Donald Lim, president of the Blockchain Council of the Philippines.
NEGROS OCCIDENTAL (PIA) – A Filipino information technology expert has expressed optimism that blockchain technology could be a valuable tool for local artists or creatives to showcase their artworks directly to the intended audience.
Donald Lim, president of the Blockchain Council of the Philippines, said blockchain is best for creatives like writers because they do not have to go through publishers to publish and market their works.
The same is true for dancers, photographers, animators, and other creators and artists, he added.
In the United States, he said, many artists use non-fungible tokens (NFT) to release their works and earn from them without sharing their profits with a go-between like publishers and big media groups.
“Non-fungible tokens (NFTs) are assets like a piece of art, digital content, or video that have been tokenized via a blockchain. NFTs can be traded and exchanged for money, cryptocurrencies, or other NFTs—it all depends on the value the market and owners have placed on them,” according to Investopedia.com.
A singer, for example, who may not be that popular anymore, sings on Twitter, makes an NFT, and sells his or her songs and photos to followers, Lim noted.
The blockchain recognizes only one owner of the photo, Lim said. It can be shared through screenshots, but the blockchain knows the only owner who assigns financial value to it and, thus, has the right to sell it.
He further explained that a physical artwork—Mona Lisa—can be shot into digital form, and the museum or owner of the photo can use the NFT to store it. Lim said this cannot be duplicated or plagiarized.
He said all of these processes require a platform, which is Web 3. According to Simplilearn.com, web 3 is “the concept of the next generation of the web, where most users will be connected via a decentralized network and have access to their data.” (AAL/Lljr/ PIA6 Negros Occidental)
