{"id":16319,"date":"2021-10-18T14:56:58","date_gmt":"2021-10-18T07:56:58","guid":{"rendered":"https:\/\/koalisiseni.or.id\/?p=16319"},"modified":"2024-06-19T13:43:50","modified_gmt":"2024-06-19T06:43:50","slug":"nft-new-fortune-for-artists","status":"publish","type":"post","link":"https:\/\/koalisiseni.or.id\/en\/nft-new-fortune-for-artists\/","title":{"rendered":"NFT, New Fortune for Artists"},"content":{"rendered":"<p>In 2021, the Indonesian arts scene has been abuzzed with Non-Fungible Token (NFT).\u00a0NFT became a new way of doing arts during the pandemic.\u00a0This phenomenon has also been in the radar of various artists, including members of the Koalisi Seni such as the Ganara <a href=\"https:\/\/koalisiseni.or.id\/en\/mari-berbagi-seni-memantik-pikiran-kritis-lewat-seni\/\">Mari Berbagi Seni<\/a> Foundation\u00a0and\u00a0<a href=\"https:\/\/indoartnow.com\/\">IndoArtNow<\/a>.<\/p>\n<p>NFT is a crypto technology in the\u00a0blockchain<i>\u00a0<\/i>that functions like a digital certificate.\u00a0NFT has a token in the form of a unique digital code to be\u00a0used by parties who have digital artworks, whether in the form of photos, videos, images, and even memes.\u00a0NFT arts users are increasing due to the various potential benefits for artists in the\u00a0blockchain scene.<\/p>\n<p>Founders of Ganara, Tita Djumaryo and Ranald Indra, viewed NFT as a great opportunity for artists to disseminate their work.\u00a0In the world of fine arts, for example, new artists often must face challenges in networking, accessing distribution networks and gender inequality.\u00a0Through NFT, such limits are almost non-existent.\u00a0Everyone can access and buy works of artists from various regions.\u00a0According to them, &#8220;NFT can be one of the choices for artists to improve financial conditions during the pandemic.&#8221;<\/p>\n<p>In this NFT scene, Tita and Ranald assumed positions as educators.\u00a0They wanted Ganara to be a platform for artists to learn about NFT before taking a leap into the new world. One of their forms of education is being a speaker in online discussions, such as the Bank Mandiri talk show on &#8220;The Future of the Art Industry with NFT&#8221; on 23 September 2021.<\/p>\n<p>Ganara also plans to help artists who want to enter the world of NFT by digitizing their works, since mastering technology is also a challenge for many artists.\u00a0Digitization is done by converting physical works into digital versions.\u00a0Various modifications \u2014 both in terms of movement\u00a0<i>,\u00a0<\/i>dimensions, and format \u2014 were also made to make the work more interesting, so that the possibility of selling it was higher.<i>\u00a0<\/i><\/p>\n<p>Another challenge is related to the initial costs that must be borne by the artist.\u00a0These fees include\u00a0minting fees<i>, <\/i>listing fees, commissions, and transaction fees.\u00a0Tita and Ranald are seeking to engage marketplaces\u00a0and third parties to address these financial challenges.\u00a0<i>\u00a0\u00a0<\/i><\/p>\n<p>Meanwhile, IndoArtNow initiated the IndoArtNowNFT community, a network for Indonesian NFT creators and collectors.\u00a0IndoArtNowNFT administrator, Ditya Nurhakiki Subagja, agreed with Tita and Ranald&#8217;s statement.\u00a0Ditya also believed that artists who previously had difficulty submitting their works to galleries can use NFT as an alternative route, because with NFT, artists can improve their self-image and abilities fully and without limitation through their work.\u00a0To build relationships with senior artists, newcomer artists can communicate via Twitter when making efforts for promotion (shillings)<i>.\u00a0<\/i>Some\u00a0marketplaces<i>\u00a0<\/i>also provide messaging features.\u00a0Thus, artists from various backgrounds can support each other in terms of knowledge about NFT.<i>\u00a0<\/i><\/p>\n<p><b>NFT code of ethics and plagiarism<\/b><\/p>\n<p>One of the most important things for artists to learn, according to Ditya, is\u00a0<a href=\"https:\/\/translate.google.com\/translate?hl=id&amp;prev=_t&amp;sl=id&amp;tl=en&amp;u=https:\/\/github.com\/hicetnunc2000\/hicetnunc\/wiki\/NFT-Creators-Code-of-Ethics\">the NFT Creator Code of Ethics<\/a>.\u00a0Written by Leonard Schoelch, the code of ethics aims for healthy relationships between creators and between creators and collectors.