Safety features give public confidence to explore NFTs

KUALA LUMPUR: The rising popularity of non-fungible tokens (NFTs) is proof that Malaysians are willing to explore the utilisation of NFTs.

An NFT is a non-interchangeable unit of data stored on a blockchain -- a form of digital ledger -- that can be tied to digital files such as photos, videos and audio.

These are unique cryptographic tokens that exist on a blockchain which cannot be replicated, and can represent real-world items like artwork.

The ownership of an NFT is recorded in the blockchain and can be sold and traded by the owner.

NFT Pangolin Southeast Asia business development director Mohamad Johan Nasir said NFTs also work as a platform to support artists and talents, as it provides them with more exposure and opportunities to sell their products online.

NFT Pangolin is a global marketplace for regional creators in Asia to issue and sell their unique crypto-secured assets to global collectors.

Speaking to Bernama, Mohamad Johan said currently, there are approximately 10 NFT platforms in Malaysia, including NFTPangolin.com, Pentas.io, NFTapir, Nftology and Numismatic, and the number is expected to grow over time as people are gradually getting a grasp on the benefits of NFTs.

"NFTs help artists in securing their IP (intellectual property) rights and copyright on blockchain and ensure that their ownership is protected, as well as making sure that future royalties of their works are received perpetually, even after multiple sales of the same NFT.

"NFTs are also not limited to digital art; physical medium artists can also tap into the NFT buyers' market," he added.

Moving forward, Mohamad Johan hopes that more Malaysians will recognise NFTs, Metaverse, Crypto and Blockchain (NMCB) solutions to stay competitive, as many global tech players and industries are currently utilising the NMCB backbone in innovating their products and services.

-- BERNAMA