FIRST INTERVIEW ON CHANNEL 8

I really thank God for opening the door for me to be interviewed by Channel 8 reporter. The topic was about NFT scams and how to prevent it. This interview was conducted on 6 April but it was only aired on 2 May, on Channel 8 news at 9am. It came about because the founder of NFTCircle (the platform that I worked with to mint my first book ‘Devotional for Joseph people’) was scheduled for an interview. He was speaking from an entrepreneurial point of view and the news station wanted a content creator. 

I was feeling inadequate because my ebook was just minted on 23 Mar but since God opened the way, I just walked through it. Later on I realised the interview was conducted in Mandarin which made me feel even more inadequate as my Chinese was not good. But I did some preparation before hand and the Lord put words into my mouth as the reporter conducted the interview. I could not refer to any notes that was prepared beforehand. I just had to rely on the Holy Spirit to guide me. Thank God the interview went well. 

After the interview was completed, I have been looking forward to this day when it would be screened. The long-awaited moment came on 2 May. I woke up earlier to record the segment before it was posted on youtube. As the news segment was in Mandarin, I translated the summary of the news for the benefit of our non-Chinese audience.  The video can be found here. https://youtu.be/lL13YWzzouQ

Summary of the news segment:

NFT non-fungible tokens operate with encrypted currency and blockchain technology, setting off a wave of investment in artistic creation. From time to time some people get rich by investing in NFTs, but disputes also increase. There are related cases received by law firms last year. twice as many as the previous year. Experts also warn that there is already an overheating of investment.

Writer Li Meizhu (Avin) published her fourth book. She commissioned a company specialising in the promotion of NFT to make the book into NFT, adding details such as electronic signature authentication, transaction methods and ownership. Issued on the mainstream NFT trading platform OpenSea. For each of her transactions, the operator only charges 10% of the royalties, so her initial setup cost is almost nothing.

‘NFT is a trend that cannot be ignored, and many young people are concerned about NFT. I think NFT will be an aspect they want to invest in.’ quoted Writer Li Meizhu. 

Experts remind NFT buyers and sellers that they should figure out the trading rules first and not rush into the market. A law firm received nearly 20 related cases last year, most of which can be handled by contract law or copyright law. The current investment boom has cooled.

Lawyer Zhong Tinghui: What is more interesting is that there will also be disputes over intellectual property rights. The artist created NFT and sold him to the buyer, but did not specify that the copyright has been handed over to the buyer. After the buyer buys it, if he sells it to a third party Otherwise, there may be a conflict from time to time.

Luo Ruiyun, a senior lecturer at the Business School of the SIAS University, believes that NFTs will indeed have a crisis of bubbles, especially at the beginning of this year, the transaction volume and market share have dropped a lot.

The Monetary Authority of Singapore recently proposed a draft regulation for the cryptocurrency trading market related to the development of NFTs, expanding the supervision of such financial service providers to further protect consumer rights.