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.

As a result of the exploration, at the 100th JPEG Meeting the committee released the “Final Call for Proposals on JPEG NFT” (zip) and associated “Use Cases and Requirements for JPEG NFT”.