Exploration on JPEG NFT

Recently, Non-Fungible Tokens (NFTs) have garnered considerable interest. Several digital assets that NFTs point to are either in existing JPEG formats or can be represented in current and emerging formats under development by the JPEG Committee. Additionally, various trust and security concerns have been raised about NFTs and the digital assets on which they rely. To better understand user requirements for media formats, the JPEG Committee launched the JPEG NFT exploration initiative. The scope of JPEG NFT is the creation of effective specifications that support a wide range of applications relying on NFTs applied to media assets. The standard shall be secure, trustworthy and eco-friendly, allowing for an interoperable ecosystem relying on NFT within a single application or across applications. The committee strives to engage stakeholders from diverse backgrounds, including technical, legal, artistic, and end-user, to establish use cases and requirements.

The “Use Cases and Requirements for JPEG NFT v3” document was released at the 98th JPEG Meeting in January 2023. JPEG calls experts to provide feedback on this documents and welcomes interested parties to visit the JPEG website frequently for the most up-to-date information and to subscribe to the JPEG NFT mailing list in order to participate in the conversation.