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9 - The NFT Phenomenon among Indonesia’s Millennial Artists
- Edited by Ju-Lan Thung, National Research and Innovation Agency, Jakarta, Maria Monica Wihardja, ISEAS - Yusof Ishak Institute
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- Book:
- Understanding the Role of Indonesian Millennials in Shaping the Nation's Future
- Published by:
- ISEAS–Yusof Ishak Institute
- Published online:
- 13 April 2024
- Print publication:
- 02 January 2024, pp 249-266
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- Chapter
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Summary
The art industry has been influenced in recent times by the emergence of the phenomenon of non-fungible tokens (NFTs), that is, unique objects validated by digital encryption technology. Indonesian millennials have been quick to harness the potential of NFT technology as a means of showcasing and marketing their artistic creations. However, research on the impact of NFTs on the Indonesian art ecosystem is limited. This chapter aims to fill that gap. Applying a qualitative method with a phenomenological approach, the researchers examined how millennial artists engaged with the NFT world. The study showed that access to the NFT digital art market and the NFT community has advantages for artists such as obviating the need to use intermediaries, allowing freedom of expression, fostering networking with their fellow artists and collectors, and even providing an inclusive space for female artists. Conversely, digital artists also face certain shortcomings, such as regulatory uncertainties surrounding NFTs, the volatile nature of cryptocurrency rates, the inherent risk of cybercrime and the potential for digital art theft. Nevertheless, the NFT trend epitomizes the zeitgeist of the digital era, where millennials actively seek validation and recognition from their digital communities.
INTRODUCTION
A non-fungible token (NFT) is defined as a one-of-a-kind digital object validated and protected using blockchain technology (Terry and Fortnow 2021). This technology is widely used to claim asset ownership, particularly in the form of creative works known as NFT art. Popkova (2022) adds that blockchain offers authentication of ownership, rarity and immutability of related objects. NFT art includes videos, images, games, audio, books, texts and photography. Even though the NFT market is highly volatile, the artwork becomes valuable when it is a unique collection (Frye 2021).
The NFT phenomenon is growing due to technological advancements and the ability of artists to monetize their artwork. However, new challenges emerge, such as concerns about the legal protection of these assets. Irrespective of this challenge, artists or creative industry players can monetize their digital assets to create new revenue streams (Ante 2021). This phenomenon has altered the buying and selling of digital artwork worldwide, which was initially distinct from the conventional art market. According to Horky, Rachel, and Fidrmuc (2022), when the conventional art market failed to transition to digital platforms, NFTs became a global phenomenon. Initially, the conventional art market made it difficult for digital artists to be a part of its ecosystem. Currently, owing to NFTs, digital artists have the same opportunity to monetize their artwork as established conventional artists do.
4 - Crowdfunding for IKN: Potential, Risk and People’s Perception
- Edited by Julia M. Lau, ISEAS - Yusof Ishak Institute, Athiqah Nur Alami, National Research and Innovation Agency, Jakarta, Siwage Dharma Negara, ISEAS - Yusof Ishak Institute, Yanuar Nugroho, ISEAS - Yusof Ishak Institute
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- Book:
- The Road to Nusantara
- Published by:
- ISEAS–Yusof Ishak Institute
- Published online:
- 01 March 2024
- Print publication:
- 11 July 2023, pp 75-104
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Summary
Introduction
“Citizen participation” can be defined as the active involvement of the general public in the government's decision-making process to influence and address issues of public concern. It covers a range of practices, from volunteering to political participation. Civic participation is similar, although it includes involvement in non-political activities. The advancement in digital technologies has enabled collective participation and civil actions, encouraging greater participation, better decision-making and more trust.
Among different forms of civic participation, crowdfunding has emerged as one type of public participation in a democratic environment. The ability to accept small amounts of money from a larger number of people positions crowdfunding as a platform for citizens to express their views on services that they require and their civic rights. It allows citizens to participate in society and the government by donating their resources as an act of support for particular programmes or projects. It also allows social movements to pool financial resources from the public relatively quickly. This potential should be emphasized because a system that handles and provides civic services would result in increased citizen participation. Crowdfunding also allows citizens residing outside the country, or diaspora, to participate in the projects. The diaspora community is said to be more willing to participate in smaller-scale but beneficial initiatives that many larger project backers would not pursue. With an expected number of 8 million Indonesians in the diaspora with an average monthly income of US$1,999,7 this potential should not be overlooked.
In August 2019, the Indonesian government announced its plan to move the capital from Jakarta to a new city in East Kalimantan province. The new capital is named Nusantara (also called IKN) and its construction is targeted to be completed by 2045. Government officials are set to move to the new capital in stages. The development is divided into three main stages: developing the urban infrastructure, developing the city along with the economic sector and moving government officials to the new capital, then finally increasing connectivity with other cities near the IKN.