By Sabrina Moles
The decentralized and intermediary-free market based on blockchain is also gaining momentum in ASEAN. NFTs do not only protect copyrights in the digital world: for workers in emerging economies it is a real alternative to earning
The train of non-fungible tokens (better known as NFTs) has also arrived in Southeast Asia and it is already becoming the main tool for groped success in a new investment sector among art investors. First of all, let's clarify what NFTs are: as the name itself implies, these types of goods are not fungible, that is, interchangeable. This means that each NFT is not equal to the other, thus allowing investors to get hold of something unique and unrepeatable. Anything can be registered as an NFT in the blockchain, which more precisely is based on the system provided by Ethereum (the technology behind the second most widespread cryptocurrency after Bitcoin). The ecosystem created by Ethereum is defined by a blockchain without intermediaries where these ‘smart contracts’ circulate, are bought or sold.
It didn't take long for the NFT-effect to become the new trend around the world, becoming a topic of debate among cryptocurrency enthusiasts and investors as an exceptional tool in a scarce market. One of the biggest uses of NFTs today is in the digital art market. Thanks to this technology, files of any type are labelled, to which a certain value is attributed also by their being a unique, collectable piece. Works sold as NFTs, just like those existing on real economy markets, can be worth thousands, if not millions, of dollars. This is a revolution for the world of digital art, where it has always been easy to counterfeit and steal works. But that's not all: artists thus have more freedom to sell their works without having to go through the traditional channels of mediators and exhibitions. This creates a system that not only reduces operating costs but amplifies the opportunities to reach the ideal audience. As Singapore photographer Shavonne Wong told Art Sg: “NFTs have given me space where I can really do what I want, without outside direction. It's a very liberating experience. "Finally, NFTs are creating spaces to experience a new artistic experience that pushes the boundaries of the perception and conceptualization of physical works." With NFTs, there is a greater chance to explore the digital approach that I integrate into my artistic process and to show more works in motion graphics ", says Indonesian artist Radhinal Indra. For the most passionate about this new world of digital trading and investments, NFTs are a real revolution, which could soon land in the world of traditional finance. In this market, the opportunities for artists to earn money by selling works of art and unique pieces such as NFT are rapidly multiplying.
NFTs, as elements created and exchanged in the blockchain, can be produced through mining activities - a two-way process where those who offer hardware systems or help make part of the blockchain work obtain another cryptocurrency in exchange. The world of gaming is another function of NFT that is depopulating in ASEAN countries and in emerging economies in general, where 80% of the so-called "miners" come from. Even spending a certain amount of hours a day on a video game is equivalent, in fact, to a mining process. In Southeast Asia, for example, as Nikkei Asia recounts, the Axie Infinity game has become a stable income for many precarious workers in the world of work. As one of the interviewees, the Filipino Gilbert Jalovaal, tells us, at least two hours a day spent on the platform allow to extract enough NFTs that converted into local currency or Ethereum to reach figures far higher than his monthly salary.
Many different realities are jumping on the NFTs train, a free environment where - at least for now - the only limit seems to be the analytical tools to fully understand its potential. Decentralized finance, as the NFT-based system can be defined, is a process that is being enriched thanks to this heterogeneity of contributions. There are realities such as the Tropical Futures Institute, a multidisciplinary studio based in the Philippines, which have been researching and participating in the cryptocurrency ecosystem in the art world since 2015. Sometimes stories of great solidarity and collaboration emerge, such as the Filipina's project Narra Gallery has created a virtual fund dedicated to artists who wish to approach the NFT universe. Buyers can access the site and purchase the works through a cryptocurrency offer: a sort of virtual auction.
It is still too early to say whether the enthusiasm of the art world (and not) towards NFTs will have a future, just as it is premature to see them spread widely in Asia. For now, ASEAN countries offer some of the most creative spaces in this sense, and it will be interesting to observe how the NFT ecosystem will evolve in this part of the world. It is only the beginning of an experiment that is having great success but could explode like other "bubbles" of the past.
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