Kepeng.io, DENPASAR – CEO (Chief Executive Officer) of Kepeng.io, I Gede Putu Rahman “Desyanta”, gave an introduction to NFT and its use in the field of digital assets based on blockchain technology to the community from Tabanan Hub. The debriefing was carried out outdoors, namely in the Tabanan area, Bali.
The event which was attended by around 20 participants from the creative arts community was held with the aim of introducing a new platform that is directly under Kepeng Indonesia. The platform is known as Baliola.com, the first NFT marketplace in Bali, with the aim of being a showcase for Balinese artists. Desyanta, in his presentation, explained that the name “Baliola” was inspired by the existence of art which is Bali’s superior potential, where Baliola stands for Bali Online Art.
The material is explained starting from the introduction of NFT as the basis for developing digital art, then continuing with the presentation of the problems faced by artists today. The CEO of Kepeng.io again said that the problems that are often faced by artists are a large number of new works of art duplication circulating, piracy to copyright protection from an economic perspective that has not been implemented. According to him, problems like this need to be solved immediately. The solution at least includes the preservation of Balinese traditions, arts, culture, and tourism, as well as being able to contribute economic benefits for the welfare of the creators of his work.
Desyanta gave an example, some work motifs have unique designs, but some of them have invalid legality, “So many duplicate them because there is no clear copyright status,” he said. “The artist’s case now is about ‘Copyright’”. Even if you have a copyright, the reality that usually happens in the field is that the copyright has been mixed and entered into the next edition of the sale of the artwork. Therefore, Kepeng.io began to do research on the problems that occurred, then tried to develop technology that could be used to overcome these problems.
Through this Baliola project, it can be used as a bridge that facilitates artists to invest their art in the form of digital art products. Baliola is an NFT marketplace, where NFTs are referred to as non-fungible tokens, or tokens that have a unique value, no value is the same and cannot be exchanged from one NFT to another.
At Baliola, this NFT is used as a digital asset by artists. Every submitted work after going through the selection process, the work will be asked to make an NFT. The selection process for works that are entered at Baliola itself is through a process of artist validation, and artwork verification. Desyanta added that every artist who enters Baliola.com must be validated first in order to get an Artist ID. “This is a form of legalization from the artist that it is true that he is an artist,” he said. When the artist manages to get the Artist ID, the next step is to verify the artwork, whether it is true that the artwork is unique, or is the result of plagiarism and other fraud. “After the work has been verified, the NFT will be made, only then can it enter Baliola.
The advantage of Baliola.com is that all incoming transactions will be recorded on blockchain technology. The blockchain is a data storage technology and transaction processing carried out on a distributed (decentralized) network, using a special code (Cryptography) in the transaction process. Desyanta said that as the name suggests, blockchain will store data with blocks that are connected to each other in a network. The way the process works is that it begins with one party submitting a transaction, then the request will be sent to all parties in the network (nodes), then each node validates the transaction using an algorithm, and finally, when the block is successfully entered, the transaction data has been recorded automatically. permanent. “So the transaction will be safe,
Another advantage of Baliola itself is that it protects works of art from a legal and economic perspective. From a legal point of view, the granting of legality is in the form of verification of works, which is then used as an NFT. Meanwhile, from an economic point of view, there is a royalty system for the distribution/sale of works by the 2nd, 3rd, and so on. This royalty is a percentage of the selling value made by the buyers of the work, then the amount is determined directly by the artist. Desyanta said that in a work there are two rights, namely copyright and distribution rights. For this copyright belongs to the creator/originator artist, while this distribution right is the property that is obtained after purchasing the artwork to the creator. “Well, for example, I bought work from artist A for Rp. 1.000.000,-, then I sell it again to B for Rp. 5. 000000, -, then the creator will get a percentage of my sales royalty. This is a form of protection from an economic perspective for artists,” added Desyanta.
Uniquely, in Baliola, artists can sell various works of art, whether in the form of conventional artworks (paintings, carvings, etc.), or digital artworks. Besides that, artists can sell their work either physically, or just the value and history of the item itself. Desyanta gave an example, there are two forms of artwork, namely tangible assets and intangible assets. Tangible art is a physical form that can be seen and touched, while intangible art is something that can be remembered and felt, for example, stories, values, meanings, philosophies, etc. Then, at Baliola what can be sold are the two art forms. Every work that after getting verification will be used as an NFT and can be sold on the Baliola Marketplace. “There is a case Balinese keris that is sacred but the owner doesn’t want to sell it. However, many people want to have it. One of the things that can be done so that the wishes of each individual are fulfilled, namely by selling the history, value, or photos of the keris,” said Desyanta.
Desyanta stated that any form of art in Bali can be NFT. Starting from graphic designs, carvings, brands, and culture videos. “Well, this can be NFT right. Later, if this sells well, the sales proceeds will also go to the designer,” he concluded. “What can be sold can be from the story, the value in it. If they want to sell their physical goods/work, it depends on the community,” said the CEO of Kepeng.io. In principle, this Baliola marketplace has a wide market share, globally according to its sister city Denpasar City, for example, Europe, Asia, etc. So, the artists can sell their work to foreign people. “The case we are currently facing is COVID-19, where tourists cannot come to Bali, therefore Baliola is present as a showcase of artists, and a place for works of art,” said Desyanta.
Desyanta’s hope in the future is that artists can live properly, get copyright in each of their works, and be able to provide them with a platform for showcases. Of course, this will motivate them, the artists, to continue to work hard and give the best of their unique ideas, of course, it will automatically be a form of preserving Balinese art and culture. “I hope that in the future Baliola can be used as an excellent means for artists to show up their works of art,” he concluded.