Two thirds of Germans don’t know what an NFT is

The platforms on which NFTs can be created and traded are springing up like “twelve x twelve”.

Jens Kalaene/dpa-Zentralbild/dpa-tmn

The platforms on which NFTs can be created and traded are springing up like “twelve x twelve”.

Jens Kalaene/dpa-Zentralbild/dpa-tmn

Anyone who spends a lot of time on the Internet cannot avoid the abbreviation NFT. But this is not representative. When it comes to NFT, most people only understand the station, according to a survey.

The hype around non-fungible tokens (NFTs) on the internet is non-stop. With an NFT as an embedded certificate of authenticity and proof of ownership, any digital work or artwork such as comic book designs, videos, limited edition music albums or basketball collectibles, and even tweets will be sold. Some works are even sold at auction for millions.

However, two thirds (68%) of people in Germany have not heard or read anything about NFT. This is the result of a survey conducted by Bitkom Research. 11% say they know the term, but don’t really know what it means.

No explanation for NFT?

According to their own statements, only 7% of respondents have a rough idea of ​​NFT. And no more than 5% believe they know enough about NFT to explain the principle to others.
In German, non-fungible token means something like a non-replaceable cryptographic value. NFTs are intended to transform digital images, designs, songs, videos or texts into tradable digital assets.

Create NFT on trading platforms

An NFT is stored inseparably in the respective audio, video, photo or graphics file in the form of a kind of watermark. Anyone interested can single file, buy or sell NFT file on NFT trading platforms on the web.
The only requirement: a compatible personal digital wallet, as is also required for cryptocurrencies and offered by many service providers on the Internet. There are also wallets that can store both NFTs and cryptocurrencies.

No respondent has purchased NFT to date

According to Bitkom Research, however, there were still no NFT buyers among the survey participants. Of those who have heard of NFTs, not even one in five (17%) see them as a potential long-term investment. However, a similar number (16%) from this group believe you can use NFT to show your connection to a brand or artist. Additionally, 16% would buy NFTs, but don’t know how it works.

Basically, NFTs work like cryptocurrencies. The creation and all transactions such as purchases or sales (smart contracts) are tamper-proof recorded in so-called blockchains and stored on servers.

Going back soon?

The IT industry association Bitkom points out that the possible use of NFT should not be limited to digital works of art: vehicle registration documents as digital proof of ownership for cars could theoretically be mapped like NFT, for example.

However, almost half (49%) of respondents believe that NFTs are just hype and will soon be gone. 1003 people aged 16 and over were interviewed.

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