Even though NFTs have been all the rage these past years not many know what they exactly are

Ever since the last few years, digital forms of currency and ownership have been taking over the world with the gaining popularity of cryptocurrency and NFTs.

What are NFTs you may ask? Well NFTs are Non-Fungible Tokens that are forms of digital art which can be owned by a single person/entity. Non-fungible means that it's unique and replacing it with another will be impossible, so if we talk about bitcoin-that is fungible it means that if you buy another bitcoin after selling yours it will exactly be the same thing.

But not many people have the correct idea of what NFTs are or what purpose that they serve. According to a survey conducted by GWI that asked people what they thought NFTs were. The survey was conducted from internet users within the age group of 16-64 across 9 different markets. It was conducted in April with 12,803 people taking part.

The survey found out that out of all the people who responded the majority 27% thought that NFTs are a type of cryptocurrency while the second-largest majority (22%) said that they believed NFTs to be a file that presented proof of ownership of a digital asset.

Only 14% of people were correct in thinking that NFTs are digital images/objects that a person can own. 17% of respondents believe that NFTs are a way of recording digital payments. This leads us to the smallest majority of people who think that NFTs are a form of Digital Art. The remaining 13 percent said that they either don’t know what NFTs are or they believe them to be another thing.

NFTs are good because this lets artists sell their work and actually make money from their art. But the thing is that while NFTs are capable of being owned by one person they can still be screenshotted or downloaded from the internet.

Even though that can happen which will lower the value of the NFT, some NFT selling platforms have a feature where the artist will get a percentage of the money when the NFT is sold from time to time.

Read next: The Concern of Brands/Marketers About the Economic Budget of Succeeding Times

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