\u00a0Knowledge of the Code of Ethics is very important so that there are no more cases of creators selling physical works and then selling off the NFT version without the knowledge of the collectors of the physical works.\u00a0Collectors consider such actions as violations of their property rights on the physical works.\u00a0In addition, artworks have resale values, so collectors will lose money when the price of the NFT version is much lower than the price they paid for the physical work.<\/p>\n<p>There are also cases of plagiarism, dubbed copyminting in the NFT world<i>.\u00a0<\/i>To counter this, Ranald suggested artists to take advantage of\u00a0Smart Contract<i>,\u00a0<\/i>a digital agreement created on a\u00a0blockchain.\u00a0The contract contains the\u00a0creator&#8217;s\u00a0digital wallet address, amount of royalties the creator wants in the range of 10-25%, and the format chosen as an asset that will be registered\u00a0on a network.\u00a0The contract\u00a0will be tied to the arts when the creator is\u00a0minting.\u00a0Because it includes videos of the manufacturing process or evidences related to the artworks,\u00a0Smart Contracts\u00a0can also strengthen the validity of the originality of the work.\u00a0<i>\u00a0\u00a0<\/i>\u00a0<i>\u00a0<\/i>\u00a0\u00a0<i>\u00a0<\/i><\/p>\n<p>With the\u00a0Smart Contract, the\u00a0system for selling physical artworks has also developed.\u00a0Now NFT can be proof of artworks validation, by minting\u00a0NFT versions of the works and giving one of the NFTs to the collector of the physical artworks.\u00a0According to Ditya, galleries should also use the\u00a0NFT\u00a0Smart Contract\u00a0to maintain authenticity of their collections.<\/p>\n<p>Related to\u00a0copyminting\u00a0,\u00a0IndoArtNowNFT has\u00a0another method to handle it.\u00a0As an organization, IndoArtNowNFT focuses on creators and collectors.\u00a0Creators who join the\u00a0IndoArtNowNFT\u2019s\u00a0Discord\u00a0platform\u00a0can report\u00a0copyminting\u00a0and other unethical behavior.\u00a0IndoArtNow will respond by providing publication assistance in order to mobilize the masses to report works that have been uploaded by\u00a0copyminter. Marketplaces will remove\u00a0works with multiple reports.\u00a0So, according to Ditya, the community needs to work together against\u00a0copyminting.<\/p>\n<p>&#8220;Artists should be more careful in<i>\u00a0<\/i>NFT marketplaces and look out whether other users copayment their artworks,&#8221; said Ditya.<\/p>\n<p>In NFT marketplaces, all kinds of art works can not be detected using a reverse image search, thus the creators must do the extra work to keep their work from copyminters<i>.\u00a0<\/i>Artists with connections and networks can reduce that extra effort as they can do it with other artists and communities.<i>\u00a0<\/i>\u00a0<i>\u00a0<\/i><\/p>\n<p>In Indonesia, the collective effort to grow together is quite high.\u00a0The collective strength of various communities is beneficial to NFT users, especially creators and collectors.\u00a0For example, the case of\u00a0<a href=\"https:\/\/www.thefineryreport.com\/articles\/2021\/3\/10\/when-cryptoart-and-physical-art-collide\"><i>Twisted Vacancy\u00a0<\/i>plagiarism\u00a0against the works of Kendra Ahimsa<\/a>.\u00a0NFT creators and collectors reported the alleged plagiarism to Kendra, condemning the act and positioning\u00a0<i>Twisted Vacancy\u00a0<\/i>as a common enemy.\u00a0This caused\u00a0<i>Twisted Vacancy to\u00a0<\/i>deactivate their account, rendering them unable to produce NFT works nor upload them on Twitter and Instagram.\u00a0Efforts to help artists are also taking place at Hicetnunc (HEN), one of NFT&#8217;s marketplaces.\u00a0In this marketplace, there is a growing culture of artists collecting NFT works, while collectors are helping to spread information about new NFT works through the Twitter platform.<i>\u00a0<\/i><\/p>\n<p>Copyminting is\u00a0also detrimental to collectors\u00a0because once plagiarized works that have been purchased by collectors are removed from the marketplace because they got caught, the collectors will lose their money since the purchased tokens remain but cannot be sold again.<i>\u00a0\u00a0<\/i><\/p>\n<p>Ditya gave an example of a case of how the Netherlands cope with copyminting,<i>\u00a0<\/i> which was discussed in the\u00a0IndoArtNow NFT\u00a0Discord<i>\u00a0<\/i>panel.\u00a0He said, \u201cThe Netherlands is a country with a fairly regulated crypto market.\u00a0Dutch citizens who copymint will be arrested.