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Public Interest and The Future of NFT in Indonesia

Ghozali's viral NFT phenomenon provides fresh air for developing NFT in Indonesia. This moment educated people regarding the use of NFT and other blockchain ecosystems.

Ghozali's selfie photo collection was sold in a non-fungible token digital asset. Currently, Ghozali's NFT collection contains 933 selfie photo items. Now, the highest selling price for one of the NFTs entitled Ghozali_Ghozalu #311 is 11 ETH or around IDR 47 billion.

This phenomenon shows the great potential of the NFT market in Indonesia. Therefore, the public is also interested in learning more about the benefits of NFT and the blockchain ecosystem. 

NFT Ecosystem in Indonesia

NFT Ecosystem in Indonesia

Do you know the condition of the NFT Ecosystem in Indonesia? Now, it is better than before. Overall, the NFT ecosystem is considered to have been formed. It is ready to be used by existing marketplace owners, and the number of marketplaces will continue to grow.

Since August 2021, TokoMall has 10,000 collectors, 8,000 NFT collections, and 80 official partners. The official partners include I Love Indonesia, Si Juki, Banyan Core, and others. NFT in Indonesia is also quite large, both on social media or in application groups that discuss various updates.

Related Article Best NFT Marketplace Indonesia For Purchased and Traded

3 NFT Artists In Indonesia

NFT received a positive response in Indonesia. The global NFT community and Indonesian community began to look at the potential to get new income for creators of work and advance their economy. This service provider facilitates collectors to find and buy the NFT they like.

The monetization scheme is through a gas fee. Paid users to offset the computational energy are required to process an NFT transaction into the blockchain.

The trend of buying and selling Non-Fungible Tokens (NFT) is getting busier after Sultan Gustaf AL Ghozali alias Ghozali everyday managed to generate IDR 1.5 billion from a collection of selfies on OpenSea.

Not only Ghozali, but some Indonesian artists have also started selling their digital works on the NFT marketplace. This is the list of Indonesian artist's collaborations who sell and buy NFT with fantastic prices listed on the marketplace:

1. Anang Hermansyah

Asix Token NFT

Interested in the NFT business, Anang Hermansyah and Ashanty released a crypto token called ASIX to the NFT market. The crypto-token developed by Anang and his family with MC Basyar, SEO IDM Token, was sold out when it was first released on a limited basis on 27 January.

Not only works, but ASIX also allows users to play Pay to Earn (P2E) games. It is known that Ariel 'NOAH' and Judika joined ASIX by buying 1 billion ASIX tokens each.

2. Luna Maya

Luna Maya NFT

Luna Maya also released NFT in the form of digital works on a limited basis, only ten items in June 2021. Her original digital works are produced by TOKAU, a company with experience creating NFT works for Japanese artists.

This 1983-born artist markets her work on the NFT Bakery Swap platform. On this occasion, Luna was also supported by Gushcloud International.

3. Syahrini

Syahrini NFT

The singer, who is nicknamed Inces Syahrini, released an NFT entitled 'Syahrini's Metaverse Tour' on 14 December 2021. Her digital artwork is an avatar with a picture of her. This avatar of herself can also be used in the Metaverse, a 3D digital world developed by Meta.

She said on her Instagram that the avatar was the result of Syahrini's collaboration with PT Anak Gaul South Jakarta and NFT Kings Pro. The NFT was sold through one of the Binance trading platforms at a unit price of around 20 Binance USD or around IDR 286 thousand. Sold 17,800 copies, Syahrini's digital works lined up as the world's first NFT hijab.

NFT Regulations In Indonesia

Regulation NFT in Indonesia

The sale, purchase, and trade of digital assets on NFT have not been regulated. NFT itself is part of the blockchain technology ecosystem, like crypto and other digital currencies systems. The NFT ecosystem in Indonesia, including its regulations, is still minimal. 

NFT in Indonesia regulations must include the standard NFT value. At least, the NFT asset owners who want to sell the asset have a reason regarding the value of the NFT they sell.

Protection of crypto assets expected physical objects that have clear property rights. Some regulations support the dynamic development of NFTs. 

Apart from supervising transactions, NFTs in Indonesia are necessary to establish regulations that will assist the development of dynamic NFTs. Currently, regulations in Indonesia are still limited to crypto-assets, not covering other blockchain developments.

The Future of NFT in Indonesia

NFT uses a blockchain technology system that certifies the authenticity and proof of ownership of assets. The way the system works does not restrict users from sharing or copying digital data in various forms to buyers. Blockchain technology also enables digital peer-to-peer transactions that record and store buying and selling data. This logging allows link transaction information to be stored chronologically and permanently. Therefore, transaction activities at NFT are definitely safe, not harming anyone.

What is the future of the NFT in Indonesia? NFT users who make transactions to buy and sell digital assets continue to grow every day, which will increase the economy in Indonesia. The interest of many people, especially the younger generation, is to use NFT technology as a medium for selling works. The weakness of NFT in Indonesia's business concerns is its stability and sustainability.

NFT seems to have almost the same characteristics. The art products trade is easy to replicate. They have a low barrier to entry. Indeed, aspects of innovation and luck have become the main attraction for today's young generation.

User's NTF in Indonesia continues to grow, starting from the public interest. This platform shows that the future of the NFT market in Indonesia has made good progress.

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