Recently, Non-Fungible Token or NFT is being discussed, especially in Indonesia. NFT is a type of token or blockchain-based digital asset that is unique and can be collected or traded, in contrast to bitcoin / cryptocurrency which is a fungible token, which functions as a means of payment.
Herry Irawan, MM, MT, CBDA, CBTC, who is a Senior Lecturer at the Faculty of Business Economics as well as a Research Center Researcher at Telkom University’s Digital Business Ecosystem, explained that with the immutable and trustable nature of blockchain, NFT is a solution for the security of our assets, be it physical. as well as digital. This allows the sale of digital assets such as NFT to be easier and safer.
However, it is also necessary to pay attention to the negative sides of the current NFT trend, such as the use of digital works belonging to other people sold on the NFT marketplace. For now, regulations that specifically regulate NFTs in Indonesia do not yet exist. However, there are already several regulations relating to copyright or intellectual property rights or IPR. In practice, the implementation of this regulation still has many obstacles, including the difficulty of implementing regulations in one country for violations committed by other countries.
Herry added that since the emergence of the Ghozali effect, the NFT trend has become increasingly popular in Indonesia and has begun to be noticed by the public as a profitable investment alternative. This makes blockchain (NFT) literacy increase rapidly. There is a huge opportunity for NFT creators to sell their work on the NFT marketplace.
From several cases of viral and phenomenal NFT sales, the key word is the uniqueness ( rarity ) of the NFT works made. This uniqueness can be in the form of the beauty of his work, effort/effort to create, ideas/concepts offered and various other things. Of course, this will also adjust to the buyers of the NFT works, whether they are collectors or investors/speculators.
“In Ghozali’s case, selfies are not judged by just the selfie. But the uniqueness of Ghozali’s selfie photo is the idea and time investment to do that selfie, everyday for the last five years. Each of Ghozali’s selfies is not seen in terms of the beauty of the work, but the different uniqueness and rarity or rarity between one photo and another. This is what makes the photo so expensive and viral today.”
NFT can be created into various art products such as paintings, designs, music, films and many other forms that can be digitized. The NFT business has a large enough opportunity, but it takes a careful reading of the market to create a potential NFT for sale.
Herry also encourages the younger generation of Indonesia to be involved in the NFT business by taking on roles, including as an NFT marketplace developer, NFT creator, and manager of NFT owned by other people (consultants/managers).
As an NFT creator , of course, foresight in creating unique works is the key to the success of his NFT assets. Meanwhile, for NFT investors, being careful in assessing which NFT assets have the potential to increase rapidly is one of the keys. Besides the ability to manage measurable risks is very important.
“By utilizing this blockchain-based NFT technology, every physical work, such as paintings, collectibles, etc., can be registered in the form of NFT digital assets. This can add value in the form of a more permanent recording of the work to ensure the originality of the work.”