CEO of digital asset development company, Yaad Labs, Jaymeon Jones says NFTs offer companies and content creators a reliable way to keep track of their digital content. 

Speaking on Taking Stock with Kalilah Reynolds, Jones explained that an NFT or ‘non-fungible token’ is something that can prove ownership of an asset and allow it to be easily transferred.

According to news website, The Verge, non-fungible means that the asset is unique and can’t be replaced with something else. 

Bitcoin, for example, is fungible. If you trade one bitcoin for another, it is still the same Bitcoin. A one-of-a-kind piece of art, however, is non-fungible. If it is traded for a different piece, the owner will have something completely different.

Use cases

Currently, NFTs are used primarily for digital art, but Jones said the technology can be applied to different industries.

“There’s a lot more to the technology. It can be applied to real estate, to financial markets… it can serve as the security and the certificate for the security. It can also serve as digital identity.  The scope is very broad,” Jones explained.

He said that most NFTs are used as collectables; people buy them to have sole ownership over the unique item. However, he noted that NFTs can be used by artistes, for example, to grant exclusive access to unreleased music. 

He said that NFTs help creators keep track of their original work, as it is assigned a unique ID number that can be tracked using the blockchain technology that NFTs are built on.

“With an NFT, because there is a unique policy ID attached to it, users can verify for themselves if they hold the real thing. You’d know it’s the real thing if it’s coming from the creator’s wallet, address and the correct policy ID,” he explained.

Additionally, the CEO said NFTs are another way to prove copyright.

“There are limitations on how far-reaching a traditional copyright is. With blockchain, there is another option to help you prove that this is your piece,” he said.

Raising funds

Jones said Yaad Labs will eventually create its own NFTs for sale and help customers create and manage their own NFTs.

The CEO said the company, which is currently in the fundraising stage, has secured over US$100,000 in funding to get started.

He said that he believes now is the time for the Caribbean to begin investing in knowledge and understanding of NFTs as it will eventually become a major player in several industries.

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