Money Mind tells you how to make the most of your money with tips for investors, business ideas for businessmen and analysis of the economy, companies, markets, financial products and trends. In this segment of Money Mind, Pamela On tells us more about the current NFT trends.
The following experts shared their take about NFT on Money Mind: Journey Li, APAC Marketing Manager, Elliptic; Anndy Lian, Advisory Board Member, Hyundai DAC; Kelvin Goh, Head of Wealth Advisory, OCBC & Cao Yin, NFT Collector.
A non-fungible token (NFT) is a unit of data stored on a blockchain (a digital ledger) which can represent a unique digital item like art. An NFT is a cryptographic token, but unlike cryptocurrencies such as bitcoin and many network or utility tokens, NFTs are not mutually interchangeable, i.e. not fungible. (Wikipedia).
The buyer of the NFT does not gain exclusive access to the work, nor does the buyer gain possession of the “original” digital file. A person who uploads a certain work as an NFT does not have to prove that they are the original artist, and there have been numerous cases where art was used for NFTs without the creator’s permission.
Twitter’s founder Jack Dorsey has promoted an NFT of the first-ever tweet, with bids hitting $2.5m. Christie’s sale of an NFT by digital artist Beeple for $69m (£50m) set a new record for digital art.
“NFTs are not just for purely for collectables, right now at this current moment especially, I see a lot of these big purchases and big valuation. This is actually part of a process to let people know what NFT is.” – Anndy Lian
While Anndy sees this as an awareness process right now, Cao Yin explains his point of view as a collector.
“The original reason for collecting these items (NFTs) is to collect, and not to transact, and not to “buy low, sell high” and profit from it.”- Cao Yin
CNA is an English-language news channel based in Singapore. It broadcasts free-to-air domestically and as a subscription network to 29 territories across Asia and Australia.
This is a view capture on Channel News Asia (CNA) Live. For better quality and full segment of Money Mind on 3 April 2021, 10.30pm Singapore Time, please visit www.channelnewsasia.com
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