The development of blockchain technology today is one that needs to be anticipated by the public and business people. After being enlivened by Decentralized Finance (DeFi) at the end of 2022, now one of the blockchain developments that is being discussed is the Non-Fungible Token or commonly abbreviated as NFT.
NFT has actually been around since 2014, but has been getting more attention since a digital artist named Mike Winklemann or better known as Beeple sold NFT’s work “Everyday: The First 5000 Days” with the highest selling record at Christie’s with a value of $69.3 million last March.
Tokocrypto as one of the number 1 crypto asset traders in Indonesia, conducted an online survey some time ago to the community regarding their opinions and understanding of NFT trends. From a survey conducted on 5 – 8 July 2022 on 400 respondents, 67.9% of respondents understood NFT as a digital art work, while 23.8% of respondents answered digital tokens, while the rest answered NFT as an art platform or other.
To strengthen the survey, Tokocrypto interviewed Pandu Sastrowardoyo as CEO of DeBio Network, NFT Curator Unique One Network, and Co-Founder of the Indonesian Blockchain Association. “Simply put, NFT can be interpreted as a certificate of ownership of a digital asset. Meanwhile, the digital assets in question can be very diverse, such as photos, videos, music, gifs, pngs, and others,” explained Pandu.
Pandu also revealed that when NFT was not as trendy as it is today, previous enterprises had implemented NFT in making identities, carbon credits, and others. “However, the public has become increasingly aware of the utility of NFT when ecosystems or creative actors (digital artists, musicians, videographers, etc.) use NFT to monetize their works,” he added.
According to Pandu’s explanation, the uniqueness of the artwork lies in the essence of rarity or the scarcity of the work sold by the artist. In the past, physical art such as rare paintings had a large market and was in demand by collectors who were willing to spend millions of dollars at auction houses such as Sotheby’s or Christie’s. Then at this time, how can digital art also have the essence of rarity? NFT is the answer.
“The scarcity in digital art is at the point where the artist or creator mints their work on the NFT platform. At that point ownership cannot be duplicated because it is recorded on the blockchain. This is the strength of NFT and makes the work has a rare value,” said Pandu.
Tokocrypto itself will launch a local NFT platform in line with the development of the utility of TKO Token. The NFT marketplace platform called TokoMall is planned to be present in mid-August 2022. The presence of TokoMall is expected to be a forum for local Indonesian creators in various categories to showcase their work and reach a wider market through this platform.
Chung Ying Lai, Chief Strategy Officer of Tokocrypto, said that “The current pandemic situation definitely has an impact on local Indonesian artists to exhibit their works, and even monetize them. NFT can be an option for creators to remain creative and productive in marketing their work in digital format while guaranteeing their authenticity.”
Tokocrypto opens opportunities for creators or artists in the lifestyle, creative, games and other categories to join TokoMall. Several merchants who have collaborated include Nevertoolavish, Banyan Core, Maximall Footwear, Si Juki, Karya Karsa, and others.
Nevertoolavish (NTL) as one of the most prestigious sneaker customizers in Indonesia sees that NFT is a new medium as digital art with unlimited creativity exploration. “After existing in the world of artisan customizers, we decided to enter NFT and saw that the system and medium were very attractive, which could benefit the ecosystem from both the creators and collectors’ point of view,” said Muhammad Haudy, CEO & Co-Founder of Nevertoolavish.
Meanwhile, Winny Wong as CEO of Banyan Core added that “Indonesia has many talented artists such as architects, interior designers, digital artists, painters, songwriters, actors, and others. But unfortunately, they are not widely exposed to the global market, even in general their works have not been appreciated at the right price. NFT will be a great opportunity for talented creators to show their passion and creativity, and become a strategy in encouraging creative businesses in Indonesia.”
Exploring NFT will provide several benefits from both a creator’s and collector’s point of view. From a collector’s perspective, NFT can help them expand their exposure to local and international markets as well as the opportunity to earn royalties on NFT’s work even if it has changed hands to other collectors. Meanwhile, on the collector’s side, the sense of ownership and authenticity of the NFT work from the preferred artist is the main attraction to owning an NFT, plus some NFTs allow the owner to exchange the NFT into physical goods or make it a long-term investment.
Prior to its launch, Tokocrypto invited enthusiastic NFTs to join and pre-sign up at mall.tokocape.com, where they had the opportunity to get a total prize of $7000 and 30 NFT merchandise from several official merchant partners. More information about TokoMall can be found at https://bit.ly/preregisttokomall.