How Ghozali Effect Change the NFT Landscape in Indonesia
In 2021, Sultan Gustaf Al Ghozali makes a scene in the NFT world. His 933 selfie NFT works “Ghozali Everyday” were sold at Opensea with a total value of 312 Ethereum. Ghozali’s own NFT is actually simple but unique. “Ghozali Everyday” is a collection of selfies taken by Ghozali for five years from 2017 to 2021. The phenomenon of Ghozali selling NFT triggers what is known as “The Ghozali Effect”.
The Ghozali Effect
Ghozali is an ordinary person, not an artist like Affandi or a digital artist like Mike Winklemann (Beeple) whose NFT works are now the most expensive in the world. But he was able to sell works of up to 312 Ethereum. As a comparison, one of Affandi’s most expensive works, Colosseum Rome, sold “only” IDR 5.59 billion. Anyone can now become a creator/artist who is able to sell works of up to billions of rupiah with the capital of creativity, authenticity, originality. Good news for creators, with blockchain technology, creators now have full rights to their work. With the blockchain itself, a work of art will be unique and cannot be plagiarized, because the code in each NFT is a unique code and different from other NFTs.
The “Ghozali Effect” will trigger a wave of NFT Artpreneurs who want to sell their NFT’s like Ghozali. With Ghozali’s success in selling his work, now many people are selling anything on the NFT marketplace. However, many do not learn it first. An account one of the NFT marketplaces even sells children’s clothes in that marketplace. This is what surprised many netizens because a number of Indonesian publics were considered not to understand the concept of the NFT Marketplace. There are other examples of people selling food on the NFT Marketplace. Many think that the NFT marketplace is a marketplace similar to e-commerce, but it can reap up to billions of IDR.
The premise of NFTs is that a “blockchain certificate” is assigned to digital items, which guarantees their provenance, their ownership, and a level of authenticity. Because it is “minted” on the blockchain, it is not centralized by a single party — everyone can view the certificate, but no one can alter it. To come back to the emoji example, you can now mint your design into an NFT and distribute it without the risk of losing ownership of the design — and therefore its value.
The blockchain infrastructure makes creators have full rights to their work and can trade them and take maximum value from them. This gave birth to what is called the Creator Economy. Well, the “Ghozali Effect” will accelerate the formation of this Creator Economy and accelerate it. Opportunities are wide for creators to create, find buyers, and get maximum value from these works.
After Ghozali Effect: Finding NFTs Utility
Utility represents how easily the NFT can be used and what you can actually do with it; reputation represents value given by the profile — popularity or infamy — of the original creator or source, and liquidity represents how easy it is to buy and sell the NFT.
While the “Ghozali Effect” accelerate NFT adoption for artpreneurs and creators, the missing element here was utility. People starting to question what’s the “real” point of buying an NFT. No one bought these NFTs for a specific use case. Reputation and scarcity-driven value work well for digital art and collectibles, but this is a relatively niche audience. Sure, the digital collectible market generated over $2 billion in transactions in quarter one of 2021 alone, but only across roughly 100,000 hyper-users, according to this report. This might well continue to be the case and be a large market in itself, but to truly emerge into the mainstream, NFTs need to prove their utility beyond pure collectible and speculative value.
That’s why Enevti is creating redeemable NFT that connects fans with their favorite creators.
Enevti as the world’s first social media NFT platform with CreaFi protocol is ready to be at the forefront of this #NextEvolutionofNFT. Bringing and educating NFT to the masses and expanding its use-cases while building an unprecedented community-first NFT blockchain ecosystem.
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