Proof of Ownership for digital works NFT Non fungible token
Platforms on which NFTs can be created and traded are springing up like mushrooms, such as “twelve x twelve” (pictured). Among the largest NFT trading platforms are, for example, “Opensea.io ” or “Rarible.com “. Photo: Jens Kalaene / dpa-Central picture/dpa-tmn
However, two thirds (68 percent) of people in Germany have not heard or read anything about NFT so far. This is according to a survey by Bitkom Research. 11 Percent say they know the term, but don’t really know what’s behind it.
No explanation for NFT?
Only 7 percent of the respondents, by their own admission, have an approximate idea of NFT. And no more than 5 percent think they know so well about NFT that they could explain the principle to others.
In German, non-Fungible token means about as much as irreplaceable crypto value. NFTs are intended to turn digital images, drawings, songs, videos or texts into tradable, digital assets.
Creating 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 or buy or sell an NFT file on NFT trading platforms on the net.
The only requirement: a compatible personal digital wallet (wallet), as it is also required for cryptocurrencies and is offered by numerous service providers on the net. There are also wallets in which both NFT and cryptocurrencies can be stored.
No respondent has purchased NFT so far
According to Bitkom Research, there were no NFT buyers among the survey participants yet. Of those who have already heard of NFTs, it does not even consider every one or every fifth (17 percent) as a possible long-term investment. However, a similar number (16 percent) of this group believe that with NFT you can show your attachment to a brand or to artists. Also 16 percent would buy NFTs, but do not know how this works.
Basically, NFTs work like cryptocurrencies. The creation and all transactions such as purchases or sales (smart contracts) are logged in so-called blockchains in a forgery-proof manner and stored on servers.
The IT industry association Bitkom points out that the possible purpose of NFT does not have to be limited to digital works of art: vehicle letters as digital proof of ownership for cars, for example, could theoretically be depicted as NFT.
In the survey, however, almost half (49 percent) believe that NFTs are just hype and will soon disappear again. 1003 people aged 16 and over were interviewed.