The non-fungible token market (NFT) continues to decline due to the bear market. So much so that more and more fans of cryptocurrencies such as bitcoin (BTC) are rejected by these digital creations, which are often worth thousands or millions of dollars.
This is clear from a survey conducted by the Dexter decentralized cryptocurrency exchange laboratory. The company used a tool from the Twitter social network to gain impressions of the NFT market, especially at the current time when cryptocurrencies are facing a falling price crisis. It should be noted that detailed information on the size of the population surveyed is never provided.
According to DexterLab, 31,7% of cryptocurrency users who participated in the survey would never purchase a collectible token, while only 26,8% of respondents would access it.
As for the interest in technology, the company found that searches for the word “NFT” “dropped significantly” in 2022.
DexterLab also highlights the insecurity of the respondents. The survey results showed that more than half of respondents (53,5%) feel uncomfortable holding an NFT in the midst of the bear market or cryptocurrency winter. However, according to the company, 46,5% feel confident and confident.
The study also reveals that more than half of respondents (51,5%) would not invest in an NFT in a bear market. 35,2% of respondents, on the other hand, are fully willing to shell out funds for one of these digital collectibles.
More rookies in 2022
Despite the numbers in red, DexterLab also notes that more individuals - or institutions - have purchased NFTs for the first time this year.
In total, according to DexterLab, this year there was a 24,4% increase in the former Investors of non-fungible tokens. Notable, especially when compared to the 17,1% recorded in 2021 or earlier, according to this data company.
This coincides with Chainalysis estimates that trading of non-fungible tokens could gain new momentum, with the acquisition of NFT by large companies in anticipation of the arrival of the metaverse.
In any case, according to DexterLabs, this could mean that NFTs could follow the same path of adoption already traveled by other technologies. Therefore, in his opinion, it is likely that "more people will join the world of non-fungible tokens".