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UN telecoms arm, ITU approves new NFT standards project

ITU said the project is aimed at exploring the creation of a standard technical and security framework for non-fungible tokens (NFTs)

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IT News Nigeria

United Nations telecoms arm, International Telecoms Union (ITU) announced recently the approval of a new non-fungible tokens (NFTs) standard initiatives. However, Chinese entertainment giant Tencent will lead the project in collaboration with Alibaba subsidiary Ant Group among others.

IT News Nigeria gathered that the project, titled “technical framework for DLT-based digital collection services” will be the world’s first U.N.-approved standards initiative for NFTs.

What is NFT?

An NFT, which stands for non-fungible token, is a unique unit of data employing technology that allows digital content—from videos to songs to images—to become logged and authenticated on cryptocurrency blockchains, primarily Ethereum. … The main impact of NFTs is making it easy to own and sell digital content.

UN said it approved Tencent to lead a project aimed at exploring the creation of a standard technical and security framework for non-fungible tokens (NFTs) .

According to Report, “this international standard will standardize the technical architecture, technical process, functional requirements and security requirements of blockchain-based digital collection services, which will help promote the global recognition of the overall technical framework of digital collection services.

It added that it will “enhance the value storage, value discovery and value transfer capabilities of digital collections, and promote the standardized application of digital collections.”

Tencent will collaborate with a number of other companies on the initiative, including Alibaba affiliate Ant Group, The Chinese Academy of Information and Communications Technology, Beijing University.

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NFT standardization: Why it matters

 The need for standardization may not be unconnected the recent NFT marketplace shutdowns as result of alleged ‘rampant’ fakes and plagiarism problem.

For example, platform which sold an NFT of Jack Dorsey’s first tweet for $2.9 million has halted transactions because people were selling tokens of content that did not belong to them, its founder said, calling this a “fundamental problem” in the fast-growing digital assets market.

Sales of NFTs, or non-fungible tokens, soared to around $25 billion in 2021, leaving many baffled as to why so much money is being spent on items that do not physically exist and which anyone can view online for free.

Again, the biggest NFT marketplace, OpenSea, valued at $13.3 billion after its latest round of venture funding, said last month more than 80% of the NFTs minted for free on its platform were “plagiarized works, fake collections and spam.”

Reuter highlighted three main problems: people selling unauthorised copies of other NFTs, people making NFTs of content which does not belong to them, and people selling sets of NFTs which resemble a security.

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