Welcome to this week’s Digital Bytes. This week we have analysis on the following topics:
NFT and copyright challenges - since the explosion of non-fungible tokens (NFTs) in 2021, copyrights have been a major problem in the industry as many fake and cloned NFTs have been sold to individuals who have little or no knowledge about them. Although there are many authentic tokens which have been sold for substantial amounts, the internet is full of copied products of several authentic NFTs. In the US, internet copyrights are very clear and infringements can result in fines of up to $150,000. So to some extent, NFTs are, at least and in essence, afforded some protection.
Challenges of keeping your digital assets private - in theory, using blockchain technology to issue digital assets has offered greater privacy and enabled transactions to be carried out in a highly confidential manner using crypto graphic security, meaning that a third party such as a bank was no longer required or could know what the nature of the transaction was. Given that, in some countries it is illegal to spend more that €1,000 in cash, could we see transactions using stablecoins or CBDCs being challenged? Would you be happy if customs officers seized your phone at an international border and could review your digital assets?
Adoption of digital assets in the US - the US FED is considering the merits of issuing its own CBDC and is one of the most vocal countries with respect to digital assets. But the US itself is not actually as fast in adopting digital assets. The crash of Terra Luna has strengthened some concerns expressed by lawmakers regarding this asset class and has arguably stemmed the tide on further widescale embracement of digital assets.
One billion disabled people globally: is your business ignoring them too? - in a society that strives to be woke, inclusive and mindful of its ESG credentials, the world’s disabled are often ignored. An app to reward both the able-bodied and disabled while they exercise has been established and pays its users in crypto tokens, which can be used to pay for equipment and future workshops. How inclusive is your company really and has it ignored this huge market?
Jonny Fry / James Tylee of Digital Bytes by Team Blockchain on Cyber.FM featuring ...James Tylee Discussing Disabilities in Business.