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
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Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.