Despite the fact that the adoption of non-fungible tokens (NFTs) is expected to increase in the coming years, many people around the world are still unaware of what NFTs actually are.
Interestingly over 28,000 people from 20 nations were polled about the topic, with the findings showing that 90% of Japanese adults conducted in September 2021 had no idea what an NFT was, according to the results of the most recent Finder online survey.
By nation, Japan has the largest proportion of adults who said they did not know what an NFT is (90%), followed by Germany (83%) and the United Kingdom (70%). It’s also worth mentioning that 70.6% of adults in the United States are unaware of NFTs.
On the other hand, the Philippines had the lowest proportion of respondents at 49%, less than half of those adults asked, followed by Nigeria (52%) and Thailand (53%).
Correlation between NFT adoption
Furthermore, there is a strong correlation between people who understand what NFTs are and those who possess NFTs; as a result, ownership is expected to rise as more individuals become aware of NFTs.
Notably, 51.28% of Filipinos are aware of NFTs, and of those who are knowledgeable, 32.02% own them; on the other hand, just 10% of Japanese adults are aware of NFTs, with only 2.2% of those who are aware possessing them.
NFT adoption by country 2021
Elsewhere, NFT adoption is predicted to expand the most in Nigeria, from 13.7% to 35.3%, representing a 22% point gain in the country. Peru, Venezuela, and the United Arab Emirates are among the nations where the adoption of NFTs is predicted to expand at an exponential pace.
It appears similar to cryptocurrency; with countries such as El Salvador adopting crypto as legal tender, many developing nations are increasingly looking to NFTs as well as a store of value against inflation of their fiat currencies.
In an earlier report, we highlighted that global interest in non-fungible tokens increased by 426% in August 2021; although we have experienced unprecedented growth in the NFT market, the latest study shows many people are still unsure about them.
What are NFTs?
Non-fungible tokens are one-of-a-kind digital assets that establish an item’s ownership and provenance. They are digital certificates.
When creating an NFT token, the creator can create a single copy or numerous copies. In this manner, they maintain control over ticket scarcity and, to a degree, the appeal of high-value tickets.
Finally, it’s noteworthy that with Metaverse tokens becoming increasingly popular in the cryptocurrency space, in virtual Metaverses owned by the people who use them, NFTs represent ownership of assets in the world.