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.
| Participation | Falling NFT | Neutral | Strong NFT |
|---|---|---|---|
| investor | 56.1% | 26.8% | 17.1% |
| merchant | 54.4% | 24.7% | 20.9% |
| Builder | 49.2% | 21.9% | 28.9% |
| spectator | 38.2% | 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.
| Classes | NFT Use Cases | Respondent rate |
|---|---|---|
| One | Game and Metaverse Items | 17.2% |
| 2 | Nana | 9.5% |
| three | Profile Picture (PFP) | 8.3% |
| 4 | Art | 7.6% |
| 5 | Membership Access | 4.2% |
| 6 | Domain name | 3.5% |
| 7 | Event Ticketing | 3.4% |
| 8 | Collectible Souvenirs | 3.2% |
| 9 | music | 2.6% |
| 10 | Refundable | 1.7% |
| 11 | etc | 1.3% |
| 12 | Recursive reflection | 0.6% |
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.
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