NFT had received great enthusiasm in Indonesia, especially when a young man named Ghozali in early 2022 managed to earn billions of rupiah from NFT.

Initially, NFT had penetrated Indonesia before Ghozali became famous. At the end of 2021, artists Luna Maya and Syahrini launched their first NFT and sold out. It’s just that Indonesians still judge the success of NFT sales from bigger artists due to their name and fame.

In January 2022, Ghozali appeared with a selfie-themed NFT and gained success. It also changed the minds of many people that you don’t need to be famous to be successful in the NFT world.

It’s just that this assumption leads to many NFTs that are not curated. However, there are several NFT projects from Indonesia that are curated and have concepts such as Karafuru and the Superlative Secret Society.

As per the 1st quarter of 2023, the global NFT market volume has increased from the 4th quarter of 2022. With global NFT volumes rising again, how are local NFTs doing?

Local NFT Current Conditions

It cannot be underestimated, the trading volume of local NFT projects reaches billions of rupiah. In fact, the local NFT of Karafuru reached trading volume with a total of 45,128 ETH or around IDR 1.22 trillion as of March 31, 2023.

Apart from Karafuru, below is data on several local NFT projects with the highest total volume.

According to DappRadar, only a few local NFT projects have their data uploaded. One of them is Karafuru.

In the last 7 days, Karafuru’s NFT trading volume increased +195.69% with a volume of US$55,380 or IDR 829 million. The number of NFT traders has also increased, there were 114 Karafuru traders in the last 7 days with an increase of 86.89%.

Meanwhile, when compared to the last 30 days, the trading volume was US$166,190 or IDR 2.49 billion, a decrease of -39.96%. The number of NFT traders also decreased by -29.71% to 336 traders.

When compared to the overall data, Karafuru’s NFT trading volume looks lame. Transactions in high numbers only occurred at the start of the project launch and experienced a drastic decline until May 2022.

Even the data for quarter 2 of 2022 and quarter 1 of 2023 are not visible when compared to the entire data which shows the insignificant data set for these 2 quarters.

In addition, the floor price of the Karafuru NFT in USD has also decreased over time.

The highest floor price occurred in early April 2022, which was US$9,150 or IDR 137 million. As of March 31, 2023, the floor price was at IDR 3.5 million, a decrease of -97.4%.

Furthermore, the local NFT project with the second highest total volume, The Superlative Secret Society, is more or less moving in the same direction when it comes to the overall data. Just like Karafuru, the data for the 2nd quarter of 2022 and 1st quarter of 2023 are not visible when compared to the entire data which shows that the data set for these 2 quarters is not significant.

The highest floor price occurred at the beginning of October 2021, which was US$1,610 or IDR 24 million. As of March 31, 2023, the floor price was at IDR 433 thousand, a decrease of -81.9%. So from the data above, it can be seen that leading NFT projects in Indonesia have not shown significant performance even though the global NFT market has experienced an increase in transaction volume in the first quarter of 2023.

Global NFT Market Volume Increases To US$4.7 Billion

The global NFT market had an impressive start to the year with the first quarter of 2023 posting its best performance since Q2 2022. Despite a slight decline in trading volume in March 2023, the overall performance showed improvement.

The NFT market saw a 137% increase in trading volume in Q1 2023, reaching a total value of US$4.7 billion. The first quarter of 2023 had a total of 19.4 million NFT sales, an increase of 8.56% from the last quarter of 2022.

Ethereum remains the most dominant blockchain in the NFT market by volume. As of March 2023, 89.5% market share is on the Ethereum chain. Additionally, Ethereum’s quarterly trading volume increased by 245.43% to US$4.1 billion in Q1 2023, compared to the last quarter of 2022.