Survey Reveals Only 19% Expect NFTs to Recover This Cycle

A
recent
survey
conducted
by
CoinGecko
reveals
that
only
19.4%
of
crypto
participants
anticipate
a
resurgence
of
NFTs
in
the
current
cycle.
The
survey,
which
gathered
responses
from
2,558
crypto
enthusiasts,
paints
a
rather
bleak
picture
for
the
immediate
future
of
NFTs.

Will
NFTs
Come
Back?

Despite
generally
bullish
sentiments
in
the
crypto
market,
54.1%
of
respondents
do
not
expect
NFTs
to
make
a
comeback
in
the
near
term.
Among
them,
29.5%
strongly
disagreed
with
the
notion,
while
24.7%
were
moderately
bearish.
Another
26.4%
held
a
neutral
stance,
possibly
adopting
a
wait-and-see
approach
or
displaying
a
lack
of
interest
in
NFTs.

The
survey
also
found
no
significant
differences
in
sentiment
between
first-time
crypto
participants
and
veterans,
indicating
a
general
skepticism
across
experience
levels.
Builders
and
spectators
were
slightly
more
optimistic,
with
28.9%
and
29.1%
respectively
believing
in
a
potential
recovery
for
NFTs,
compared
to
just
17.1%
of
investors
and
20.9%
of
traders.

What
Is
the
Most
Popular
NFT
Use
Case?

When
it
comes
to
NFT
use
cases,
the
survey
indicates
a
diverse
range
of
opinions.
Gaming
and
metaverse
items
emerged
as
the
most
bullish
use
case,
with
17.2%
of
participants
viewing
them
favorably.
Other
popular
use
cases
include
memes
(9.5%),
profile
pictures
or
avatars
(8.3%),
and
art
(7.6%).

Less
popular
use
cases,
such
as
membership
access,
domain
names,
and
redeemables,
saw
only
0.6%
to
4.2%
of
respondents
expressing
bullish
sentiments.
This
suggests
a
decline
in
enthusiasm
for
these
applications
since
the
2021
bull
run.
Additionally,
36.9%
of
participants
identified
as
NFT
bears
or
were
indifferent,
indicating
a
lack
of
bullish
sentiment
towards
NFTs
overall.

The
lack
of
consensus
on
NFT
use
cases
reflects
the
technology’s
wide
range
of
potential
applications
and
its
early
stage
of
adoption.
This
underscores
the
need
for
a
compelling
narrative
that
could
drive
an
NFT
comeback.

Methodology

The
survey
was
part
of
CoinGecko’s
Post-Halving
Sentiment
Survey,
conducted
from
June
25
to
July
8,
2024.
Among
the
respondents,
69%
identified
as
long-term
crypto
investors,
18%
as
short-term
traders,
7%
as
builders,
and
6%
as
spectators.
Geographically,
90%
of
participants
were
based
in
Europe,
Asia,
North
America,
and
Africa.

For
more
information,
you
can
read
the
full
report
on
the
CoinGecko
website

here.

Image
source:
Shutterstock