NF- What please?: Nobody knows what NFT | free press

Berlin.

The hype around Non-Foldable Tokens (NFTs) on the Internet has not stopped. With NFT as a built-in Certificate of Authenticity and Proof of Ownership, any digital work or artwork such as comic book graphics, videos, limited edition music albums, basketball collectibles, and even tweets will be sold. Some of the works were auctioned for millions.

However, two-thirds (68 percent) of people in Germany have neither heard nor read anything about NFT. This is the result of a survey conducted by Bitkom Research. 11% said they are familiar with the term, but don’t really know what it means.

No explanation for NFT?

According to their own statements, only 7 percent of those surveyed had a rough idea of ​​NFT. And no more than 5 percent feel they know enough about NFT to explain this principle to others.

In German, an irreplaceable symbol means something like a non-replaceable cipher value. NFT aims to convert digital images, graphics, songs, videos or texts into tradable digital assets.

Create NFT on trading platforms

NFT is stored inseparably in an audio, video, image or graphic file as a type of watermark. Anyone interested can create a unique profile, buy or sell an NFT file on the NFT web trading platforms.

The only requirement: a compatible personal digital wallet, as is also required for cryptocurrencies and is offered by many providers on the Internet. There are also wallets that can store both NFT and cryptocurrency.

No NFT transponders have been purchased yet

According to Bitkom Research, however, there are still no NFT buyers among the survey respondents. Among those who have heard of NFTs, one in five (17 percent) does not consider them a potential long-term investment. However, a similar number (16 percent) of this group believe you can use NFT to show your connection to a brand or artist. Also 16 percent would buy NFTs, but don’t know how that works.

Basically, NFT works like cryptocurrencies. Creation and all transactions such as purchases or sales (smart contracts) are recorded in a fraud-resistant manner in so-called blockchains and stored on servers.

Is he gone again soon?

The IT industry association Bitkom points out that the potential use of NFTs should not be limited to digital artwork: vehicle registration documents as digital proof of car ownership could theoretically be designated as NFTs, for example.

However, nearly half (49 percent) of the survey believe that NFTs are just hype and will soon be gone. 1003 people aged 16 and over were interviewed. (dpa)

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