Yogyakarta, December 9th 2021─Center for Digital Society of UGM together with the Student Executive Board of the Faculty of Economics and Business, University of Lampung held a Diffusion #66 webinar entitled “About NFT: Future or Moment?” on Thursday (9/12). The event, which took place via the CfDS UGM YouTube streaming, presented speakers Perdana Karim (Research Assistant CfDS) and Muhammad Naufal (Coinvestment Analyst).
NFT or Non-Fungible Token is a blockchain-based digital asset that certifies ownership of the asset. This NFT will start to boom in 2021. As the name implies, NFT is a token that is quite unique because of its irreplaceable nature. Therefore, there will only be one item with a high value and makes NFT seem very expensive. NFT itself can be an alternative for artists to sell their work online.
“The most expensive and phenomenal art that has ever been sold is NFT art from Beeple, one of the world’s famous artists, who makes one painting per day for five thousand days and sells it in NFT form at a price of 999.95 billion rupiah,” Naufal said.
This NFT system uses blockchain technology which will verify and see whether someone has enough money or not in a transaction. This blockchain is transparent where all recorded data can be seen by everyone. So, someone involved in the blockchain can see all the activities that occur including seeing the amount of cryptocurrency in someone’s digital wallet that will be given to others.
Furthermore, the types of NFT that are currently being hyped include NFT Fine Arts, NFT Music, NFT Game, NFT Land, and NFT Real Sector. Meanwhile, the factors that make NFT very expensive can be seen in terms of history, scarcity, and potency.
“When we look at this NFT, we have to remember that there is a historical aspect or scarcity that makes it expensive, or even from a potential perspective it may be even more expensive in the future,” Perdana said.
In relation to its development in Indonesia, NFT is not yet popular because besides being used by the rich, the security of personal data in Indonesia is also quite worrying. Perdana said that although the development of NFT in the world is still safe, Indonesia has other more important priorities, namely the protection of personal data in the form of the Personal Data Protection Bill.
“NFT may be a future, but it’s not like the future we imagined, in the sense that if we look at the NFT culture now, I don’t think it will last long enough because it is temporary, people are still quite skeptical and this is a game for the rich.” Perdana said.