Anyone who spends a lot of time on the internet cannot ignore the abbreviation NFT. But that is not representative. When it comes to NFT, most people only understand the train station, a survey shows.
The hype about Non-Fungible Tokens (NFT) on the internet is unbroken. With an NFT as a built-in certificate of authenticity and proof of ownership, any digital work or artwork such as comic book drawings, videos, limited edition music albums or basketball collectibles, and even tweets, will be sold. Some works are even auctioned for millions.
However, two-thirds (68 percent) of people in Germany have not heard or read anything about NFT. This is evident from a study by Bitkom Research. 11 percent say they are familiar with the term, but do not really know what it means.
No explanation for NFT?
According to their own statements, only 7 percent of those surveyed have a global view of NFT. And no more than 5 percent think they know enough about NFT to explain the principle to others.
In German, non-fungible token means something like non-fungible crypto value. NFT is intended to convert digital images, drawings, songs, videos or texts into tradable digital assets.
Create NFT on trading platforms
An NFT is stored inseparably as a kind of watermark in the respective audio, video, photo or graphic file. Anyone interested can make a file unique, buy or sell NFT file on NFT trading platforms on the internet.
The only requirement: a compatible personal digital wallet, as is also required for cryptocurrencies and offered by numerous service providers on the internet. There are also wallets that can store both NFT and cryptocurrencies.
No respondent has purchased NFT to date
However, according to Bitkom Research, there were still no NFT buyers among the survey participants. Of those who have heard of NFTs, not even one in five (17 percent) consider them a potential long-term investment. However, a similar number (16 percent) of this group believe you can use NFT to show your affiliation with a brand or an artist. Also 16 percent would buy NFTs, but don’t know how that works.
Basically, NFTs work like cryptocurrencies. The creation and all transactions such as purchases or sales (smart contracts) are recorded forgery-resistant in so-called blockchains and stored on servers.
The IT industry association Bitkom points out that the possible use of NFT need not be limited to digital works of art: registration certificates as digital proof of ownership for cars could, for example, be mapped as NFT.
However, nearly half (49 percent) of the survey believe that NFTs are just hype and will soon disappear. 1003 people aged 16 and older were interviewed.