Source | The Jakarta Times
A non-fungible token (NFT) can authenticate digital assets like JPEG, GIF or MP4 files on a blockchain and thereby certify their originality and ownership. Royalties can be locked into contracts, so that artists receive cryptocurrency payments each time the NFT is resold after the initial sale.
The NFT phenomenon has spread to Bali, and the The Jakarta Post talks with two artists quick to respond to what has been referred to as the crypto art craze. Ida Bagus Ratu Antoni Putra, – Monez – is a Balinese artist and design studio proprietor who has created digital illustrations for 15 years. His clients include Apple, Starbucks and Walt Disney Indonesia. “Piracy and the need to protect my work is one of the main reasons I got into NFTs,” said the Bachelor and Masters of Arts graduate of the Indonesian Art Institute (ISI) Denpasar. In 2018, Monez was embroiled in a publicized plagiarism case when another artist copied his mural in a Denpasar eatery onto walls in two other city restaurants.