Super Crypto Conference (SCC) is a full day virtual conference for the latest insights and necessary conversations about blockchain and cryptocurrency in Asia, in particular Southeast Asia, and priming the next blockchain boom in the region.
Following the success of SCC, SCC SERIES is a series of virtual events focusing on the hottest topics in the blockchain industry.
With over US$2 billion worth of NFTs transacted in the first quarter of 2021 alone and the largest transacted amount for a living artist of US$69.3 million for Beeple’s First 500 Days, NFTs are too big to ignore.
Non-fungible tokens or NFTs are rising in popularity as more people discover their importance. These tokens come with unique metadata and identification codes, making it easier to distinguish individual tokens. Unlike digital currencies, such as Bitcoin and Ethereum, you cannot trade or exchange NFTs. They are cryptographic assets representing the value of physical items, such as artwork and real estate, on a blockchain platform.
The excitement around NFTs feeds a similar narrative to other recent price surges such as GameStop and dogecoin, in that these are speculative bubbles brought about by stimulus cheques in the US, lockdown boredom and low interest rates.
Look no further than celebrities like music star Grimes and YouTuber Logan Paul releasing their own flagship NFTs to ride the wave. Even Vignesh Sundaresan, the entrepreneur who bought Beeple’s record-breaking artwork, sees investing in NFTs as a “huge risk” and “even crazier than investing in crypto”.
However, NFTs create opportunities for new business models that didn’t exist before. Artists can attach stipulations to an NFT that ensures they get some of the proceeds every time it gets resold, meaning they benefit if their work increases in value. Admittedly football teams have been using similar contractual clauses when selling on players for a while, but NFTs remove the need to track an asset’s progress and enforce such entitlements on each sale.
The potential of NFTs goes much further because they completely change the rules of ownership. Transactions in which ownership of something changes hands have usually depended on layers of middlemen to establish trust in the transaction, exchange contracts and ensure that money changes hands.
None of this will be necessary in future. Transactions recorded on blockchains are reliable because the information cannot be changed. Smart contracts can be used in place of lawyers and escrow accounts to automatically ensure that money and assets change hands and both parties honour their agreements. NFTs convert assets into tokens so that they can move around within this system.
This has the potential to completely transform markets like property and vehicles, for instance. NFTs could also be part of the solution in resolving issues with land ownership. Only 30% of the global population has legally registered rights to their land and property. Those without clearly defined rights find it much harder to access finance and credit. Also, if more of our lives are spent in virtual worlds in future, the things that we buy there will probably be bought and sold as NFTs too.
In this episode of the SCC Series, find out how industry professionals see where the NFT sector is headed to and learn about the opportunities from investing and engaging with NFTs as an important subsector of the cryptocurrency ecosystem.
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• Patrick Tan, CEO & General Counsel, Novum Alpha
• Lynn Hoang, Country Director, Binance Vietnam
• Miko Matsumura, General Partner, Gumi Cryptos Capital
• Artur Pszczółkowski, CMO, NFTs Expert, GamerHash
• Irina Karagyaur, Head of Metaverse Growth, Unique Network
• Twobadour, Steward, Metapurse
• Dinis Guarda, CEO citiesabc.com and openbusinesscouncil.org
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1. The definition of NFTs and their interaction with Metaverse
2. Some of legal challenges that NFTs could solve
3. The interaction of NFTs with DeFi & their value creation for both ecosystems
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Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.