Sharing the NFT Viewpoint from the Utility and Commercial Side

Non-fungible Tokens (NFT) become one of the most talked about topics this year. Thanks to the photo Selfie Ghozali Everyday or LeBron James' NFT collection, most of the internet community perceives NFT as a product digital art only.

In the session titled 'NFT is not always about Arts' at Nexticorn International Summit, Chief Marketing Officer of Kompas Gramedia (KG Media) Diane Gemiano and Program Director of Katapel.id Robby Wahyudi shared his views on how to view NFT from a utility and commercial perspective.

Working in a media company, Gemiano sees NFT as a new way of offering news content to stay relevant to today's generation. NFT also opens up opportunities to create new business models and preserve collective memory.

For information, KG Media released an NFT containing 57 curated events in June 2022.57 NFTs It features a photo of the front page of the Kompas daily newspaper, which was published between 1965-2022.

"From NFT, we learned that what is happening now is actually more platform-problem, not the content. We think the [news] content is still relevant for today's generation. People buy this NFT because it exists emotional bonds, because they are part of the incident," he said.

Instead of monetizing NFT commercially, this man who is familiarly called Gemmy puts priority on utility. According to him, NFT products that offer more utility sustainable business and can build the value of a company brand compared to purpose trading.

"It is important for us to have meaningful assets that can be distributed and owned by people legally. This is more of a philosophical issue for shifting to utility and at the same time build relationship between the media and their readers.

Meanwhile, Robby Wahyudi assessed that NFT provided benefits for the creative industry. In addition to being able to distribute digital works in any form, NFT can reduce gap between creators and consumers. In Web3 era With this, creators can even monetize their work without a third party.

Rather than looking at it from a purely artistic point of view, Robby says that NFT can boost protection intellectual property (IP) in a better direction, from copyrights, design patents, to trademark rights.

"Art just being a mask, what needs to be seen is beyond art itself. When buying a work, is the work good so the price is expensive or vice versa? We already talked about smart contracts, trading, or ownership. In the era of Web2, it's just one way course, but in Web3 can be more interactive. Then wrapped with Branding interesting," said Robby.

Web3 for VC

While talking with Nexticorn Chairman Rudiantara some time ago, he revealed a lot venture capitalist who are interested in investing in Web3 in Indonesia.

On the same occasion, venture capitalist Eddi Danusaputro assesses that investors do not have a deep understanding of Web3. After all, not much use case Web3 that can be explored. So far, the use cases that have been proven to be accepted by the community are still around games, NFT, and crypto.

In fact, this third generation internet technology has the potential to be able to solve everyday problems, for example Smart contract or invoice financing with Blockchain.

"Actually, use case as Smart contract This has already been developed in Indonesia, but tractionit's not big yet. No disrespect to NFT or games, this will be a great product nice to have course, not for everyday. I firm believers, I really like Blockchain, unfortunately use case not much," he said.

In Indonesia, currently not many VCs are focusing on Web3 investment. In notes DailySocial.id, there are only three initiatives to establish a special managed fund for Web3, namely Cydonia Fund, Luno Expeditionsand Tokocrypto Sembrani Blockchain Accelerator (TSBA).