiences.
Basically: brand emotional memory is when the brand has ties to emotional memories that include people, experiences, etc.
An example in NFTs could be “This was my first ever NFT. It’s hard for me to let it go”. “This is my fav community: I met the best people here!”.
“My friend introduced me to this project” or “this community helped me during my worst times”
Interestingly enough: these effects can happen in the stock market too until a certain point. Some investors have said they’ve felt emotionally attached to a stock because of company attachment/memories, or instances where a dead loved one gifted them company stocks before passing away.
Note: this article + thread is only for explaining what typically happens behind NFT holding, I’m NOT saying you should be extremely emotional when trading. You can of course feel a connection to a project, but you NEED to be conscious of how your feelings could be influencing your judgment.
Always be careful, take profits, and don’t become too emotional.
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Why People Hold NFTs: Inside the Mind Of An NFT Holder was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.