UNAIR NEWS – “Ghozali Everyday” has recently become a hot topic in the community. The young man managed to sell hundreds of his selfies in non-fungible token (NFT) digital assets for a fantastic value. NFT itself is a product of blockchain technology that is traded with ether coins.
According to UNAIR Sharia Economics Expert Dr. Imron Mawardi, S.P., M.Si., NFT can be traded. According to the official statement of the Indonesian Ulema Council (MUI), cryptocurrencies are allowed with underlying assets. Assets in NFT can be photos, paintings, or other works of art. He emphasized that these assets must not conflict with the sil’ah requirements of what can be traded according to Islamic laws.
He also said that the uniqueness of work creates the selling point of NFT. In Ghozali’s case, the unique thing is in Ghozali’s habit of taking selfies with the same pose.
“At NFT, any unique work can be valuable and create a market. When there is a market, the value of the work will continue to increase, depending on the perception of the market. With technology, this will become easier,” he said.
He added that NFT can be an investment instrument because its value may increase in the next few years, just as bitcoin, which was worth $0.30 in 2011, is now worth more than $40. This depends on the sensitivity of the individual to assess an item that is likely to have high value in the future.
“For example, photos of Persebaya (football club) players who score goals are uploaded on the NFT marketplace at this time. Maybe they will be sold for a high value in the next few years because they have a unique historical value and cannot be faked. This NFT product is very broad. We have to be really sensitive in reading the market,” said the Vice Dean of the Faculty of Advanced Technology and Multidiscipline (FTMM) UNAIR.
He added although the level of acceptance is not yet large, this blockchain-based technology trend is expected to continue to increase and is very prospective. When acceptance is wider, demand will be higher. As a result, the price will go up. It is the power of technology that makes the world borderless.
“It may not be of value to us, but to others it has value. Therefore, everything can have a price. However, people need to be careful and must have knowledge in recognizing prices. Even though NFT is in the digital market, it does not rule out the possibility of a market game,” said Imron.
He further explained the market game can be created by false demand, so the price becomes false. Due to market perception, the high pseudo-price will automatically make the actual price rise.
“NFT has many advantages. The uniqueness created will make people buy these assets. However, we also need to see whether the goods are in accordance with the Sharia or not. Also, keep in mind to always be careful, even in the digital market,” he said. (*)
Author: Alysa Intan Santika
Editor: Feri Fenoria
