Duplication is the act of creating a new work by copying the original work. Not only in the real world, in cyberspace, anything can be duplicated. For example, works of art in the form of dances, paintings, music, sculptures, or any other content that can be uploaded on the internet. This is because there is no boundary between the original artwork and the duplicated artwork on the internet. With NFT, work can be ascertained its authenticity even though there are many duplicates circulating in cyberspace.
In simple terms, Non-Fungible Tokens can be interpreted as unique digital codes that represent various kinds of assets, both tangible and intangible. This token can represent real and digital assets such as artwork, collectables, and other assets. Non-Fungible Tokens usually contain different information on each token. This unique code makes NFT unreplicated.
This is the topic of the presentation material by I Gusti Agung “Yoni” Permani as the representative of the Kepeng.io team. Yoni introduced the NFT (Non-Fungible Token) as the basis for the development of digitizing artwork by utilizing Blockchain technology to Balinese art activists located in the Bali Blockchain Center Denpasar room, Friday (26/11).
This is the topic of the presentation material by I Gusti Agung “Yoni” Permani as the representative of the Kepeng.io team. Yoni introduced the NFT (Non-Fungible Token) as the basis for the development of digitizing artwork by utilizing Blockchain technology to Balinese art activists located in the Bali Blockchain Center Denpasar room, Friday (26/11).
The decentralized nature of blockchain means that this technology does not need to rely on external authorities for the validation and integrity of data authenticity. This process is a decentralized process that usually occurs between network nodes to ensure the information is valid. After the decentralization process, the data will be added to the new block. Each block contains a hash or a unique code. Although the average blockchain transaction is an investment, the fact is that blockchain can store different types of information in the same block.
Besides that, Yoni also explained about NFT (Non-Fungible Token), where the NFT is a digital token that is linked to a large blockchain system. Actually not much different from some cryptocurrency assets, the only difference is that NFT cannot be exchanged, but can be traded. Each has a digital signature that does not allow NFTs to be exchanged or equivalent to one another (hence, not interchangeable). One clip NFT, for example, is not the same as another NFT simply because both are NFT.
“Seeing the many advantages of NFT and blockchain, we then applied these two bases to the latest Kepeng.io project, Baliola NFT Art Marketplace. At Baliola.com, artists can submit their work after passing the verification and validation process and then becoming NFT, and managed by a blockchain system. This is a form of legally granting copyright to artists through NFT, of course.” said Yoni.
Baliola.com provides several benefits for artists, including helping them to obtain legally valid copyrights, obtaining additional economic benefits in the form of royalties. Baliola also has a verification and validation system for artists and their works as proof that they are really artists. “Through Baliola.com, we bring Balinese artists to the eyes of the world.” close Yoni