“NFTs are becoming increasingly popular as people look for alternatives to traditional asset classes,” explained CryptoMonday CEO Jonathan Merry. He added, “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’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.