Kevin Susanto expands on his experience with NFTs, the cultural phenomenon of the year, and how it is revolutionizing the way we conceive of art.
JWhen we last caught up with serial entrepreneur Kevin Susanto, he shared the story of his vast business ventures with Prestige. In addition to directing EnviGo! and his environmental businesses, he also runs a number of F&B businesses, namely Goola and Gaaram, as well as Glatuk, a low-calorie ice cream brand. He explained that in business it is important to stay innovative and keep improving: “If you are an entrepreneur or a businessman, you also need to invest more in your knowledge. You need to stay informed about what is happening in the market and the economy. Besides experience, knowledge is also important. Do not hesitate to ask someone who is better than you to teach you. Ask a lot, learn a lot. It is an important thing to do. It will help you a lot to grow your business.
Speaking of improving and staying innovative, we see Susanto’s latest ventures in the field of technology. Especially in NFTs. The term NFT (non-fungible token) remains one of the most discussed topics in 2022. For those who don’t yet know what it actually means, to put it plain and simple, an NFT refers to a unique digital asset that cannot be copied. . Since no two NFTs are the same, this is one of a kind. As digital assets, they function like valuables that can be traded in the digital space and they are kept in a digital hardware wallet or cold storage in the same way as cryptocurrencies.
Below are excerpts from Prestige IndonesiaInterview with Kevin Susanto as an NFT enthusiast.
First of all, what kind of NFT projects or artworks do you usually like to buy?
In fact, it depends on whether the NFT is entirely for investment or just for trading and should be flipped for profit. For investments, it has to be the top notch NFT project which is in the top three namely CyberKongz, Bored Ape Yacht Club (BAYC) and also CryptoPunks. For trading, we can see where the NFT project is going to launch and we can buy them at a bargain price. So when the floor price is high, two or three times the mint price, we can sell it and trade it directly for profit.
Are there any particular NFTs in your current collection that you feel very connected to?
The first NFT I really feel connected to is my Mutant Ape Yacht Club (MAYC), as it was my first top notch NFT purchase in October. So basically it’s my identity. What I love about this monkey is that he was so clean compared to any other mutant monkey, which is kind of scary. I quite like this one.
What are the things you consider before buying a new NFT project? Are you looking at specific metrics, developers, or signals?
When you buy an NFT project, obviously you already know if it’s a top-notch project: it’s proven, the project is over six months old, the price is stable, the community is already strong, and they also offer utility. However, for those that are going to be launched, I will usually look at the hype of the particular project. Does the project have good traction on Twitter? Are the teams behind this fully documented? What about the usefulness of the project? Are they the first to raise the floor price when we mint it? These are the things I always consider before purchasing a new NFT project.
Why do you think people pay so much for them? Why do you think NFTs have become so valuable in such a short time?
I think it’s because of its rarity. Rarity, if you will. Take, for example, Bored Ape Yacht Club (BAYC). If they have stated that their collection is only 10,000, then it is only available at 10,000. It cannot be added or subtracted. It is also like intellectual property which is based on supply and demand. If the people who bought it and the community are happy at the same time, obviously they will keep it. And when they do, the floor price will also rise. So why is it expensive? Because people know asset digitization is important.
And the best part is, in the world of NFT, you can create and sell whatever you want. You can sell pixel art, 2D art, 3D art, a .gif or something that can be moved like Invisible Friends – the current NFT collection of 5,000 animated invisible characters. In this world, the tendencys growing rapidly. Every two or three weeks there will be a new trend. So, if you are an NFT enthusiast, you need to be agile to keep up.
Interestingly, many luxury and well-known brands are now entering this ecosystem. What do you think ?
Clearly it’s good. Since Facebook announced its meta transformation, it has fundamentally changed the whole landscape. We see companies like adidas collaborating with BAYC, Nike acquired RTFKT – which has a proven track record in selling NFTs – and we also see Louis Vuitton and Gucci trying to be relevant by releasing their own NFTs.
Many people want to buy NFTs these days just to be relevant. There are even celebrities showing or flexing their NFTs as profile pictures. It’s very much like the days when vouchers or membership cards were considered exclusive. And right now, these membership cards come in the form of NFTs.
How would you describe the level of awareness and interest in NFTs among Indonesians?
At first, I think Indonesians weren’t fully aware of NFTs, until the moment in a million – Ghozali Everyday – happened. Everyone wondered how a simple selfie led to millions. I think that moment educated the market. Now people can sell art through NFTs. However, to know, understand and earn money, you must first learn. It takes time and dedication.
There’s ‘Cry’ in ‘Cryptocurrency’, which means you have to be prepared to cry if you’re greedy”
Let’s talk about Artivak, which is an NFT IP construction and aggregation company. What’s the story behind it?
So after my friends and I successfully sold Avarik Saga, we started an NFT IP build and aggregation company called Artivak to help and partner with projects that want to launch new or existing IPs in NFT space or web3.
That’s why the people who are active in this project – including Nick Yudha, Brandon Salim, Jejouw, Benz Budiman, Michael Chrisyanto, Agatha Carolina and myself – are treating this like a real start-up. In addition, we properly build the core team to support project sustainability.
What do you think are the biggest challenges for NFTs and cryptocurrencies in general?
One thing is for sure, NFTs and cryptocurrency are two highly fluctuating asset classes. That being said, you should know this: there is “Cry” in “Cryptocurrency”, which means you should be prepared to cry if you get greedy. [Laughs]
So you should only invest money that you are really, really, really willing to lose. Don’t always believe what influencers say; do your own research and make the decision based on your own risk assessments. Also, don’t forget that there are new technologies every day. So if you’re investing in cryptocurrencies, you might want to stick with ones that have strong, proven backers, so you can hold them for up to five years or more. And it’s basically the same with NFTs: just flip your way around until you get the blue-chips like CryptoPunks, BAYC, Cyberkongz.
What advice and recommendations would you give to anyone trying to enter the world of NFTs?
Most important is to consider the team behind a project. Is it legit? Is it fully documented? