A recent survey from CoinGecko found that 54.1% of crypto investors do not expect non-fungible tokens (NFTs) to return in the current market cycle. Only 19.4% of respondents were optimistic about an NFT revival in the near term.
The survey, which collected responses from 2,558 crypto participants, found that 29.5% strongly disagreed with the possibility of an NFT comeback, while 24.7% were less bearish but still skeptical. 26.4% of participants took a neutral position.
Sentiment toward NFTs remained consistent across different levels of crypto experience, with newcomers and veterans sharing similar views. However, builders and spectators showed more optimism than investors and traders.
If reported by Crypto Briefing, NFTs are still seen by builders as powerful engagement tools, despite the current lack of speculative momentum. Caitlyn Burns, Senior Director of Story at Candy Digital, stated that engagement through NFTs is unlike anything you see in Web2.
“And this is something that transcends market conditions because the benefit and experience of being part of these larger comics programs is greater than any month at any time in a speculative community,” she added.
Gaming and metaverse assets emerged as the most popular NFT use case, with 17.2% of participants considering it the most promising. Memes (9.5%), profile pictures (8.3%) and art (7.6%) followed as other favorite applications.
Notably, 36.9% of respondents identified as NFT bears or expressed apathy towards the technology. The survey was conducted from June 25 to July 8, 2024, with participants mainly from Europe, Asia, North America and Africa.