Collective Announces Presence, Provides Friendly NFT Platform for Indonesians

Behind the hectic of NFT in the global arena, there are not many choices of marketplace platforms that match the habits of Indonesians. Collective wanted to work on this opportunity which was pioneered by Pungkas Riandika.

In an interview, Pungkas explained that Kolektibel was designed from the start to bring NFT to be adopted by Indonesians as early, as quickly and optimally as possible. 

Unlike other marketplaces, Kolektibel stands on the Vexanium public blockchain network for recording NFT ownership. Vexanium is the only Indonesian public blockchain with a legal entity in the form of a foundation (Vexanium Teknologi Nusantara Foundation) created by Danny Baskara.

Pungkas said the decision to use Vexanium was closely related to the beginning of the birth of Kolektibel which came from discussions with the community, which consisted of business people, lecturers, and social media activists in the blockchain industry. 

After a long discussion, he views Vexanium as an experimental attempt to leverage blockchain technology in creating more use cases. For Kolektibel, of course, it will be easier to access the Vexanium team if there is a need because they are fully legal and the team is in Indonesia. 

Moreover, the minting process in Vexanium is economical and real-time because its global adoption is not yet massive. “This is the reason why the company chose Vexanium at this early stage to grow together.”

In terms of NFT availability, Kolektibel implements curated content originating from official and reputable IP owners, not creators who are free to put their work on the platform. 

Before entering the mining process, the IP owner will hand over his various assets consisting of memoribilia, kaleidoscope, and others to the Collective. Furthermore, these assets are repackaged with more interesting narratives for collectors to collect.

“Our company want to create an honest and trustworthy NFT marketplace, that means we understand that this industry has so many negative impressions. So what we are trying to develop is a marketplace that legally and officially serves NFT from curated IPs.”

Using Rupiah Currency

Another striking difference is that Kolektibel does not use cryptocurrency as its NFT payment method, instead using fiat or the currency prevailing in the country, namely Rupiah. 

The company has integrated with popular digital payment instruments, such as Gopay, OVO, Virtual Accounts, debit/credit cards, so that you can pay through Alfamart and Indomaret.

In the global arena, this concept is not something new that has already been adopted by NBA Top Shot, which uses the dollar currency for NFT transactions. 

This platform was created by Dapper Labs using the FLOW blockchain. Pungkas said that this step is expected to be a breakthrough for Indonesians because they can directly collect NFT in an easy way. 

“If you look at DeFi, it takes a long process to transact using crypto, one of which must have a wallet, there is a gas fee, and so on. That makes NFT adoption difficult.”

After purchasing NFT in the primary market, collectors can of course resell their assets to the secondary market at a price they determine for themselves. 

Innovation to Bring Basketball and IBL Fans Closer with Their Athletes

Kolektibel determines revenue sharing with IP owners for each NFT asset that is successfully sold at a percentage according to their respective agreements.

Through the inaugural presence of Kolektibel in closed beta, the company cooperates with the Indonesian Baskeball League (IBL) as the first IP partner. For IBL, this innovation is a way to bring basketball and IBL fans closer together with their athletes. 

IBL prepares video documentation of matches, carefully curated based on important moments in the match. Interestingly, continued Pungkas, in revenue sharing, IBL also provides profit sharing for its athletes, providing additional welfare for athletes and the club itself.