This Application from Surabaya Claims to Allow Users to Make NFT in Less than a Minute

The application made by a youth from Surabaya, Woilo, launched a feature called ‘NFT Woilo’ which allows users to create Non-Fungible Tokens (NFT) quickly or in less than 1 minute.

Users only need to upload their content or work on Woilo, like uploading photos to social media in general and Woilo will handle all the NFT creation process.

In the future, Woilo users can create, sell, and buy NFT on this platform using the rupiah currency. Furthermore, Woilo will display selected NFTs from users on the OpenSea NFT marketplace so that they can be traded in the global market.

Will Hold Events with Prizes Periodically

CEO of Woilo, Kevin Ciang, explained that apart from the newly launched NFT feature, the company also regularly holds events with prizes for users, one of which is Lucky Spin with daily cash prizes.

There is also a ‘Most Popular User’ election program with a total prize of millions of rupiah every month, Kevin said through his statement, Saturday (2/7/2022).

He hopes that Woilo can improve the quality of entertainment and information sources for the Indonesian people through innovations and new breakthroughs in line with the times, with the initial step being NFT penetration.

Woilo itself is a social media application that focuses on bringing new and innovative experiences to users–currently has more than 2 million users in Indonesia. Woolo is under the umbrella of PT. Indo Digital Works from Surabaya.

Kevin added that Woilo was created because of the high interest of the Indonesian people in socializing in cyberspace and the awareness that the majority of social media applications used were foreign products.

This application brings much-loved features such as sharing photos, videos, and texts as well as chatting, he concluded.

Crypto And NFT Are Getting More And More Popular

Speaking at a TechCrunch event, Bill Gates described the phenomenon of NFT and crypto as being 100 percent based on the greater fool theory. Refers to the idea that assets that are overvalued will rise in price when enough investors are willing to pay more for them.

Bill Gates joked that expensive digital images of monkeys would greatly improve the world, referring to the much-vaunted NFT Bored Ape Yacht Club collection.

NFT is a token that can’t be exchanged for each other. NFT is often touted as a way to prove ownership of digital assets such as art and sports collections.

However, critics saw it as overhype and potentially harmful to the environment given the power-hungry nature of cryptocurrencies. Many NFTs are built on the network behind ethereum, the second-largest token. As for crypto, Gates said he was not involved in it. It has no short or long term crypto.

The cryptocurrency fell this week after Celsius, a crypto lending company, halted all account withdrawals. That has sparked fears of a looming bankruptcy event for Celsius and the possible knock-on effect for parts of the crypto market.

The battered cryptocurrency also came under pressure after the collapse of the so-called stablecoin UST which was supposed to be worth USD 1 and luna, its sister token. At their peak, both cryptocurrencies recorded a market capitalization of USD 60 billion or around IDR 883.60 billion (assuming an exchange rate of IDR 14,726 per US dollar).

The price of bitcoin was traded at USD 21,107 or around IDR 310.97 million on Wednesday, June 15, 2022. The price of bitcoin fell 7 percent in the last 24 hours.

Previously, Bitcoin price movements were quite stable on Wednesday morning June 15 2022 at around USD 22,000 or around IDR 324 million after collapsing since the previous 2 days amid inflation concerns and broader macroeconomic weakness.