Kepeng.io, DENPASAR – Non-Fungible Token or often abbreviated as NFT has recently become a hot topic in the community, as we know NFT is a digital asset that represents real-world objects such as paintings, music, items in games, and short videos.
Digital assets are everything that exists in digital form or format and is equipped with the right to be used.
This became the topic of material presentation carried out by Gung Yoni, as a representative of Community Manager Kepeng.io when introducing NFT (Non-Fungible Token) as the basis for the development of digitizing artwork by utilizing Blockchain technology to members of the SME Illustration of the Bali Design and Business Institute, Last Tuesday (03/8).
This material presentation activity was carried out in Classroom B, Dharma Negara Alaya (DNA) Denpasar Building. Some of the problems faced by artists in digitizing their works of art are the lack of economic protection of copyright and the lack of places to market the artwork.
In the presentation of this material, a data storage technology called blockchain was introduced, Yoni explained: “that Blockchain is a data storage system and transactions in a network”. Blockchain has a unique way of working because data or transactions will be stored together in one block, each block will be connected to each other so that each block will be interrelated. It is also said that Blockchain has several properties, including decentralization, Provenance, consensus, and Finality
It was also explained that in blockchain technology there is a unique token that is often referred to as NFT. In the presentation of the material, it was explained that NFT which stands for Non-Fungible Token is a basis for digitizing a work of art. Simply put, NFT is a token that cannot be replicated and cannot be replaced. With this, work can be tokenized so that a digital certificate of ownership can be made that can be transacted.
In addition, the first NFT Platform in Bali was introduced which is directly under the auspices of the Denpasar BKRAF (Creative Economy Agency). This platform is known as Kepeng.io. Kepeng.io is a community foundation or can be called a non-profit institution. This institution has a goal to support the economy to preserve Balinese art and culture through this is the vision that Kepeng.io wants to achieve, this vision also aims to save the existence of Balinese artists in the long term, in terms of the validity of their creations and their economic aspects.
Yoni also explained that there are so many problems faced by artists, one of which is plagiarism or duplication of new works of art, piracy, and problems regarding copyright protection from an economic perspective.
Although the artwork already has copyright, in reality, what often happens in the field is the mixing of copyrights due to sales. Therefore, Kepeng has developed a breakthrough project called Baliola.com, from this project it is hoped that Baliola can become a bridge that can provide facilities for artists to invest their artwork in the form of digital art products. Baliola uses blockchain technology to record its transactions.
Yoni also explained about the flow mechanism for artists to register or NFT their artwork, artists can sell their artwork either in physical form or only the value or history of the work, the registration process is quite easy, but of course, there are some conditions that must be met if you want to enter the Baliola Marketplace because Baliola is a curated marketplace which means that all works must first be stamped in order to enter Baliola. After that, the digitized works can be displayed on the Baliola website. The plus pawn that the artist will get is that the artist will get a certification from BKRAF and validation by the art community.
It is hoped that in the future kepeng can develop sustainably and kepeng can be used to finance various types of transaction activities. However, this Kepeng cannot be used as a direct transaction tool but can be redeemed.