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NFTs, or non-fungible tokens are a hot trend in the worlds of tech, finance and art. So why are people paying millions of dollars for these digital assets? Are they an emerging asset class, or the latest bubble in the tech world? And what do investors need to know, if they want to put their money into NFTs?
Money Mind’s Chubby Jayaram Singh speaks to Kelvin Goh, head of wealth advisory at OCBC Bank, and Anndy Lian, blockchain expert and an advisor board member of Hyundai DAC.
Episode 4 covers the following:
– What is NFT?
– How do we value NFT? Why would anyone pay so much for these digital pieces of media?
– How do we going about buying? Can we use cash?
– Do you think NFT be considered as an alternative asset class?
– What does the growth of the NFT market meant for investors in Asia or is this just a cryptocurrency trend?
Quotes from the speakers:
"In terms of the potentials for NFT, I think it is close to limitless." Kelvin Goh said.
"Blockchain technology is adding an additional layer of security & trust to your artwork." Anndy Lian shared too.
To listen to the full podcast, you can visit https://www.channelnewsasia.com/news/podcasts/money-mind/ep-4-what-are-nfts-and-why-are-they-trending-14606876 or you can catch it on Youtube via this link.
Anndy Lian and TokyoCrypto catch up at the Crypto Art NFT Event on Twitch, 10 April 2021. This event is produced by NFT.Black and partnering with Beyond Finance.
NFT stands for non-fungible token, are pieces of digital content linked to the blockchain, the digital database underpinning cryptocurrencies such as bitcoin and ethereum. Unlike NFTs, those assets are fungible, meaning they can be replaced or exchanged with another identical one of the same value, much like a dollar bill.NFTs aren’t exactly new. CryptoKitties, a digital trading game on the cryptocurrency platform Ethereum, was one of the original NFTs, allowing people to purchase and sell virtual cats that were both unique and stored on the blockchain.
NFT catches the trend this quarter and is the most talked-about topic currently in the crypto-verse. It’s popularity is in part driven by the fact that anybody can tokenise their work to sell as an NFT but interest has been fuelled by recent headlines of multi-million-dollar sales. On 19 February, an animated Gif of Nyan Cat – a 2011 meme of a flying pop-tart cat – sold for more than $500,000. A few weeks later, musician Grimes sold some of her digital art for more than $6m.
It is not just art that is tokenised and sold. 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.
Anndy Lian was also interviewed by Channel News Asia (CNA) Insider last week. (https://anndy.com/interview/is-digital-art-the-next-thing-to-invest-in-money-mind-cna-insider-nft-boom/)
In the event, Anndy shares his views on crypto in general. TokyoCrypto also asked Anndy about NFT, DeFi, on-chain custodian and more.
At the end of the event, Anndy brought up an interesting point. "Combine cross-chain capabilities from tech companies like CZZ (Classzz.com) with NFT multi-chain marketplace like Hodooi.com would be interesting. Companies should come together to create a better-decentralised environment for this industry and not work alone."
Lian has also told a reporter from Blockpaths.com that NFT has to move beyond art, into finance. "NFT is not just about art. It is also way beyond the current hype. The real capability for NFT is not fully tapped on. Its ecosystem and infrastructure are still in the building stage, we will definitely see its true self in the near future."
You can view the full interview at:
About Anndy Lian
Anndy Lian is an early blockchain adopter and experienced serial blockchain entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030” and currently the Advisory Board Member of Hyundai DAC Technology. He plays a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region. Anndy is also part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce.
An avid supporter of incubating start-ups, Anndy has investments in several traditional companies. He 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”.
You can read more about Anndy’s work at http://www.anndy.com
Blockpaths.com is a social media marketing company that paves the path for the future by sharing knowledge on blockchain technology and cryptocurrencies. We want to tell the world what blockchain and cryptocurrency can do for us now and in the future. On our platform, we bring you the most credible news and information that is happening in the industry. We also want to showcase the best companies and personalities that will give you the true definition of what this industry is all about.
On top of this, we are also a social media marketing company.
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.
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 following experts shared their take on NFT.
1) Journey Li, APAC Marketing Manager, Elliptic
2) Anndy Lian, Advisory Board Member, Hyundai DAC
3) Kelvin Goh, Head of Wealth Advisory, OCBC
4) Cao Yin, NFT Collector
"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 http://www.channelnewsasia.com
GBA Blockchain Week Virtual Summit invited blockchain experts to their panel on the second day of their conference to talk about "Macro Trends for Blockchain in Asia". The panel is moderated by Catherine Ross, Business Editor, Benzinga and with the following panellists: John Wang, Head of Eco Growth, Neo Global Development; Anndy Lian, Advisory Board Member, Hyundai DAC and Tony Tong, Chairman, Hong Kong Blockchain Association
"The trends are very obvious. Right now the hottest topics are NFT and DeFi. We do see new crypto plays like having the ability to borrow against your NFT collectables on DeFi platforms etc. I am also seeing promising growth in altcoin funds. I know a UK Digital Assets Management firm that is providing Asian centric altcoin funds to their clients." Anndy Lian, Advisory Board Member, Hyundai DAC comments.
Tony Tong, Chairman of Hong Kong Blockchain Association also added that crypto payments will get massive adaption. "I won’t be surprised within a couple of years in Hong Kong, we are going to be seeing 7-11 or other retail chains accepting crypto payments."
The panel later also touch on China’s DCEP project that has been fuelling a sense of urgency on CBDCs over the last two years. Now that GBA, and Hong Kong in particular, were chosen as a testing ground for deploying the digital yuan the world’s attention is focused on this key region. Speakers and high-profile experts from Asia, Europe, and the US will converge to GBA Blockchain Week 2021 to discuss major opportunities and prospects of DCEP.
In the other panels, key topics include regulation, including Hong Kong’s game-changing framework for virtual asset exchanges and virtual banks; fintech, with major tech solution providers working together closely with incumbent financial institutions and companies; tech talent and education, with Shenzhen rivalling the West with its «New Silicon Valley» innovation hub status; the role of key tech hubs; cutting-edge urban solutions for smart cities and smart state, and more.
This event has brought in many other blockchain leaders such as Justin Sun, Founder Tron; Mance Harmon, Co-founder, Hedera; Roger Ver, Founder of Bitcoin.com; Brian Behlendorf, Executive Director, Hyperledger; Alex Mashinsky, Founder & CEO, Celsius Network.
Greater Bay Area Blockchain Week 2021 is the premier virtual event for an international audience passionate about technology, education, and business. A week-long event will convene thousands of online viewers to the brightest spot on today’s global financial map, and compliment GBA’s status of the world’s leading and most quickly developing business and technological cluster.
The event, including the core 2-day summit, will be Streamed Globally and in China from 30-31 March 2021.