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The Level of Awareness of Non-fungible Tokens as an Investment Tool in the Czech Republic

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  • Kryštof Tichý
  • Pavlína Petrová

Abstract

Non-fungible tokens are transferable rights to digital assets such as artwork, videos, in-game items, collectibles or music. Non-fungible tokens relate only to a specific unique item and carry information about the owner. The non-fungible token market has received widespread attention and has grown enormously since the beginning of 2021. Despite significant growth in the market, there needs to be more surveys, especially in the context of the Czech Republic. This article, therefore, aims to evaluate the level of awareness of non-fungible tokens in the Czech Republic. The paper presents the basics of the non-fungible token market, its potential and uncertainty, and the interdisciplinary nature of non-fungible token research. First, the characteristics of non-fungible tokens are described based on a literature review. The methodological part outlines an empirical analysis based on a quantitative survey in which 103 respondents in the Czech Republic took part. Based on the research results, it was found out that in the Czech Republic, there is low level of awareness of non-fungible tokens and also low level of trust in digital assets in general. In conclusion, it is possible to say that this article provides an overall understanding of the phenomenon of non-fungible tokens in the Czech Republic.

Suggested Citation

  • Kryštof Tichý & Pavlína Petrová, 2024. "The Level of Awareness of Non-fungible Tokens as an Investment Tool in the Czech Republic," Prague Economic Papers, Prague University of Economics and Business, vol. 2024(3), pages 319-335.
    • Handle: RePEc:prg:jnlpep:v:2024:y:2024:i:3:id:861:p:319-335
    DOI: 10.18267/j.pep.861
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    More about this item

    Keywords

    non-fungible tokens; intangible assets; awareness; investment tool;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets

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