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Home»ADOPTION NEWS»According to the survey, only 19% of people expect NFTs to recover this cycle.
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According to the survey, only 19% of people expect NFTs to recover this cycle.

By Crypto FlexsAugust 2, 20243 Mins Read
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According to the survey, only 19% of people expect NFTs to recover this cycle.
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Jorg Hiller
Aug 2, 2024 11:48

According to a CoinGecko survey, only 19% of crypto participants expect NFTs to return this cycle, with gaming and metaverse items seen as the most bullish use cases.





According to a recent survey conducted by CoinGecko, only 19.4% of crypto participants expect NFTs to make a comeback in the current cycle. The survey, which collected responses from 2,558 crypto enthusiasts, paints a rather bleak picture of the immediate future of NFTs.

Will NFTs Make a Comeback?

Despite the overall bullish sentiment in the crypto market, 54.1% of respondents do not expect NFTs to make a comeback in the short term. Of those, 29.5% were strongly against the concept, while 24.7% were moderately bearish. Another 26.4% took a neutral stance, perhaps adopting a wait-and-see approach or showing a lack of interest in NFTs.

The survey also found that there was no significant difference in sentiment between first-time crypto entrants and veterans, indicating a general skepticism based on experience level. Builders and spectators were slightly more optimistic, with 28.9% and 29.1% respectively believing in the potential recovery of NFTs, compared to just 17.1% of investors and 20.9% of traders.

ParticipationFalling NFTNeutralStrong NFT
investor56.1%26.8%17.1%
merchant54.4%24.7%20.9%
Builder49.2%21.9%28.9%
spectator38.2%32.7%29.1%

What are the most popular NFT use cases?

When it comes to NFT use cases, the survey found a variety of opinions. Gaming and metaverse items emerged as the most popular use cases, viewed favorably by 17.2% of participants. Other popular use cases included memes (9.5%), profile pictures or avatars (8.3%), and art (7.6%).

For less popular use cases, such as membership access, domain names, and redeemable products, only 0.6% to 4.2% of respondents expressed bullish sentiment, suggesting that enthusiasm for these applications has diminished since the bull market of 2021. Additionally, 36.9% of participants identified as NFT bears or indifferent, indicating a lack of bullish sentiment toward NFTs overall.

ClassesNFT Use CasesRespondent rate
OneGame and Metaverse Items17.2%
2Nana9.5%
threeProfile Picture (PFP)8.3%
4Art7.6%
5Membership Access4.2%
6Domain name3.5%
7Event Ticketing3.4%
8Collectible Souvenirs3.2%
9music2.6%
10Refundable1.7%
11etc1.3%
12Recursive reflection0.6%

The lack of consensus on NFT use cases reflects the technology’s wide range of potential applications and its early adoption stage, which underscores the need for a compelling narrative to drive NFTs’ comeback.

methodology

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

For more information, read the full report on the CoinGecko website.

Image source: Shutterstock


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