In the past, creative works such as artworks, music, book publications and photography are delivered physically. However, in present, the definition of ownership in creation had become wider through digitisation. The ability to store these creative works in various digital forms had brought us into the new world of trading called NFT. What is an NFT ?
NFT stands for non-fungible token, a buzzword referring to a unique as well as non-interchangeable unit of data which is stored on a digital ledger termed blockchain. Complicated word it is. Thus simply put, according to Forbes, NFT refers to digital asset that represents real-world creative works in digital forms, for examples, art, videos, photo and images, music and in-game items that can be sold or bought online.
The world today is driven by digital transformation. One of it to be social media. The platform kept on evolving, from Facebook, Instagram and then nowadays TikTok. People are using their creativity in making digital contents through these platforms. Believe it or not, these digital contents are of those digital assets and may be used to make money.
NFT also applies to the existing digital assets. For instance, the video of that goal scoring moments in a football match or that youtube video post with funny moments. Most recently, the iconic viral video on youtube entitled “Charlie bit my finger” has changed its owner as it had been sold as NFT for $760,999 in an auction.
As a conclusion, an NFT is like a certificate that indicates the ownership on unique digital assets in any form. It can be in the form of video, images, even tweet or meme. However, regardless the hype for NFT, people; either sellers (artist) or buyers, who are interested in getting involved with NFT should realised the need to properly understand the copyright issues regarding NFT in order to avoid copyright violation.
E-SPIN Group in the enterprise ICT solution supply, consulting, project management, training and maintenance for multinational corporations and government agencies across the region E-SPIN do business. E-SPIN has been actively involved in the digital transformation (DT) initiative project consulting, training, solution supply, integration and implementation since as early as 2005. Feel free to contact E-SPIN for the various DT initiatives and requiremen