JetCoin is one in a long list of NFT projects that have launched in the last year. Whilst many of the NFT projects have been focussed on single pieces of digital artworks or creations, JetCoin is aiming to build out a complete ecosystem of fan based NFTs that are funded and powered by the JET token issued on both Binance Smart Chain (BEP20) and Ethereum (ERC20). The JetCoin ecosystem aims to build out NFT issuances that cater to fan support for sport and entertainment icons and future superstars. It offers entertainers and sportspeople a potential way to source financial backing from their fans in return for multimedia NFTs.

Now, I will be the first to admit that I'm still not completely sold on the concept of NFTs as they stand at the moment. I see them primarily as a proof of ownership, a digital receipt, which I do NOT equate with the actual piece of artwork/asset that was bought. Thus, to me... the actual ownership of the NFT is essentially worthless in comparison to the possession of the actual underlying digital asset/artwork. Now, if the digital asset is publicly viewable, then it follows from this strand of reasoning that the actual possession of the asset is public, regardless of the actual possession of the digital NFT (receipt). I know that there are many who don't subscribe to this manner of thinking, but to me, unless the actual NFT offers some sort of utility or functionality that isn't public to non-holders of the NFT, it doesn't strike me that it should deserve any intrinsic value. Speculative value... of course, is a very different thing.

Just as a quick explainer... an ENS name is a NFT with utility, as is a Uniswap V3 NFT that represents the ownership of a particular liquidity position. Likewise, the concept of the NFTs issued on the Secret blockchain give the owner privileged access to the underlying media that can be selectively shared or not. Also, legally enforceable NFTs such as home ownership or tickets would serve as digital receipts with real utility.

It appears that JetCoin is aiming to provide NFTs with in the form of the last version, Legally enforceable rights... although that remains to be tested. When "talent" (god, I hate that word...), signs up with JetCoin, they are signing away part of their future image/media rights which can then be re-issused as Jet tokens as these rights are monetised. So, it isn't just internet magic money as such, but there is a way to create value in the Jet token. I'm quite curious about how this plays out...

In the lite paper and whitepaper, JetCoin make the explicit point that they aim to target upcoming stars. I assume that these are the future stars that are at the point in their careers where they need the immediate support and would be willing to sign away future media revenue in exchange for that. From the point of JetCoin, they are gambling on securing a future revenue stream with a relatively smaller upfront investment.

However, all of this is still in development... I'm here to test out the actual NFT platform and not really to make much comment on the future viability of their tokenomics plan. Lets just say that it is better thought through than many other NFT projects.

So, connecting to your NFT cache on the NFT page of JetCoin is pretty easy. A familiar experience with either Metamask or WalletConnect approving viewing of your address. At the moment, I'm playing around with the supplied JetCoin NFT on the Rinkeby testnet of Ethereum.

A quick connection approval and there is the sample NFT. Clicking on it reveals the full multimedia contents of the NFT. I'm assuming that it is a car... and not a fledgling sporting superhero.

The NFT details span two pages... the first page is the cover art for the NFT in addition to some tech specs of the car (apparently, it is a M1 McLaren... I know nothing about cars...). There is also a little blurb about the car. You can see how this can be quite easily adapted to be written information about a particular entertainer or sports star. However, at the moment... nothing that really strikes me as being worthy of an NFT... you could quite easily pick up this material on Wikipedia or a just from a Google Search.

The second page kicks off with some more text blurb which isn't that interesting or NFT-worthy. However, the two next panes start to showcase the multimedia aspects of the NFT, with two columns of photos and videos that feature the NFT-subject (the car in this case...).

This is the real meat and bones of the JetCoin NFTs... and it would be these panes that would provide the multimedia rights that are to be monetised and showcased. Although the two papers from the JetCoin team do talk about monetising of the multimedia rights, it is still unclear from this example testnet NFT as to exactly how they aim to do this properly and ethically. It might be that with the "real" NFTs, the images and videos are properly and privately sourced and paid for... but with this particular testnet NFT, I have serious misgivings about how they have done it... as all the actual multimedia is publicly available and it isn't clear that they are properly attributed (aka plagiarism). Perhaps there could be a clarification on this...

For instance, the Nordschleife Maclaren P1 video is available on YouTube and is published by Lanzante which has no public links to the JetCoin project or the specific NFT. So, publicly viewable, which for me, makes the NFT have little intrinsic value... and potentially using other entities IP (which is a big no no).

Likewise, the featured photos are easily findable with a quick Google Image Search. Resulting in multimedia that is both publicly viewable AND possibly belonging to other people.

Now, the publicly viewable part is a problem with the tokennomics... and there are more than enough projects that have launched with terrible tokenomics. That isn't a crime... just a red-flag for investment. However, the use of IP that belongs to others is NOT acceptable. Hopefully this is just an oversight for the testnet NFT or something that hasn't been explained properly... but it isn't a good look. I hope that they redo the example NFT to feature their own owned IP... that has been bought and paid for with the tokenomics model that they have suggested in their lite/white papers.

I'm looking forward to an evolution of this... but at the moment, I'm a bit dubious about the way that they have implemented the sample NFT. This sort of oversight is not a good thing for a platform that should be about IP and not trampling on existing ownership... after all, their tokenomics is all about future revenue from IP ownership, and ignoring it from the start whilst presumably wanting to enforce their own future ownership is a terrible double standard if is true.

Yep... and this is the most annoying part that I can see about NFTs. Even with the receipt of ownership (NFT) recorded on the blockchain... there appears to be a problem in viewing my owned copy of the "Mona Lisa". This entire space needs a few more years of evolution...

I can also be found cross-posting at:
Hive
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Publish0x

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