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ALMOST A QUARTER of Irish people have said they would consider buying an NFT but there remains a widespread lack of awareness about the controversial digital assets.
Recent polling by Red C on behalf of The Journal has found just 2% of people surveyed had bought and NFT, while 59% of people had never heard of them.
Non-fungible tokens (NFTs) are digital-only pieces of data that can be bought or sold and are stored on the blockchain, which is akin to an online ledger.
NFTs took off in popularity last year when artists began selling them as unique pieces of art, or even as just a certificates rather than the art itself.
More recently, NFTs have been bought and sold more widely, often as certificates for randomly generated computer images. NFTs have been promoted by various celebrities and last week the DSPCA cancelled a planned fundraising sale of NFTs due to their environmental impact.
Every interaction with the blockchain involves fees to pay for “mining” – the hugely energy-intensive computer calculations needed to verify each transaction.
Aside from the environmental element, there has been criticism that companies are encouraging fans of celebrities or sports teams to buy NFTs without any guarantees as to their value.
You know you’ve made it when you get your own leprechaun NFT 😂 Good luck with the project lads @LepLegends ☘️ https://t.co/6klk9Gt6hp
— Shane Lowry (@ShaneLowryGolf) January 13, 2022
This new research from the Red C/The Journal shows, however, that NFTs are a long way from breaking into the mainstream.
Just 2% of people say they have bought an NFT, a figure that’s made up of 1% of women and 4% of men.
Those who were surveyed were asked the following question:
Non-fungible tokens, or NFTs, are a type of digital asset that represents real world objects, such as art, music, videos, and other types of digital files. They are bought and sold online, frequently with cryptocurrency. Which of the following best reflects your experience of NFTs?
In total, 48% of people said they had never heard of NFTs and were unlikely to buy one in the future, while 11% of people said they had never heard of them but might buy one.
Those who had heard of NFTs and would never buy one was 27% of people while 12% said they had heard of them and would consider buying.
Overall, there were 25% of people who had either bought one or might in the future. Unsurprisingly, that figure was higher among younger people surveyed.
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A quarter of Irish people aren’t very bright
@Bennett blaster: anyone would be foolish to stick their heads in the sand and ignore them completely.
We are in the equivalent of the dot.com bubble. Yes 95% are garbage (like the one above) and will fade into the ether but during the dot.com bubble we had the likes Google,Amazon,Ebay emerge and dominate the landscape for years to come. This too will be no different.
NFTs have incredible use cases when applied correctly. The article like many on this site is telling less than half the stoey.
@Bennett blaster: anyone would be foolish to stick their heads in the sand and ignore them completely.
We are in the equivalent of the dot.com bubble. Yes 95% are garbage (like the one above) and will fade into the ether but during the dot.com bubble we had the likes Google,Amazon,Ebay emerge and dominate the landscape for years to come. This too will be no different.
NFTs have incredible use cases when applied correctly. The article like many on this site is telling less than half the storey.
@Bennett blaster: people sud the me bout bitcoin. If you bought it in the first year or two you would have made millions. It still over 45k atm.
@Bennett blaster:
agree.
mouse2 > save as.
@Phantom.eth: NFTs literally don’t have a single use case. Right now, all they’re doing is stealing from artists and scamming buyers
@Dawid Grzybowski: you clearly know nothing about the space so I’m not even going to engage with your comment.
@Phantom.eth: “NFTs have incredible use cases when applied correctly”. You should probably provide some so, most just associate them with things you can right click & save.
@Thomas McGuire: Good luck getting that out of him. It’s like arguing with a religious person.
@Phantom.eth: Typical cryptobruh response there – someone raises a valid argument and rather than actually address it, the responses is either ‘you don’t get it so I won’t bother to engage’ or ‘have fun staying poor’ etc etc.
@Phantom.eth: What are the incredible use cases?
@Phantom.eth: I’m not taking the piss I would legitimately like to know what the incredible use cases are?
@Lee King Buckett: This should help you understand more about NFT’s and how they are valued as you’re forever harping on about this, and remember if you don’t like it no-one is forcing you to invest in it. Pease stop trying to belittle people who are into Crypto by using terms such as cryptobruh. If people wish to invest in it leave them to it, it should be of no concern to you.
https://www.youtube.com/watch?v=38onfdSQ80E
@Steve: But this is the thing Steve, I do understand NFTs and Crypto and DeFi and decentralised append only databases. It’s precisely because I understand them that I am so outspoken against them.
Please also note that I have no issue with people who choose (unwisely in my opinion) to invest in them. My issue is with those who promote them as a viable ‘investment’ – the pumpers, the spruikers, the recruiters, the vocalists who won’t engage in an actual debate.
That’s who I call the ‘cryptobruhs’ and, as I am sure you are aware, I am far from alone in this.
@Lee King Buckett: no-one on here is promoting or advising others to invest in crypto, no-one, that’s all in your head. Some people like to invest their own money into crypto and that’s up to them. No-one on here is trying to get you to invest in it, if you don’t like crypto as an investment then that’s fair enough, don’t invest in it. Stop looking for an argument that doesn’t exist.
@Steve: Ah, OK so you’ve either genuinely not seen the ‘laser eyes’ gang posts and the ‘to the moon’ and ‘have fund staying poor’ comments or maybe it’s a bit of confirmation bias that has you forgetting them?
Either way, it seems a bit disjointed that you’re telling me to lay off and wind my neck in, to let people think, do and say as they wish but, at the same time, you’re not willing to extend the same tolerance to me?
@Lee King Buckett: All I can see is that you post on EVERY crypto story saying it’s all a scam, looking for arguements and asking for proof as to why crypto is a good investment. Get over it, it’s not for you so move on enjoy what ever it is you like to invest in.
