BAY-C from T.O.K was the first dancehall artiste to get significantly involved in the NFT space, releasing over 10,000 copies of his music coded with NFTs. Contrary to the notion that a specific NFT code gets to a particular asset, Bay-C had found a way to make all 10,000 copies of his music slightly different, with different benefits, driving the price for each copy of his music.

However, in a standard NFT setting, the more copies a single asset has, the less the asset will be valued. The value of scarcity and individuality boosts the price of NFTs. In the digital space, masters are non-existent, which gives way to NFTs. They solve several problems that exist in the music space. This initiative allows artistes to protect their work with the use of blockchain technology and to get paid for it.

As it relates to culture, there are a lot of opportunities for creators to monetise it; for example, creating cultural music and publishing them in the form of NFTs, similar to Barbadian musician Haleek Mall. Artistes can find ways to incorporate their artistry with the culture of the Caribbean and publish it as an NFT, which will strengthen their chances of branching out.

The development of a regional platform in this digital space is imperative to enhance the overall involvement of people as it relates to the creation of digital assets. The need for a central platform arises from the desire of people to have a more accessible and hassle-free process for conducting digital transactions. This regional platform will boost the collaborative initiative of sharing information and expertise to develop a more robust system.

From a Governmental standpoint in the Caribbean there are not enough discussions relating to cryptocurrency and NFTs when compared to the conversations happening in other regions. Most discussions on this topic in our area only highlight the negative side of cryptocurrencies and NFTs; therefore, Caribbean countries are sticking to the status quo and ignoring their positive outcomes. To get policymakers to facilitate the possibilities of NFTs in the region we need to educate them on the economic value of this initiative.

Cryptocurrencies are not legal tender in the Caribbean region; therefore, there is still a bridge between virtual finance and traditional financial systems. Traditional financial systems are globally controlled, where countries exist in the context of these constructs. A Government cannot willingly regulate virtual finance currencies as they still need to operate under the traditional financial systems.

With their ability to showcase proof of ownership, NFTs have the ability to become the world’s central ownership database. There is a possibility of digitalising processes with several capacities, such as real estate, intellectual properties, identity, management, etc.

Contributed by Adrian Dunkley, president of the Jamaica Technology and Digital Alliance; Alexia James, digital market manager of Mystique Integrated Services Limited; Trevor Forest, chief executive officer of 876 Solutions; and Bonito Thompson, chief executive officer of DonDada, on behalf of the Jamaica Technology and Digital Alliance.