36% of NFTs owned are metaverse and gaming NFTs
In an NFT Survey conducted earlier in April 2022, 35.8% of 514 respondents owned metaverse and gaming NFTs, followed by a relatively even split between owning Profile Picture (PFP) NFTs (27.4%) and Art NFTs (25.3%). This outcome is unsurprising as most of our survey respondents who are NFT owners reside in the APAC region, considering the dominance of GameFi NFTs in Asia.
Additionally, data suggests that GameFi and Metaverse projects are correlated – in a subsequent survey question, it is found that 30.5% own metaverse lands or items. This mirrors the numbers of metaverse or gaming NFT ownership (35.8%) and is testament to how the former frequently incorporates elements from the latter, and vice versa.
GameFi and Metaverse projected to be an $800B market, with Asia being the main point-of-entry
In the next two years, GameFi and the Metaverse is projected to be an $800B market, with gaming NFTs being the most likely point-of-entry particularly in Asia. Based on trending search data through 2022 on CoinGecko, users based in Asia are more inclined to search for GameFi projects – BOMB, SLP and AXS have all seen a noticeable uptake in search volume in 2022 as compared to last year, in spite of the bear market. For instance, searches for Sweet Love Potion (SLP) increased by 8.3 percentage points, from 19% last year to 27.3% YTD.
That said, while GameFi has seen an uptick this year, it has started to experience a downward trend in recent months, due to falling token prices.
About the NFT 2022 Survey
Our NFT Survey was conducted through a Twitter Poll in April 2022, with a range of 394 to 874 respondents, varying for each question. Majority of the respondents are from the APAC region, aged 18-30 and 30-50. 72% of these own NFTs, with more than half of them having 5 or more NFTs. 'Metaverse / gaming NFTs' are the most common type of NFTs owned, with half of the respondents having participated in metaverse(s) before.
It is worth noting that the original survey question asked 'What NFTs do you mostly own?', to which, survey options were: 'Metaverse/ Gaming NFTs', 'Profile Picture (PFPs)', 'Art' and 'Others'. The 'Metaverse/ Gaming NFTs' category has been rephrased to 'Metaverse and Gaming NFTs' for clarity of communication.
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Curious to find out more about our previous research studies? Check out this one we did on Why People Buy or Trade NFTs?
Julia leads Growth at CoinGecko and is passionate about onboarding more women onto Web3. That said, she is generally poor at timing the market, so she DCAs for safety. Follow the author on Twitter @ngxinyajulia