Kepeng.io, DENPASAR – The emergence of cryptocurrency in recent years has made blockchain technology gain significant recognition, due to the emergence of the digital currency bitcoin.
Blockchain technology is a technology for data storage and transaction processing carried out on a distributed (decentralized) network that uses a special code (Cryptography) in each transaction process. As the name suggests, blockchain stores data with blocks that are connected to each other in a network. The security of this technology is what makes the concept of bitcoin so popular among people.
Along with its development, blockchain technology is not only used in cryptocurrency systems but now this technology has been widely adopted in NFT. NFT stands for a non-fungible token, which is usually created to use the same type of programming as cryptocurrencies, such as bitcoin itself.
Seeing the problems that exist in the field that there is a difference between the real world and the virtual world, that in the virtual world, anything can be duplicated. For example images, songs, artwork, jokes (memes), or other content in any form uploaded on social media. This makes it seem as if there is no boundary between the original work and the duplication on the internet. However, with the NFT, digital work can be ascertained its authenticity even though there are many copies circulating in cyberspace.
This was revealed in the presentation of material from the representative of Kepeng Indonesia, I Gusti Agung Gede Bayu “Banyuning”, during the introduction of the non-fungible token (NFT) basis in blockchain technology in the Baliola marketplace project and its use in the field of art preservation, which is related to the legality of works ( field of law) and economic benefits, to artists, designers, and illustrators from UKM Gradasi STIKI Indonesia, Friday (23/7) via online (online google-meeting).
Banyuning explained, “NFTs are the only assets in the digital world that can be traded and like any other property, but they have no (real) physical form”. In this case, digital tokens can be considered as certificates of ownership for both virtual and physical assets.
Banyuning again stated that in economics, assets that can be exchanged are everything related to units and can be exchanged easily, for example, money. “For example, you can exchange Rp. 20 thousand with two Rp. 10 thousand and the value is the same. However, if something cannot be exchanged, it means that this tool has unique properties.”
Examples of these NFTs can be in the form of ID cards, driving licenses, electricity tokens, where the value of these tokens is certainly different from one another. Then if it is associated with the artwork itself, then the NFT is the copyright certificate. “This tool can be in the form of works or art paintings or similar items. People can take photos of paintings or buy prints, but there will only be one painting that is original with copyright ownership,” he added.
Talking about copyright, this is one of the problems faced by artists today. When they don’t have proof of the legality of their work, then when there are people who illegally duplicate and sell their art, the artists will experience problems in claiming their rights. “Therefore, by using the NFT system, it is adopted for works of art from artists in Bali, then the process of seeking copyright for the work is through the Baliola.com Marketplace project,” said Banyuning.
Baliola.com is a project of Kepeng Indonesia, which is a foundation incubated by the Creative Economy Agency (Bekraf) of Denpasar City. This Baliola.com marketplace is a showcase for artists in Bali, where they can buy and sell their NFT artwork using this platform. The market share offered is also wide, they can make transactions with foreign collectors/investors based on the sister city of Denpasar City.
In his presentation, Banyuning explained that the advantage of Baliola is that it uses decentralized blockchain technology. Customer data security is obtained from this system because, in its application, the data entered in this technology cannot be edited and deleted. The transaction will also be validated by all parties (nodes) in one network. So it is difficult for people who want to falsify data to carry out their actions because if that happens, all parties will know about it.
Another advantage is that in this Baliola, every submitted work will get validation by the community according to its field of work, and also get a certification by Bekraf Denpasar. This is a form of fighting for copyrighted works with legally recognized legality. Then, from an economic point of view, Baliola guarantees from the royalty system (distributed rights). “When I buy your work for A, and then I resell your work to other people for B, then you will get a fraction of a percent royalty, the amount depends on how much you want to fix it,” added Banyuning.
The next question is, what is the difference between the Baliola marketplace and other marketplaces. In other marketplaces, call it shopee, where the products offered are goods in physical form. While Baliola itself is selling NFT works of art. Banyuning said, “If you look at the opportunity, this NFT artwork has a very good chance of selling. Let’s take the example of Beeple, an NFT Art that has sold for USD$69,000,000 in 2021.” “Well, how much is it in rupiah?”, he continued.
Along with the increasing popularity of NFT, the higher the desire for crypto activists to collect goods from these special tokens. Some of them collect these tokens as a hobby, and some do it with the aim of investing. Various kinds of digital goods in the form of NFT crypto assets are traded through blockchain-based platforms. “There are various types, ranging from photography, motion graphics, digital artwork, to TikTok videos. Assets that are traded are also not arbitrary,” he concluded. (banyuning)