"NFT Technology Advancements Beyond Ownership Proof Possible... Active Collaboration Underway"

Predictions have emerged that the development of non-fungible token (NFT) technology will go beyond mere proof of ownership.

At the ‘NFT 2023 Seoul Conference’ held on the 1st at COEX in Gangnam-gu, Seoul, Calvin Chan, CEO of NFT manufacturer Legitimate, explained, "Beyond art and proof of ownership, various assets can become NFTs, and such processes may emerge," adding, "Although its influence is gradually waning and transaction volumes are decreasing, it remains active."

He continued, "We are collaborating with large-scale artists and brands through NFTs, and we are receiving support from brands for synergy in areas such as art, artificial intelligence (AI), and community," and said, "Depending on the attitude taken toward NFTs, development can proceed in the direction imagined."

Alejandro Navia, CEO of NFT-related media NFT Now, believes that NFT technology can be used to verify false information or rumors. He said, "In a situation where artificial intelligence (AI) can easily manipulate photos or voices, we have launched a product that can verify sources," adding, "After verification through digital tools, it is indicated as 'verified content' on platforms such as the Twitter accounts where the information was circulated." Navia also added, "There are behaviors that spread false information to increase views, but it is important to reveal facts and truth."

The event featured various discussions under themes such as ▲The direction and new possibilities of NFTs in the Web3 era ▲The utilization and role of NFT art in future art ▲The current status of the domestic token securities issuance (STO) market and industry-specific STO utilization strategies.

In the keynote presentation on 'The direction and new possibilities of NFTs in the Web3 era,' held prior to NFT-related discussions, there was a claim that the Spatial Web will attract attention in the future.

Choo Sun-woo, CEO of iStaging Asia, described the Spatial Web as "a living network composed of interconnected pages, text, media networks like the World Wide Web (WWW), as well as people, objects, spaces, virtual counterparts, transactions, and transportation," explaining, "All data in reality is computed virtually, and the computed virtual data can greatly help solve real-world problems."

He added, "The fusion of artificial intelligence (AI) and quantum computers will not only analyze and understand real scenes but also create and allow experiences of all imaginable scenes virtually," and said, "Data exchange between online and offline will enable connections between digital and physical spaces."

In the final keynote presentation related to token securities (ST), discussions were held on the direction of industry development. Lee Yong-jae, Senior Manager at Mirae Asset Securities, explained, "There is a need for token securities issuance that differentiates from traditional securities." While traditional securities issuers have no value in utilizing token securities beyond meeting funding and asset securitization needs, token securities issuers can create synergy with core businesses in areas such as customer acquisition, marketing activities, business structure, and strategy formulation.

He selected essential considerations for revitalizing the token securities industry as ▲Securing mainnet competitiveness ▲Global scalability ▲Regulations considering utility ▲Setting reasonable issuance scale ▲Considering global trends ▲On-chain and Web3 linkage and expansion. Furthermore, he predicted that if innovation in financial investment business emerges centered on token securities platforms, the global competitiveness of domestic finance will be strengthened.

Additionally, at the conference, opinions were expressed that legal amendments are necessary because there are regulatory deficiencies regarding the circulation of investment contract securities, a form of token securities.

This content was produced with the assistance of AI translation services.