Over 30% of crypto users ‘will never buy’ an NFT, study shows

In 2021, the term non-fungible token (NFT) began to spread through crypto forums and beyond, and as a result, a number of people began to take an interest in them.

Although 2021 was a good year for NFTs, people’s natural curiosity waned. Crypto users are not as interested in this new technology as they were a year ago, according to the findings of a new study shared with Finbold and published by DEXterlab on 21 July.

In fact, DEXterlab conducted a survey in the form of Twitter polls to gain a better understanding of the current state of NFT adoption in July. The research indicated how many individuals who have never purchased an NFT wish to do so in the future. 26.6% of survey respondents indicated that they intended to purchase one, while 31.7% of crypto enthusiasts claimed that they would never purchase an NFT.

Furthermore, the results indicate that 17.1% of individuals bought their first NFT in 2021 or before. Despite a significant drop in “NFT” keyword searches in 2022, statistics show that there were more newbies this year than in 2021, when 24.4% of respondents claimed they bought their first NFT in 2022.

The crypto bear market is also affecting NFTs

The international economy has not had a productive year in 2022. The Federal Reserve was forced to implement strict price control measures due to persistent inflation. Traditional markets experience panic as a result of uncertainty. As stock prices continue to fall, this affects cryptocurrencies as both markets have been closely correlated.

Generally, during a bear market, individuals exit their positions until confidence returns to the macro economy. Only 35.2% of applicants answered yes when asked if they bought NFTs in the bear market. Also, half of the people who participated in the survey, or 51.6%, had a pessimistic view of the future and are not investing their money in NFTs at this time.

A significantly smaller number of individuals invest in higher level NFTs known as blue chips. Such NFTs are from famous collections such as Bored Ape Yacht Club, Cryptopunks, DeGods and many more. The price of blue-chip NFTs can range anywhere from thousands to perhaps hundreds of thousands of dollars.

Although the majority of blue-chip NFTs lost more than half of their value in USD, only 13.2% of people who participated in the survey believe that investing a large amount of money in blue-chip NFTs is a possibility rather than a danger.

Users feel comfortable owning NFTs during a bear market

DEXterlab wanted to know if individuals felt comfortable owning NFTs despite the bear market. The belief among those who believe NFTs are a generally safe asset is quite strong; 46.5% feel comfortable maintaining their NFT portfolio. 53.5% of those who took part in the survey believed that it is dangerous to have NFTs.

It is possible that non-fungible tokens are now at the same stage of the adoption curve as other cryptocurrencies and that over the next few years we will continue to see an increasing number of individuals entering the NFT space.

Despite the fact that people’s interest in searching for NFTs has waned in 2022, the fact that more individuals acquired their first NFT in 2022 as opposed to 2021 lends support to the idea that adoption will continue to increase. In particular, Finbold had reported in a previous study that over 64% of people buy NFTs just to make money.

Additionally, the fact that a significant number of investors continue to feel comfortable holding NFTs despite falling values ​​is a hint that these investors believe that the NFT bull market will revive in the future and that NFTs are not died.