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Is the Big Data NFT Coming Soon?

At 0:00 on June 21, 2021, Alipay, an affiliate of China’s e-commerce giant Alibaba, released 16,000 limited-edition non-fungible tokens (NFTs) based on two pieces of artwork commemorating the ancient artwork of Dunhuang Caves. The artwork featured flying “apsaras,” or spirits, along with sacred deer from Mogao Cave — also known as the Caves of the Thousand Buddhas) — in the Chinese city of Dunhuang. Released on the private blockchain AntChain. the NFTs sold out almost immediately. Each NFT sold for 9.9 Renminbi (RMB), plus 10 Alipay credits.

According to the terms of the NFTs issued by Alipay, the issuer continues to own the copyright of the NFT, and the users who purchased the work cannot use the NFT for any commercial purpose without obtaining written permission from the copyright owners . Although the NFTs issued by Alipay are very different from cryptocurrency NFTs , it is still notable that, as one of the largest financial companies in the world, Alipay is undoubtedly reintroducing NFTs to the public again, thereby boosting the temporarily-depressed NFT market.

Whether they are Alipay’s digital works NFTs or NFTs that can be resold, all NFTs possess one main function — to express ownership of unique digital collectibles. The NFT trade not only improves the liquidity of assets, but also has the potential to unlock the value of some previously untradeable digital assets, such as data.

In the era of big data, only a small part of the massive amount of data harvested is ever actually used. With the continued digitization of business, government, and industry, more and more cross-regional, cross-industry, and cross-institution research subjects will demand data sharing. However, concerns surrounding privacy, security, and industry competition stifle the flow of data, and the value of data is seriously undermined. The GoodData Foundation, which has always been committed to data-value release, combines data with NFT technology through blockchain and other techniques after continuous research and attempts, thus creating a new form of data assets. The data owner publishes the data as exclusive data-NFT on the GoodData blockchain, and the data users select the data they need from the displayed NFTs and purchase it. Owning the NFT does not mean purchasers directly own the original data, but rather have purchased the right to calculate the data. In the process of calculation, users can get the calculation results without accessing the original data because of multi-party security computing, differential privacy and encryption algorithms provided by GDF.GDF has continuously made technological breakthroughs in the fields of data security, federated learning, and data value flow, and it has applied for a number of patents in the United States. In the future, GDF’s contribution to data value mining will affect several fields, such as:

Medicine. A large amount of human health and genome data can be made available for medical research. At present, mobile devices, such as mobile phones and smart bracelets,gather a great deal of basic personal health information — diet, work and rest, fitness, disease, etc. — which can be used for predicting and preventing diseases.

Media advertising. At present, service providers obtain data mainly for precision marketing. Users who provide data only passively accept these services, and it is difficult to ascertain the direct value brought by data. Users sometimes have to provide some private data to service providers because of unfair or misunderstood terms of use. On the blockchain network, however, users can selectively provide some necessary data to service providers, and provide their own data to service providers in the form of NFT for machine learning or selling to advertisers and sharing advertising expenses, so as to truly realize the revenue right of their own data.

Finally, federated learning on data NFTs has applications in co-marketing, co-financial research, and other fields. GDF aims to boost data value by unlocking its potential, which will be a great breakthrough in the era of big data.

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