ICTP 179: Understanding NFTs and the opportunity for wealth creation, with Trevor Forrest

Non-fungible tokens (NFTs) is one of the fastest growing areas leveraging blockchain technology, and has begun to open a broad range of opportunities, especially as it relates to the trade of digital assets. Blockchain Architect and CEO of 876 Solutions, Trevor Forrest, explains what NFTs are, why they are such an important development; and what might be the opportunity for the Caribbean region.

ICT Pulse Podcast · ICTP 179: Understanding NFTs and the opportunity for wealth creation, with Trevor Forrest

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With the upsurge in Bitcoin over the last few years, attention eventually shifted to blockchain technology, which underpins the creation and use of cryptocurrencies. However, blockchain technology is being leveraged in multiple areas ranging from financial services to agriculture.

However, over the past year or so, non-fungible tokens (or NFTs) have emerged as one of the more exciting parts of the blockchain universe, and has been taking the art world, in particular, by storm. This past July, the international news agency, Reuters, reported that in the first half of 2021, NFT sales totalled USD 2.5 billion, up from just USD 13.7 million in the first half of 2020. To illustrate, and according to Decrypt, listed below are just a few of the digital works that contributed to the USD 2.5 billion in sales recorded in the first half of 2021:

USD 69.3 million, for EVERYDAYS: THE FIRST 5000 DAYS, for artwork created by famed digital artist Mike “Beeple” Winkelmann
USD 11.8 million, for CryptoPunk #7523, created by CyberPunks
USD 6 million, for Ocean Front, also created by Beeple
USD 5.27 million, for Stay Free, which was created by National Security Agency whistle-blower, Edward Snowden
USD 5.1 million, for Save Thousands Of Lives, which was created by Noora Health, a non-profit that sought to raise funds for its work with new mothers in South Asia
USD 2.9 million, for The First Tweet, the first ever tweet on Twitter, which was sent by Twitter Co-Founder and Chief Executive Officer. Jack Dorsey.

By way of a definition, and according to Wikipedia, an NFT is “a unique and non-interchangeable unit of data stored on a digital ledger”. To the lay person, that definition does not say much, but with the help of our guest, we hope to get a better understanding of: what NFTs are; why they are such an important development; and what might be the opportunity for the Caribbean region.

Introducing our guest

Trevor Forrest is the Founder and Chief Executive Officer of 876 Solutions, a managed technology service provider headquartered in Jamaica, which offers among other things, cloud hosting, document management, web hosting services, as well as internet security assessments. Trevor has over 25 years of experience in the ICT industry with expertise in areas such as web design and development, e-commerce, big data, network/cyber security and blockchain technology. Through the Blockchain Council, which is one of the top organisations for blockchain training and certification, Trevor is also a Certified Blockchain Architect.

Trevor is a sought-after speaker and tech expert. He has been an Advisor to the Government of Jamaica and has served on numerous ICT committees and boards, including the Spectrum Management Authority, eLearning Jamaica Limited and the Universal Service Fund, to name a few.

Insights into our conversation

A conversation with Trevor on the blockchain universe is always exciting and interesting, as he is not only knowledgeable about the mechanics of the technology, but also readily illustrates with relatable examples. Our discussion on NFTs was no different. Clearly, NFTs are an exciting development that have been experiencing a lot of visibility over the past several months, and so have also been the source of considerable hype. It is thus easy for people to get swept up in the excitement, and not do the requisite research in order to make prudent decisions.

An important aspect of the NFTs space, similar to cryptocurrencies, is that a lot of the regulations and protections that exist for fiat money are absent. As a result, players in those spaces need to be sufficiently knowledgeable and digitally literate to not only understand how those areas work, but also how best to navigate within them.

Below are key questions posed to Trevor during the course of our conversation.

What is an NFT? And what is the connection between NFTs and blockchain technology?
What makes the use of NFTs valuable or potentially important?
Is there a difference between how NFTs would work with tangible art or materials versus digital assets?
How easy or difficult is it to make an NFT?
Are there any frictions between NFTs and existing copyright laws?
Is it possible or realistic for NFTs to be created or transacted here in the region?
The Jamaica Stock Exchange is reportedly working on being able to trade cryptocurrencies and other digital assets, do you think NFTs could also be traded on that stock exchange?
Could NFTs become a mass market approach to digital art?
What, if any, might be the downsides to NFTs?
What do you think of the long-term potential of NFTs?

We would love to hear from you!

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