Survey Predicts NFT Market Future 📊
An investigation conducted by CoinGecko suggests that the resurgence of NFTs in the current cycle might not be as promising as some may hope. Amongst 2,558 crypto participants surveyed, only 19.4% believe in the potential comeback of NFTs in the near future.
Are NFTs Making a Return?
Despite the general positivity in the crypto sphere, over half of the respondents, totaling 54.1%, do not see NFTs bouncing back anytime soon. Within this group, there is a split in opinions with 29.5% strongly disagreeing and 24.7% holding a moderately bearish stance. 26.4% are neutral, possibly waiting to see how the situation unfolds or simply not interested in NFTs.
- Investors are the most bearish at 56.1%.
- Builders and spectators are more optimistic compared to investors and traders.
Preferred NFT Use Cases 🎮
The survey also delved into the various applications of NFTs, revealing that gaming and metaverse items take the lead as the most bullish use case with 17.2% of participants showing enthusiasm. Other popular use cases include memes (9.5%), profile pictures or avatars (8.3%), and art (7.6%).
- Less popular use cases include membership access, domain names, and redeemables.
- 36.9% of respondents exhibit a lack of bullish sentiment towards NFTs overall.
Survey Methodology 📋
The survey formed part of CoinGecko’s Post-Halving Sentiment Survey, conducted from June 25 to July 8, 2024. The geographic distribution of participants spanned across Europe, Asia, North America, and Africa, with 69% identifying as long-term investors, 18% as short-term traders, 7% as builders, and 6% as spectators.
If you wish to explore the complete report, you can access it on the CoinGecko website.
Hot Take! 🔥
As a crypto enthusiast, it’s crucial to keep an eye on the evolving NFT market. While sentiments are divided on the future of NFTs, staying informed about the latest trends and developments in the space can help you make informed decisions about your crypto investments.
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