Bitkom’s survey showed that two-thirds of the population had never heard of Non-Foldable Tokens (NFTs). In addition to the crypto community, unique digital assets are known in the music scene, among others. Now the operators of Hockenheimring have also announced they are entering the NFT business.
sCooter, Till Lindemann, and Haftbefehl have already done just that: They sell music and musical artwork as NFTs (Non-Foldable Tokens), unique cryptographic tokens that represent a specific origin as one-time digital advantages. In addition to the music scene, NFTs are currently experiencing a real buzz, particularly in the art market and gaming communities. But what about outside these areas?
NFTs pass a lot
In a representative survey of 1,003 German citizens aged 16 and over, the digital association Bitkom wanted you to know: “Have you read or heard of the term Non-fungible Token, or NFT for short?” As it turned out, the topic is completely unknown to the majority of Germans or partially remains obscure.
Two-thirds (68 percent) have never heard or read about NFT. About nine (11 percent) know this term, but don’t really know what it means. Only 7 percent have a vague idea of NFT. Only one in 20 Germans, just 5 percent, think they know enough about NFT to be able to explain what it means to others.
So the Digital Union explains what it’s about as clearly as possible:
NFTs use blockchain technology to provide decentralized and immutable digital proof that you own something. These can be digital works, but a vehicle registration document can also be set as digital proof of vehicle ownership as an NFT.”
Benedikt Faupel, Blockchain Expert at Bitkom
In addition, there is the possibility for artists, for example, to sell original works directly to interested parties via NFTs. Ultimately, cipher values offer more likely applications. In principle, they can assign a unique owner to each digital object.
An idea is more than knowledge
None of the respondents had ever purchased NFT themselves. Among those who have already heard about non-fungible tokens, one in six would like to change it – but doesn’t know how to do it. A fifth refuses to purchase due to the lack of clarity in the terms of the legal and tax framework. Almost half expect the hype to subside soon. A quarter of them have no idea how NFTs work.
In addition, two thirds (67%) believe that the possibilities for use are still in their infancy. One-fifth (20 percent) assume that they will soon come into contact with NFTs in everyday life, for example as a digital instrument maintenance record or as digital proof of ownership. 17 percent can imagine that non-current funds (NFTs) can serve as a long-term investment. One in six believes that NFTs can be used to show their relationship to a brand or artist.
For gamers and racing fans
NFTs may get more attention from a larger population in the near future. Because the values of digital cryptography build a bridge from the real world to the digital universe, the so-called metaverse.
An example is provided by Hockenheimring (website). The German racetrack in Baden-Württemberg has just entered into a collaboration with Animoca Brands, a provider of blockchain racing games (website). The company will integrate Hockenheimring into various products in the REVV Motorsport ecosystem, as well as produce and sell NFTs that represent an ownership interest in Hockenheimring within the REVV ecosystem.
So fans can drive on the virtual Hockenheimring, but they can also trade stocks on the track – and even make money using it. Similar to investors in a real estate fund, the owners of an NFT in Hockenheimring must also share the income. Holders of Hockenheimring NFTs will passively receive a share of the entry fee, sponsorship money and/or event proceeds generated on the virtual circuit. The collaboration partners have announced that this applies to all REVV-based games that include Hockenheimring.
The fact that we are now one of the first officially licensed REVV Motorsport racetracks on the one hand underscores the strength of our brand on the one hand and allows us to reach entirely new target groups and a new dimension of fan engagement on the other hand. And the economic potential that results from that for us as a licensor makes the whole thing very interesting as a business case.”
Jorn Teske, Managing Director of Hockenheimring Hijri