The Project
Non-Fungible Token (NFT) is a buzzword in Hong Kong at the beginning of 2022. In fear of missing out, people are flocked to join by minting (create and launch) or investing on NFT. It is a hype but how many participants are well understood NFT?
Instead of speculation and flipping, what are the benefits NFT brings to Hong Kong? Would it be a bubble and a gimmick only? Publications and studies on its impacts to Hong Kong are lacking.
This project is going to explore the design and business opportunities of NFT of the coming years in Hong Kong, including the study of culture from flipping activity, the change of art & creative, design functions and roles, cultural and the experience impact on business and community.
The Survey
Two companies published reports on studying the public awareness of NFT in Hong Kong before Summer 2022. Different views on the future plan and personal wish for owning a NFT, and percentage of NFT experience.
To validate the truth and the phenomenon, a survey in questionnaire digital format is conducted within three weeks, during 24 June to 17 July 2022. Online digital questionnaires are distributed online through social media by reaching any kind of Hong Kong people who are living or lived in Hong Kong, no matter their age and occupation.
Summary: Key Insights
Not many people participated in NFT activities
Only 4% participants are planning to own NFT in the coming 12 months
Age 18 - 22
most understanding NFT
68.2% participants (age 18 -22) almost believed NFT is more than art
NFT is profitable,
digital artwork
Over 70% participants believed that NFT is profitable digital artwork
“NTR” by “Trial & Error” is the most recognised NFT
Over 65% the respondents answer “Trial & Error” as the first, recognised Hong Kong based NFT project
Potential increments
is the first consideration
Over 40% participants said "potential increments" is the first factor, fa from the other factors.
Aware of NFT
but not Web3
90% participants heard about NFT, but only 50% of them stated they heard about/knew Web3.
Q&A
What is the survey format?
The survey is a self-reporting questionnaire, with 22 questions. It is created by using Google Form.
When did the survey occur?
It is conducted from 20 June to 17 July 2022. 4 weeks, 28 days in total.
How many responses received for the survey?
168 responses received. 5 participants further shared their thoughts through individual interviews online.
What are the demographics of the survey participants?
Gender: 50.8% Male 46.9% Female Age: 26.6% Age 23 - 29 21.1% Age 18 - 22 19.5% Age 30 - 34 15.6% Age 35 - 39 Education: 57.8% Undergraduate 18.8% Postgraduate 14.1% Associate Degree / High Diploma / Diploma Occupation: 69.4% Employers 28.1% Students
Where can find and download the full report?
The full report would not be shared to the public. For enquiries, please contact Melvin Au for details.
What is PolyU MDes?
PolyU MDes is the Master Degree programme offred by The Hong Kong Polytechnic University School of Design.