In 2021, the term nonfunible token (NFT) began to spread on crypto forums and beyond, and as a result, a number of people began to take an interest in them. While 2021 is a good year for NFTs, people’s natural curiosity has waned.
Stunning analysis of crypto users’ NFT interest!
According to the findings of a new study shared with Finbold, known for his financial analysis, and published by DEXterlab on July 21, crypto users are not as interested in this new technology as they were a year ago.
DEXterlab conducted a survey in July in the form of Twitter polls to better understand the current state of NFT adoption. The research showed how many people who have never bought NFTs want to do so in the future. While 26.6% of respondents indicated they would consider buying one, 31.7% of crypto enthusiasts claimed they would never buy an NFT.
When did you buy your first NFT? Source: DEXterlab
Also, the results show that 17.1% of individuals purchased their first NFT in 2021 or earlier. Despite a significant drop in “NFT” keyword searches in 2022, statistics show there are more first-time arrivals this year than in 2021, with 24.4% of respondents claiming to have purchased their first NFT in 2022.
NFT interest over time. Source: DEXterlab
Crypto bear market is also affecting NFTs
The international economy did not have a productive year in 2022. The Federal Reserve had to impose strict price control measures due to persistent inflation. Traditional markets are panicking as a result of uncertainty. As stock prices continue to drop, this affects cryptocurrencies as both markets are closely related.
Generally, during a bear market, individuals exit their positions until confidence returns to macroeconomics. When asked if they had purchased NFT in a bear market, only 35.2% of applicants answered yes. Also, half or 51.6% of individuals surveyed had a pessimistic view of the future and are not currently investing their money in NFTs.
Buying NFT in a bear market? Source: DEXterlab