\u00a0In Indonesia, crypto is still considered an asset, but there is no such regulation.\u201d\u00a0<i>\u00a0<\/i>\u00a0<i>\u00a0<\/i><\/p>\n<p><b>NFT will not kill galleries<\/b><\/p>\n<p>Tita, Ranald, and Ditya agreed that the emergence of NFT is not a dying sign of arts galleries.\u00a0Ditya believes arts galleries can utilize NFT to create virtual galleries.\u00a0In the future, Indonesia may initiate a virtual collective exhibition of works and artists in NFT as has happened abroad.<\/p>\n<p>Another advantage of the emergence of NFT, according to Tita, is also related to advocacy for Indonesian arts policies.\u00a0Because the NFT process takes place on the internet, everything is recorded digitally so that it can be processed as a policy basis.<\/p>\n<p>\u201cNFT gives all of us the opportunity to record Indonesian art, which was previously very difficult to do because it was so massive.\u00a0This is related to\u00a0<i>big data\u00a0<\/i>(mahadata) that can be used to advance in advocating to the government,&#8221; said Tita.\u00a0<i>\u00a0<\/i><\/p>\n<p><b>The other side of NFT<\/b><\/p>\n<p>Beside all the benefits we can get from NFT, there is another side that users need to understand.\u00a0This is because NFTs rely on\u00a0cryptocurrencies, which are controversial in terms of their impact on the environment and accusations of being speculative assets.<\/p>\n<p>According to French artist Joanie Lemercier, as quoted by\u00a0<a href=\"https:\/\/www.cbsnews.com\/news\/nft-art-environmental-costs\/\"><i>CBSNews.com<\/i><\/a>, \u201cWith no travel involved, and a mostly digital distribution, this new model looks like it has the potential to become a sustainable practice for artists. That&#8217;s until you understand the magnitude of the environmental impacts of the current blockchain: It is a DISASTER.\u201d This is because\u00a0blockchain\u00a0consumes a lot of energy, while the NFT transaction process produces carbon dioxide emissions that exacerbate the climate crisis.<\/p>\n<p>Another warning was issued by a number of financial authorities, who called\u00a0cryptocurrencies\u00a0a highly speculative asset. \u201cThey have no intrinsic value. Buy them only if you\u2019re prepared to lose all your money,\u201d said Bank of England Governor Andrew Bailey, as reported by\u00a0<a href=\"https:\/\/translate.google.com\/translate?hl=id&amp;prev=_t&amp;sl=id&amp;tl=en&amp;u=https:\/\/www.cnbc.com\/2021\/05\/07\/bank-of-englands-bailey-crypto-investors-risk-losing-all-their-money.html\">CNBC<\/a>\u00a0.<\/p>\n<p>In Indonesia,\u00a0<a href=\"https:\/\/www.idxchannel.com\/economics\/yakin-mau-investasi-crypto-simak-penjelasan-ojk-soal-risikonya\">IDXchannel.com<\/a>\u00a0wrote that the Indonesian Financial Services Authority had declared\u00a0cryptocurrency\u00a0not a legal mode of payment.\u00a0Crypto assets are included in commodities with volatile value fluctuations, so people must understand their potential and risks before making transactions for such assets.<\/p>\n<p>NFT can create a space where anyone can be anything, but it&#8217;s not risk-free.\u00a0Are you interested in trying your luck in this new field?\u00a0(Diva Oktaviana)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In 2021, the Indonesian arts scene has been abuzzed with Non-Fungible Token (NFT).\u00a0NFT became a new way of doing arts during the pandemic.\u00a0This phenomenon has also been in the radar of various artists, including members of the Koalisi Seni such as the Ganara Mari Berbagi Seni Foundation\u00a0and\u00a0IndoArtNow. NFT is a crypto technology in the\u00a0blockchain\u00a0that functions [&hellip;]<\/p>\n","protected":false},"author":29,"featured_media":16266,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[549,499],"tags":[520],"coauthors":[325],"class_list":["post-16319","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kabar-seni-en","category-translated","tag-nft-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NFT, New Fortune for Artists - Koalisi Seni<\/title>\n<meta name=\"description\" content=\"In 2021, the Indonesian arts scene has been abuzzed with Non-Fungible Token (NFT), a new way of doing arts during the pandemic.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koalisiseni.or.id\/en\/nft-new-fortune-for-artists\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NFT, New Fortune for Artists - 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