NASKAH TUGAS TUTORIAL KE-1

BAHASA INGGRIS NIAGA

UNIVERSITAS TERBUKA

The idea of NFTs actually comes from the long history and background of art as an investment
tool for aesthetic pleasure and prestige.7 For example, works by artists such as Pablo Picasso,
Gerhard Richter, Jean-Michel Basquiat, Andy Warhol dominate traditional art auctions and
have sold for hundreds of millions of dollars. 8 People are willing to buy works of art at high
prices for investment purposes considering that the work has value that can be maintained for
decades or even centuries because of its uniqueness. 9 The same principle can be applied to
digital versions of art and investment. Therefore, NFTs came up with the idea of attaching a
unique code to art—or even memes—that could be bought and traded digitally.

NFT is the newest platform that can empower artists with tools and methods that are safe,
accessible, and easy to use. This allows artists to monetize their work in a faster and more
efficient process. However, there are many legal and technical issues related to NFTs. For
example, the position of NFTs in intellectual property rights, considering that the NFT owner
does not directly own the assets or works of art they purchase. The owner only has a record
and a hash code indicating ownership of the unique token associated with the digital asset.

Auctions are an interesting method for selling digital art, especially in the era of NFTs (Non-
Fungible Tokens) and the increasing popularity of digital art. However, the effectiveness of an
auction depends on several factors to consider:

1. NFT Uniques and Limitations:

o NFTs allow artists to represent unique ownership of digital works. Each NFT has a digital
footprint recorded on the blockchain, ensuring authenticity and transparency.

o However, NFTs also have limitations. NFT prices can fluctuate greatly, and not all digital
artworks are suitable for this model. Works that have intrinsic value and collector appeal
tend to be better suited for NFTs.
2. Characteristics of the Digital Art Market:

o The digital art market has different dynamics than the traditional art market. Digital art
collectors often look for works that are unique, experimental, and different from what is
commonly found.

o Auctions can attract the attention of collectors because they provide an opportunity to
compete for rare and exclusive works.

3. Collector Involvement:

o Digital art collectors are often active in online communities and engage in discussions about
art. Auctions can be a platform that facilitates direct interaction between artists and collectors.

o However, artists need to build a reputation and network to attract the attention of potential
collectors.

o Auctions can attract the attention of collectors because they provide an opportunity to
compete for rare and exclusive works.

4. Promotion and Marketing:

o The effectiveness of auctions depends on promotional and marketing efforts. Artists

should introduce their work through social media, art platforms and relevant communities.

o Works of art that have a strong narrative or story behind them often attract the interest of
collectors.

5. Artwork Suitable for Auction:

o Digital artworks that are unique, exclusive and have high collector appeal are more suitable
for auctions.

o Artists should consider whether their work has elements that make it stand out and why
collectors would be interested in owning it.

In conclusion, auctions can be an effective method for selling digital artwork if artists
understand market dynamics, select appropriate works, and invest in good promotion.
However, artists should also consider other alternatives, such as direct sales platforms or
online digital art marketplaces, depending on their creative goals and vision.