NFT Development and Ecosystem in Indonesia: The Future of Digital Finances or Just Bubbles?

Abstract

NFTs (non-fungible tokens) are blockchainbased cryptographic assets that cannot be sold or traded for cash. These tokens are becoming more popular in Indonesia, and by 2022, they are predicted to have a significant impact on the worldwide economy. The paper aims to examine the NFT trends, its development and ecosystem in Indonesia, with the following research questions: What are the current trends in Indonesia for non-fungible tokens (NFTs), and how the concept of NFT developed in Indonesia and what is its ecosystem? Based on the literature studies, the NFT trend has risen in popularity in Indonesia since the Ghozali effect arose, and the general public has begun to notice it as a viable investment choice. As a result, blockchain (NFT) literacy is rapidly expanding. The younger generation in Indonesia is becoming more involved in the NFT business, taking on roles such as NFT marketplace developer, NFT creator, and NFT management.

Keywords: Non-Fungible Tokens (NFT), Blockchain, Ghozali Effect, Cryptos, Indonesia