You're not alone if you don't understand what an NFT is. Many prospective investors have been left wondering what these tokenized collectibles truly are as a result of the current hype.
According to Finder's worldwide NFT Adoption Index, NFT ownership has increased throughout the globe, with Southeast Asian nations such as the Philippines, Thailand, and Malaysia leading the pack.
However, this survey highlighted how few people throughout the world are aware of this sort of money. Let's establish the premise behind these one-of-a-kind crypto-collectibles before delving further into the survey's findings.
What is a Non-Fungible Token (NFT)?
Simply said, NFTs are one-of-a-kind digital treasures and pieces of art. Each accessible NFT is a veritably separate token, unlike Bitcoin (BTC), which is made up of interchangeable units. Simply said, no two NFTs are the same.
The fact that these assets may be traded on an increasing number of internet platforms adds to their international appeal. However, the amount of NFT investors in several nations may surprise you.
How to Purchase NFTs
Knowing how to acquire NFTs is a crucial element of comprehending them. In 2021, NFT platforms such as OpenSea have grown very popular. Fans may explore collections from prominent artists and even construct their own NFTs on the platform thanks to a cryptocurrency wallet attached to the site.
While the market is rapidly increasing, NFTs are typically bought using Ether (ETH), therefore you'll want to have some in your wallet before linking it to an NFT platform.
1. NFT ownership on a global scale
Despite the continual flood of news and commercials that clog our social media feeds, NFT adoption has been gradual in places like the United States. Compared to Southeast Asian nations like the Philippines, Thailand, and Malaysia, ownership in the United States scarcely registers.
America ranks third to lowest among the examined countries, with just 2.8 percent of internet respondents possessing an NFT. Nonetheless, with another 3.9 percent of respondents expecting to purchase an NFT in the future, adoption might reach 6.7 percent in no time.
2. Gender disparities across the world
In 18 of the 20 countries examined, there is still a male-dominated gender gap. Thailand and Venezuela are the only two countries that defy the trend. The gender difference advantages female NFT investors by a stunning 7% in Thailand.
In Venezuela, there is a 2% difference in the number of NFTs owned by men and women. The UAE, on the other hand, has the highest gender difference, with 11 percent more males than women partaking in the market.
3. Countries that are adopting NFTs
On a list of nations with the highest NFT adoption rates, the Philippines ranks first. At least one NFT is owned by 32% of the population. Thailand (26.6 percent) and Malaysia (23.9 percent) are two more nations with high adoption rates. According to Mashable, Fillipinos are some of the biggest adopters when it comes to NFTs.
The United States, the United Kingdom, and Japan had the lowest rates. Only 2.2 percent of Japanese people use NFTs. Keegan Francis, a cryptocurrency specialist, points out that nations with lower average earnings have greater adoption rates. Will adoption continue to grow from here?
Real life example:
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How the survey was carried out:
Respondents were questioned about their intentions for acquiring NFTs in an online poll. The findings suggest that there is a lot of room for expanded adoption based on the estimates. Nigeria, Peru, and Venezuela are among the nations likely to adopt NFTs at the fastest rates. In Nigeria, over 22% of those who do not already hold NFTs want to do so in the future.
Despite the higher adoption estimate, most individuals still have no idea what NFTs are. Only the Philippines, out of the 20 nations tested, had a majority of respondents who knew what they were. 90% of people in Japan, where adoption rates are the lowest, are ignorant.
The concepts of awareness and ownership are related
Finally, in Finder's NFT adoption survey, high connections between awareness and ownership were discovered. Thailand and the Philippines, with 47.35 percent and 51.28 percent, respectively, have the greatest awareness of NFTs.
These nations also have the highest ownership rates in the world. While predictions in the cryptocurrency market seldom come true, the implication here is clear: as more people learn about NFTs, acceptance rises.