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.