Only 19% of crypto investors expect NFTs to make a comeback this cycle: CoinGecko

A recent CoinGecko survey reveals that 54.1% of crypto investors do not expect non-fungible tokens (nfts) to make a comeback in the current market cycle. Only 19.4% of respondents expressed optimism about a resurgence of nfts in the near term.

The survey, which collected responses from 2,558 participants from the crypto sector, revealed that 29.5% strongly disagreed with the possibility of a comeback of nfts, while 24.7% were less pessimistic but still skeptical. 26.4% of participants took a neutral stance.

Sentiment towards nfts remained consistent across levels of experience with cryptocurrencies, with newcomers and veterans sharing similar views. However, developers and spectators were more optimistic compared to investors and traders.

As crypto Briefing reports, developers still see nfts 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 seen on Web2.

“And this is something that transcends market conditions because the utility, the experience of being part of these larger comic book shows is greater than any particular month at any particular time in a speculative community,” he added.

Gaming and metaverse items emerged as the most popular nft use case, with 17.2% of respondents finding it the most promising. Memes (9.5%), profile pictures (8.3%) and art (7.6%) were other favourite applications.