CoinGecko NFT Survey | 45% of NFT investors hold more than 10 NFTs, nearly half support increased regulation

The cryptocurrency data website CoinGecko conducted a survey from December of last year to January of this year with 438 cryptocurrency users to understand the extent of their exposure to and involvement in NFTs since the trend surged in 2021. The survey revealed not only a high level of involvement but also a preference for stricter regulatory oversight.

CoinGecko Survey: Do You Own NFTs?

Firstly, CoinGecko asked users a fundamental question: "Do you own NFTs?"

The survey revealed that as high as 75.8% of cryptocurrency investors have NFTs in their portfolios, while only 2.5% of investors used to hold NFTs but currently do not, regardless of reasons like being stuck, low liquidity, or for collection purposes, most people who have owned NFTs in the past still hold them today.

Additionally, about 21.7% of cryptocurrency investors have never owned NFTs.

CoinGecko Survey: How Many NFTs Do You Currently Own?

In another question, it was observed that purchasing NFTs is not a one-time behavior; after acquiring their first NFT, subsequent purchases seem to follow.

In the question "How many NFTs do you currently own?", the most common answer was an astounding 51 or more at 26.5%, meaning a quarter of people are NFT enthusiasts. The second most common answer was 2-5 NFTs at 17.6%, while only 4.5% of people own just 1 NFT.

It is evident that people rarely stop participating in this market after acquiring their first NFT, with 45% of people owning more than 10 NFTs. CoinGecko also stated that with the adoption by well-known companies like Adidas, Starbucks, and Reddit, NFTs have more growth potential and make it easier for people to interact with them.

Furthermore, as NFTs continue to evolve to meet various needs, CoinGecko believes that more and more NFT owners may become avid collectors.

CoinGecko Survey: When Did You Acquire Your First NFT?

So, "When did you acquire your first NFT?"

As expected, the most chosen answer to this question was in 2021, where the NFT craze led by CryptoPunks and BAYC caused trading volumes to repeatedly hit new highs. Nearly 4 out of 10 people, 38.8%, acquired their first NFT in 2021.

Although the NFT craze is cooling down, there are still 27.4% of investors who acquired their first NFT in 2022, surpassing the 18.4% in 2020. CoinGecko stated that this is a positive sign indicating that regardless of market conditions, NFTs will continue to be popular and attract new participants.

CoinGecko Survey: Is Stricter Regulation Needed for NFTs?

With more people entering the world of NFTs, concerns about fraud and liquidity risks associated with NFTs are gaining more attention. In the question "Is stricter regulation needed for NFTs?", nearly half, 48.1%, expressed support, with 18.7% strongly agreeing with enhanced regulation.

CoinGecko believes the data indicates that most people are in favor of regulation but do not want excessive intervention. The reasons for this support from NFT holders may stem from concerns about risky assets and the belief that their assets cannot be adequately protected.

Additionally, perhaps due to a commitment to decentralization or a free market, even though the investment environment for NFTs is full of risks and quite opaque, 22.4% of investors oppose regulation. Currently, 29.4% of users remain neutral and have no opinion on regulation.