Survey Reveals Only 19% Expect NFTs To Recover This Cycle

Joerg Hiller Aug 02, 2024 11:48

A CoinGecko survey indicates that only 19% of crypto participants expect NFTs to make a comeback this cycle. Gaming and metaverse items are considered the most bullish use cases.

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.

ParticipationBearish NFTsNeutralBullish NFTs
Investor56.1%26.8%17.1%
Trader54.4%24.7%20.9%
Builder49.2%21.9%28.9%
Spectator38.2%32.7%29.1%

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.

RankNFT Use CaseShare of Respondents
1Game & metaverse items17.2%
2Meme9.5%
3Profile pictures (PFPs)8.3%
4Art7.6%
5Membership access4.2%
6Domain names3.5%
7Event ticketing3.4%
8Collectible memento3.2%
9Music2.6%
10Redeemables1.7%
11Others1.3%
12RWA0.6%

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
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