NFTs are still largely unknown in Germany | Press release

  • Two-thirds have never heard of non-fungible tokens
  • The majority assumes that the possible uses are still in their infancy

Berlin, April 28, 2022 – Digital works of art auctioned off for several million dollars, or the sale of the first tweet for US$2.9 million – non-fungible tokens, or NFTs for short, as proof of ownership for digital works such whether art or music have been around in recent months real hype. But the majority of Germans are completely unaware of this development. Two-thirds (68%) have never heard of or read NFT. Only about a tenth (11%) know the term, but don’t really know what it means. Only 7% have a vague understanding of NFT, and only 5% feel they know enough about NFT to be able to explain what it means to others. These are the results of a representative survey of 1,003 people in Germany aged 16 and over commissioned by the digital association Bitkom. “NFTs use blockchain technology to provide decentralized, immutable digital proof that you own something. These can be digital works, but the vehicle registration document as digital proof of car ownership can also be mapped as NFTs,” says Benedikt Faupel, Blockchain expert at Bitkom. “NFTs can be a way for artists to sell original works directly to interested parties. However, NFTs offer much more application possibilities, because they can basically assign a clear owner to every digital object. »

Anyone familiar with NFT can expect many new possible applications

Two-thirds (67%) of those who have heard of NFT say it is still in its 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% say NFTs can serve as a long-term investment, 16% think NFTs can be used to show your connection to a brand or artist.

So far, none of the respondents have purchased NFT themselves. But 16% of those who have heard of NFT would like to – but don’t know how. A quarter (25%) of those who have heard of NFT do not understand how it works. A fifth (20%) is reluctant to buy because the legal and tax framework is unclear. However, almost half (49%) believe that NFT is hype that will die soon.

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