NFTs… non-fungible tokens… Everyone’s talking about them, right? Yeahnah… not Australians outside the crypto bubble. Not really. But that could be set to change, according to a new Finder study.
The comparison site has created a new Global NFT Adoption report that gives an overview of worldwide NFT engagement and shows Australia isn’t exactly high up the list. In fact, it comes in at 16th (but at least we’re ahead of the Poms).
It’s possibly a bit surprising, seeing as other recent Finder studies have shown pretty high crypto engagement with more than one in six Aussies apparently owning some form of cryptocurrency.
The report polled more than 28,000 people across 20 countries to compare NFT ownership and found that only 4.6% of Australian internet users currently own NFTs – well below the global average of 11.7%.
However, that figure is expected to rise significantly pretty soon – an additional 7.1% of Aussies surveyed said they plan to acquire an NFT in the near future.
Wait, so WTF’s an NFT?
NFT stands for non-fungible token. When something is non-fungible, it simply means it’s unique and can’t be replaced – like a Picasso painting, land, or a diamond.
NFTs are the digitised, tokenised form of non-fungible assets, and they’re built on smart-contract blockchains such as Ethereum, Solana, Cardano and others. Just about anything you can think of that could be deemed an asset has the potential to be tokenised in NFT form – for fractional ownership or otherwise.
And it’s why the cryptoverse, as well as various influential celebs and sportspeople, are getting so excited about it. It’s the “tokenisation of everything”, including films, art, music, gaming (especially gaming), land ownership, ticketing, and much more.
Key NFT report takeaways
• Australia currently ranks 16th for NFT ownership out of 20 countries and regions.
• 4.6% of Australian internet users currently have NFTs and 7.1% plan to own NFTs in the future.
• Less than a third of Australians know what NFTs are.
• NFT adoption is the highest in the Philippines (32%) and lowest in Japan (2.2%).
• 5.5% of Aussie men surveyed say they own at least one NFT. The figure is 3.7% for Aussie women.
• That makes the gender gap in Australia (1.8%) lower than the global gender gap (2.7%).
According to Finder’s cryptocurrency editor Keegan Francis, countries with higher levels of adoption typically have a lower average wage of working citizens.
“People are quitting their jobs because they can make more money trading NFTs or playing NFT play-to-earn games,” said Francis. “Additionally, NFTs may serve as the nexus through which they enter the cryptocurrency industry in general.”
Francis also made the point that because exchanges can be difficult to obtain an account on if you don’t have government identification, NFT games make it easier for people to gain exposure to crypto.
“These NFT games don’t require ID, and yet allow you to make money. Once you’ve made some money in cryptocurrency, you can trade it for whatever else you might want, such as Bitcoin or Ethereum,” said Francis.
How many people know what an NFT is?
The Finder report indicates that while NFT adoption is forecast to increase around the world in future, a large number of people still don’t know what NFTs are.
And this is despite a huge year for NFTs in general, with high-profile celebrities such as Snoop Dogg, Doja Cat, NFL star Tom Brady and numerous others all tweeting, spruiking and pumping various things non-fungibly crypto.
Japan has the highest percentage of people who said they don’t know what NFTs are (90%), followed by Germany (83%) and the United Kingdom (79%).
On the other end of the spectrum, however, the Philippines recorded the lowest percentage at 49%, followed by Nigeria (52%) and Thailand (53%). And the report indicates that adoption is only expected to increase around the world in the coming years.
“There is a strong correlation between those who know what NFTs are and those who own NFTs. This suggests ownership will increase as people become aware of NFTs,” reads the Finder study.
- Subscribe to our daily newsletter
- Join our small cap Facebook group
- Follow us on Facebook or Twitter