DNA Building, Denpasar - Bali

Introduction of Baliola: An NFT Art Marketplace Based on Non-Fungible Token (NFT) and Blockchain Technology for Mata Mural and Keju Juwhat

Kepeng.io, DENPASAR – The world is currently experiencing the era of the industrial revolution with technology as the key to the effectiveness and efficiency of human activities. Changes in technology and systems are made aimed at upgrading the power of technology itself. The use of technology in the era of the digital revolution has made technology a major need, plus science and technology that is developing so fast make technology in this era used in all fields of science, from the education system, banking, agriculture, to digital currency.

The digital currency revolution has been enabled by Bitcoin and the underlying blockchain technology. Apart from this revolution, other fields of research have been affected by this technology. Blockchain represents a source of transaction information that can be shared among all users in a distributed network of devices. By using blockchain technology, every transaction made on the network is recorded and stored, eliminating dependence on third parties such as payment processors. The general framework for implementing decentralized computer systems can be derived by extending the blockchain paradigm, which was originally designed to be a financial ledger.

In line with this explanation, I Wayan “Agus” Pratama Putra revealed in his socialization to the Mata Mural and Keju Juwhat community, Friday (13/8), that blockchain is a technology that can provide strong and robust cybersecurity solutions in addition to high-level privacy guards. In the blockchain model, records are stored on various interconnected computers. Therefore, data storage with third parties is not required. “The way blockchain works when new transactions or edits to existing transactions enter the blockchain, generally most nodes in blockchain implementations must run algorithms to evaluate and verify the history of proposed individual blockchain blocks,” said Agus.

This blockchain technology was then used as the basis for the creation of the first Baliola NFT Art Marketplace project in Bali. Baliola is a marketplace that specializes in marketing art products, including digital – conventional art, collectibles to official products of communities, agencies, and companies. The hallmark of this Baliola marketplace is that it uses an NFT (Non-Fungible Token) basis. NFTs are non-exchangeable tokens just like that, which have proven to be the platform’s most recurring focus, so there is almost always a space devoted to talking about their functionality, usability, and how they can change things, not just art but almost all areas of cultural production.

Agus said the market for non-exchangeable tokens (NFT), transferable and unique as a digital asset on the public blockchain, has then received wide attention and has experienced strong growth since early 2021. On March 11, 2021, digital artwork exclusively in the form of non-fungible tokens (NFT) sold for the equivalent of $69 million. This artwork by artist Beeple can be viewed or accessed freely by anyone on the Internet. “So why such a large amount was paid for it? You could say that this particular work of art is NFT,” said Agus. He added NFT is a blockchain-based token that securely maps ownership rights to digital assets. Analogous to owning a physical work of art (which museum visitors can also view without owning it), NFTs provide a way to represent ownership or ownership of digital assets such as art, music, games, or collectibles.

Blockchain technology represents a secure and transparent basis for mapping and value transfer (peer-to-peer) over the Internet. Specifically, blockchain is used to store metadata representing ownership or other rights to an asset. In addition, this technology provides a suitable infrastructure for smart contract applications, which are scripts that enable the automation of business logic. Therefore, Baliola emerged as a digital art marketing platform to reach foreign markets. At Baliola, every artwork that is submitted will become an NFT, which is then used as proof of ownership or digital asset. Then, these ownership rights can be sold without losing the artist’s copyright.

Talking about marketing, this NFT can be sold to collectors outside (country). This is a form of saving artists in marketing their works because as is the case in the field, there are few appropriate platforms for artists to showcase. “We do marketing abroad, but it is possible that local collectors can also buy it, it is an honor for us,” said Agus. As is known, the Baliola marketplace is supported by the Creative Economy Agency (Bekraf) of Denpasar City, so the marketing carried out is based on the country in collaboration with the City of Denpasar. “Later on, the marketing will be according to the sister city of Denpasar City,” added Agus.

Baliola NFT Art Marketplace is the answer for artists who experience the drama of plagiarism, piracy, and also illegal sales. Because we help in granting copyright through the verification we do. In addition, each artist will also be validated first. When it is successful and has a valid status, the work will be used as an NFT, then entered in Baliola which is encrypted with blockchain technology. “So, NFT is a form of copyright, then we protect it with blockchain. For transactions on the blockchain, each transaction cannot be edited and deleted, so the data is all factual,” added Agus.

Agus hopes that every artist doesn’t have to worry about keeping every artwork they create free from illegal piracy, because with us at Baliola, they will get real protection with the NFT system and blockchain technology. He also reminded that if they want to join Baliola, artists must have unique artworks that they have never published before. Because, said Agus, so that every work has a scarcity value, and from this, it can increase the economic opportunities of each work that will be sold.

(banyuning)

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