NFT industry in Indonesia poised for growth with influencers seeking monetisation

The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 35.8% during 2022 to 2028. The NFT spend value in Indonesia will increase from US$2367.6 million in 2022 to reach US$13394.7 million by 2028, said a recent report by “Indonesia NFT Market Intelligence and Future Growth Dynamics Report 2022”.

The digital economy is going in the direction of Web3.0, Metaverse, and Decentralised Autonomous Organisations (DAO). As a result, artists from all walks of life use the growing momentum to enter this free-for-all creative space, said the report.

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Amidst the booming NFT trends in the country, influencers and celebrities have started creating their own NFT projects as they seek to monetise their work and create new revenue streams, said the report. It added that Syahrini, an Indonesian singer and socialite, is one of the celebrities in the country who created an NFT project and gained widespread popularity globally. Under Princess Syahrini, she created and launched the NFT collection on the Binance NFT marketplace. The NFT collection was sold out within eight hours of its launch.

Luna Maya, another prominent figure in the Indonesian entertainment industry, created an NFT project. Luna Maya entered a strategic collaboration with Tokau, the Japanese art firm with NFT creation experience. The NFT collection was launched on the BakerySwap NFT marketplace.

Influencers and celebrities are not just creating their own NFT collections. But they are also actively promoting various NFT projects.

Actor Brandon Salim, renowned Indonesian chef Arnold Poernomo, and influencer known as Jejouw promoted one of the most successful NFT projects in the country, Karafuru, which also went global. As of April 2022, the NFT project had a trading volume of 37,200 Ether.

Over the last 12 months, NFTs have allowed creators to have complete control over their content and have pushed interaction significantly with their communities. In Indonesia, artists are increasingly entering the NFT space as they continuously seek new ways to grow and leverage their talent.

With the NFTs gaining constant momentum and popularity in Indonesia, authorities have also shown interest in examining the existence of blockchain technology, and there could be a more robust set of regulatory guidelines for the NFT sector in Indonesia to emerge from the short to medium-term perspective.

The adoption of cryptocurrencies, NFTs, and blockchain is expected to become more widespread over Indonesia's next two to three years. While digital literacy will also rise with NFT investment and usage, it is imperative to familiarise the general public with blockchain-based services and NFTs, given that Indonesians are relatively new to the technology, said the report.

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