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Indonesia’s NFT scene is seeking to weather the collapse of cryptocurrency markets, as a number of artists have kept the country front and center in the medium’s global scene.
Indonesia’s mania for nonfungible tokens (NFTs) might have subsided, nearly 12 months after NFT phenom Ghozali sold his NFT Ghozali Everyday for Rp 3.1 trillion (US$216 million) last January. The NFT hype, which caught on among the rich and famous, among them Madonna and tennis legend Serena Williams, as well as Indonesian celebrity Luna Maya, among others, has since run into choppy waters. The causes include declining faith in blockchains, the FTX market crash, downward trends in the cryptocurrency market and the global economic crisis. The accumulating effects of these crises have seen NFT prices go down by 70 to 90 percent from around 90 ETH in 2021 (about US$288,000 at the time) to 30 ETH today (about $33,000).
Yet a number of Indonesian NFT movers continue to defy these bad omens and rocky trends. We take a look at five such artists who move in the twilight zone between art, finance and the digital landscape.
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