@Steve: If you are following my comments so closely then you will also know that nobody has actually addressed my issues with crypto – maybe if they did then I’d actually step back.
You’re beginning to seem like you don’t like people who are pointing out that the emporer may actually be a bit on the nudey side?
@Lee King Buckett: But that’s the thing, they are only issues for you and that’s fair enough, people don’t need to justify to you why they like crypto nor do they need to try and justify why crypto is better, the same as or worse than FAIT or any other investments. Anyway that’s enough for me, I’m going back to my crypto day trading which is what I do and love. Enjoy the rest of your evening.
@Steve: Scarcity is relevant if it is related to a demand which is derived from an economic cycle. Meaning, if there is demand for a use case of an asset in an economic system and tight supply, then the price goes up to eventually increase supply and/or discourage demand.
NFTs do not have a use case in an economic ecosystem, their main purpose and attraction is speculation. Contrary to commodities, the demand for NFTs goes up when the price goes up and drops when the price drops – this is typical behaviours for speculative hypes.
NFTs need investors more than investors need NFTs.
Now, as I have said all along, if you can counter this with facts then I will be willing to bite my tongue and disappear…
… Over to you Sean
@Lee King Buckett: I think what people shouldn’t do is to try & fit NFTs and crypto into everyday economics which is never going to work as they are not trying to emulate everyday commodities and traditional investments. I find it hard to believe that someone would pay $350k for a pair of runners but they do, and why? Because they believe that in the future they will be worth more, same as crypto. I know some people here are saying that you can copy an NFT so it’s pointless but that’s the case with a painting as well. The way I look at it is that you’re either in to it or you’re not and that crypto should not be compared to your traditional ways of investing because it’s not that and it’s not trying to be that. Of course that’s just how I see it.
NFT’s are a scam. Less than 1% of crypto users own 86% of the value of NFT’s. That’s about 36000 people controlling 86% of the market. Most trades are people trading NFT’s between their own crypto wallets to artificially make it look like there is demand. It’s basically an MLM scheme where people who bought in early will make all their money from latecomers who are left holding the bag.
People should watch Line Goes Up by folding ideas and check out the website Web 3 Is Going Great.
@Liam Edward Harris: how does this differ from real life?
@Liam Edward Harris: Sounds awfully familiar…..
@Phantom.eth: Okay, without even beginning to explain the difference. If the best defence of NFT’s /crypto is “how is it different from what we have now” then why is it the way we should go?
@Richard Day: I don’t think the solution to our problems is less regulated forms of capitalism. Where “code is law” and scams and theft are acceptable
@Liam Edward Harris: it’s not a defence it’s an observation. Saying it’s controlled by a small proportion of people is not a valid argument is what I’m pointing out.
@Liam Edward Harris: NFTs are actually class. I have 9.
@Phantom.eth: Liam Edward Harris has more likes so he must be right, unlucky lad.
Imagine you buy a loaf of bread and keep the receipt proving that you own it. The receipt is the NFT. This proves that you own it but everyone else can continue to eat the loaf of bread regardless. Absolute scam.
Fungible is an awful word to invest in . . . reminds me to much of gullible.
@Blind Faith: I keep thinking fungus when I see that word
@Stephen East: I usually find that Canestan works very well.
I am waiting for Lee King Buckett what he is going to say is “biggest expert” in crypto.
@artur fil: At least you finally acknowledge it – and here was me thinking that there was no hope for you…
Someone described NFT like this , imagine you are married but your partner has slept and gone out with many others while still married, well a NFT is the marriage certificate
NFTs are nothing but another form of tax evasion being used by rich people who convince others that there stupid little jpg is worth money all the while soaring their own profits. This isn’t even mentioning how unnecessary they are. A solution looking for a problem.
@Jason Lee: or a complete scam
@Claude Saulnier: a scam in the sence that they are a way of artificially creating wealth through tricking people into thinking they are genuinely valuable, whereas they are nothing but an access key to an ammout of crypto
NFTs are essentially electronic documents “proving” ownership, hosted on an extremely slow and inefficient database (called a blockchain, but that buzzword shouldn’t dazzle you).
However, this document that “proves” ownership doesn’t actually have an legal significance, so it’s completely worthless.
Remember that piracy ad on DVDs that would say “copying this film is a crime” and then you would rip the dvd anyway? Fun times.
Anyway, pay for jpegs if you like, but don’t expect piracy to disappear. Don’t let grifters dazzle you with buzzwords, NFTs are a bigger-fool scheme.
As John Cleese said: If you believe in NFTs, I have a bridge to sell you.
@David Bourke: that’s the serfice level understanding that people are being sold whereas in reality they are simply an access key to crypto that people use to artificially inflate the value of their own crypto
I was going to get one but then I remembered I’m not a drug or arms dealer who needs to launder a few million euro.
People who discuss NFTs and don’t mention smart contracts the underline them are showing their lack of understanding. The value is very rarely in the image or art itself. It’s almost always in the contract. That’s what people pay for
I’ve a few NFT images of bridges for sale
Even if you think it’s a good investment, more than likely a crypto bot will beat you to mint. By the time it hits the 2nd market it’s too late.
Imagine buying a receipt of something you don’t own and then finding out you don’t even own the receipt; may NFT’s continue to separate numpties from their money…
Who needs NFTs. My beanie baby portfolio is killing it !
NFTS are here and will remain as they become apart of our everyday lives.
Stay tuned withe the latest NFT News and trends: http://nftnews.sbs
NFTS are here and will remain as they become apart of our everyday lives.
Stay tuned withe the latest NFT News and trends: http://nftnews.sbs
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