British people are clueless about NFTs, according to research by financial comparison site Finder.com. The study involved 28,000 adults in 20 countries and revealed shocking levels of ignorance about this emerging technology.
Just one in five (21%) of UK residents said they knew what NFTs are. This might be part of the reason only 3.3% of Britons plan on buying tokens “at some point in the future”. If that happens, it would mean around 1.7million people in the country owned NFTs.
In terms of global league tables, these figures put the UK third from the bottom in terms of NFT awareness. Only Germany and Japan are worse. This may surprise many considering the famous outsider art and anti-establishment attitudes of cities such as Berlin, and Japan’s reputation as one of the most high-tech nations on the planet.
However, it’s important to recognise there are some significant limitations to the study. Firstly, it only takes into account a very small number of people in each country. More so, the vast majority of the world has not been included — there are 195 nations on the planet, so 20 barely scratches the surface. Here’s the full list:
So British People Aren’t Clueless?
Well, no, that’s not what we said — and best not to go into the various other signs of ignorance Great Britain has presented us with over recent years. However, what we are saying is that the country would likely appear much higher up the awareness leaderboard if this study included everywhere on Earth.
There are a number of other interesting things to note about the Finder.com survey, too. Firstly, the US is also very low in terms of public awareness of NFTs. Given this is one of the main markets for non-fungibles, you would perhaps have expected this to be higher.
It’s also telling that the country with the highest level of awareness when it comes to non-fungibles is the Philippines. You could argue this is where the strongest everyday case uses have emerged. In August, the country’s tax regulators even announced that earnings on the play-to-earn title Axie Infinity would now be subject to income tax because adoption has been so high.