NFTs represent real-world objects like art and music. An NFT’s authenticity and ownership is established once it’s minted in the blockchain, which is a decentralized, secure, and public digital ledger that cannot be changed in part without changing the whole.
“An NFT is almost anything when it comes to data sets,” he said in the Oct. 7 event. “Getting past the apes… what value does timestamping data [give], what use cases can come from that? How can timestamping give you a sense of permanence for whatever it is?” Reginald A. Tongol, a Philippine-based lawyer and art collector, noted how blockchain technology protects against copyright and trademark issues. If two fashion designs are similar, it’s hard to know which one is the earlier creation unless there’s a timestamp, he said.
“Every permutation of the design can be traced in the blockchain, and artists can put their terms for other people to be able to use and license it,” he added.It’s hard to monitor how many limited prints are done, and if the artist gets what he deserves for those prints, Mr. Tongol said. “With blockchain, they can see who bought what, and how much they earn from it.