A Bitkom survey showed that two-thirds of the population had never heard of non-fungible tokens (NFTs). In addition to the crypto community, unique digital assets are known in the music scene, among others. Now the Hockenheimring operators have also announced their entry into the NFT sector.
Scooter, Till Lindemann and Haftbefehl have already done this: they sell music and musical artwork in the form of NFTs (Non-Fungible Tokens), unique cryptographic tokens that represent a certain asset as digital unique coins. In addition to the music scene, NFTs are currently experiencing a real craze, especially on the art market and in gamer communities. But what about outside these areas?
NFTs spend a lot of time
In a representative survey of 1,003 German citizens aged 16 and over, the digital association Bitkom wanted to know: “Have you ever read or heard of the term non-fungible token, or NFT for short?” It turns out that the topic is completely unknown to the majority of Germans or partly still nebulous.
Two-thirds (68%) have never heard of or read NFT. About one in nine (11%) know the term, but don’t really know what it means. Only 7% have a vague idea of NFT. Only one in 20 Germans, ie only 5%, thinks they know enough about NFT to be able to explain to others what it means.
The digital association therefore explains as clearly as possible what it is:
NFTs use blockchain technology to provide decentralized, immutable digital proof that you own something. They can be digital works, but the vehicle registration document as digital proof of ownership of a car can also be mapped as NFT.
Benedikt Faupel, Blockchain expert at Bitkom
In addition, artists have the possibility, for example, to sell original works directly to interested parties via NFTs. Ultimately, crypto values offer many more possible applications. In principle, they can assign a unique owner to each digital object.
More ideas than knowledge
None of the respondents had ever purchased an NFT themselves. Among those who had heard of non-fungible tokens before, one in six would like to change that – but don’t know how to do it. A fifth refuses a purchase because of unclear legal and fiscal framework conditions. Almost half expect the hype to die down soon. A quarter have no idea how NFTs work.
In addition, two-thirds (67%) believe that the possibilities of use are still in their infancy. A fifth (20%) think they will soon come into contact with NFTs in everyday life, for example as a digital maintenance log for devices or as digital proof of ownership. 17% can imagine that NFTs could be a long-term investment. One in six believe NFTs can be used to show their connection to a brand or artist.
For gamers and racing fans
NFTs may receive more attention from a wider population in the near future. Because digital crypto values build a bridge between the real world and the digital universe, the so-called metaverse.
An example is provided by the Hockenheimring (website). The German racecourse in Baden-Württemberg has just entered into a cooperation with Animoca Brands, supplier of blockchain racing games (website). The Company will integrate the Hockenheimring into various products within the REVV Motorsport ecosystem, as well as produce and sell NFTs that represent a stake in the Hockenheimring within the REVV ecosystem.
So fans can drive around the virtual Hockenheimring, but they can also trade shares on the track – and even earn money with it. Similar to investors in a real estate fund, NFT owners at the Hockenheimring are also expected to share in revenue. Hockenheimring NFT holders will passively receive a share of admission fees, sponsorship money and/or event revenue generated on the virtual circuit. The co-op partners have announced that this applies to all REVV-based games that include the Hockenheimring.
The fact that we are now one of REVV Motorsport’s first officially licensed circuits underlines the strength of our brand on the one hand and gives us access to completely new target groups and a new dimension of fan engagement. somewhere else. The resulting economic potential for us as a licensor also makes the whole thing extremely interesting as a business case.
Jorn Teske, Managing Director Hockenheim Ring hj