[Coinlive x GWEI Summit 2022] Creating New Opportunities and Digital Assets with NFTs

Coinlive reporting live at the GWEI Summit 2022 in Singapore. The panel, moderated by Dr Kelvin Tan (SUSS), along with Debbie Lee (TechStorm), Cynthia Ding (Yincubator), Steven Lim (RSTN Consulting), and Benjamin Ong (Galaxis), is in a discussion about creating new opportunities and digital assets with NFTs. 

Moderator: How optimistic are you about the digital assets with NFTs; what do you think of the future? 

Cynthia: NFTs are not just limited to speculation, they can create a completely different class asset. The new world will start to be more digitalised and virtualised. We will see a lot more NFTs created, more than just art and IP, it’s actually around the activities and the daily lives in the virtual world, especially for the new generation. So, I am very optimistic, I think there will be a true valuable class asset that we will discover. 

Debbie: If you look at the data, you can see the current landscape for NFT is on the 1.0 version, it’s not perfect. The top line of NFT sales has increased a massive 800% for the last two years, closing up to $10 million. There is number to back up this industry, and for forward-looking statement, there are also many interesting projects. 

Benjamin: A lot of people have the connotation that NFTs are just JPEG with massive value; I think that’s the wrong way to approach it. Actually, NFT has been around for a very long time. Some of them have very good purposes and all of them stand for ownership of something on the chain.  

Moderator: How do you think of Singapore’s strengths and weaknesses to be a digital assets hub? 

Steven:There are many digital assets, such as audio, videos, documents, emails, and cryptocurrencies, which are a type of digital assets, but they are not the only digital asset. Tokenise a real-world asset on blockchain technology and make it more accessible, that’s what we are talking about when it comes to NFT. For there to be a marketplace, Singapore has been a worldwide financial hub for a long time and very successful. The legal framework is also very good. For institutionalised digital assets, no problem. But when it comes to commercial digital assets, the market size is simply just too small.  

Moderator:What advice can you give to the students who are interested to work in this field? 

Benjamin: It’s about how well you apply the technology and not just in the creation of its own. For instance, Eminem and Snoop Dogg just launched their own music video using NFT. And that shows how you can harness the power of NFT. We are looking for someone who is really creative and looking for ways to get the community more involved. 

Cynthia:There is no doubt the young generations are the natural adopter of digital assets. On the supply side, there will be more NFT artists exposing their creativity to the world and on the demand side, the bar has been lowered for the young generations to access the valuable asset.  

Debbie: The whole ecosystem of Web3 is going to create more jobs. A lot of opportunities across a few areas, one of them being the creative side, the next one being the business analytics, and the third will be a more ecosystem approach. 

Steven: The students are now in a very good time spot because Web3 is going to revolutionise everything we are living in today. The future is very bright, just learn and immerse yourself in this.  

Reported by: [Coinlive] Nell