Home » The world is warming up to a cashless society in which NFTs may play a pivotal role in payments

The world is warming up to a cashless society in which NFTs may play a pivotal role in payments

17th Aug 22 3:09 pm

Since the introduction of Bitcoin in 2009, the cryptocurrency market has exploded in popularity. The underlying technology of blockchain has led to the development of new asset classes, including non-fungible tokens or NFTs.

These digital assets are unique and cannot be replaced, making them perfect for virtual worlds and online games.

According to a CryptoMonday.de analysis, the popularity of NFTs is surging, and many believe that they will play a significant role in the future of the digital economy. The site has concluded that 60% of digital consumers expect to buy, transfer or sell NFTs in the next three years. It drew its conclusions by studying data from a Digimentality 2022 survey targeting 3,000 respondents.

CryptoMonday.CE CEO Jonathan Merry said, “NFTs are becoming increasingly popular as people look for alternatives to traditional asset classes. They offer investors a way to diversify their portfolios and a new way to interact with content and experiences online.”

Merry further affirmed that NFTs are more secure and easier to trade than traditional digital assets. He also held that their users could, through tokenization, convert them into other currencies, such as the US dollar, for payments.

65% of crypto enthusiasts trust NFTs for payments

NFTs have been gaining a lot of attention lately, which is reflected in the level of trust they attract as a medium of exchange. Quoting the Digimentality 2022 report, Merry asserts that NFTs are the second most trusted means of exchange. That’s after 65% of respondents said they would trust NFTs for payments.

NFTs have several advantages over other forms of payment, such as credit cards or bank transfers. They are instantaneous, global, secure, and private than traditional payment methods.

The survey revealed that cash remains the most preferred medium of exchange. 85% of the respondents trust this means more than any other for their transactions. This figure indicates despite the growing acceptance of digital payments, physical notes and coins hold sway.

How ready are we for a cashless society?

A cashless future has been on the horizon for some time now. With the rise of credit and debit cards and mobile payment apps, it has become easier to go without cash. Now, a new trend is emerging that could hasten the cashless future even further: digital assets, of which NFTs are a part.

CryptoMonday.de‘s analysis of Digimentality’s report shows that 25% of the respondents are still skeptical about the cashless future. That’s not surprising, given that these payments are still in their infancy, and there are plenty of concerns about security and privacy.

Moreover, the survey found that 27% of would-be digital payment users deem government regulation a significant impediment to the attainment of that cashless future.

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