Between Dogecoin, Mooncoin, Garlicoin, BaconCoin and many more…there are many cryptocurrencies to keep an eye on. But ”NFT” is not one of them.
That’s right, NFTs or non-fungible tokens are not cryptocurrencies. But if you don’t know, you’re not alone: More than one in 10 people (12%) believe NFTs are a cryptocurrency, according to a new poll by currency and decision intelligence firm Morning Consult.
The 2,210 respondents to the survey were given a range of possible NFT definitions, with only 26% picking the correct one.
Are NFTs a cryptocurrency?
First, let’s define: an NFT is a unique digital asset whose ownership data is stored on the blockchain and can be bought, sold, or traded online.
“Irreplaceable” means something that cannot be replaced in the same way as a dollar bill. This means that when you buy a Nyan Cat NFT with a pop pie or the first tweet of Twitter CEO Jack Dorsey, you and you own that digital asset alone.
While you may not actually have access to these NFTs — they sold for nearly $600,000 and $2.9 million, respectively — you can buy other NFTs on marketplaces like OpenSea.
This is where cryptocurrencies come into play.
Typically, you can’t just pay USD for these digital assets. Most NFTs are part of the Ethereum blockchain and are purchased using the blockchain’s native token, ether. In short: Ethereum is a cryptocurrency, NFTs are not.
“The biggest obstacle to understanding NFTs is their complex technology based on blockchain and cryptocurrencies,” Charlotte Principato, financial services analyst at Morning Consult, wrote in an email to Money.
A previous survey by Morning Consult found that people who own cryptocurrency are more likely to understand NFTs than those who don’t. The same applies to their awareness of terms like blockchain and Web3.
We also saw signs of this in the Money and Morning Consult research. For example, millennials and men who are most likely to own cryptocurrencies report that they understand NFTs better than other demographics, Principato said.
About one-third of male respondents (32%) agreed with the correct definition of NFT, compared to 20% of female respondents. Meanwhile, 31% of Millennials chose the actual definition, compared to 26% for Gen Z, 22% for Gen X and 25% for Baby Boomers.
“Those respondents who reported a better understanding of NFTs were likely cryptocurrency owners,” added Principato.
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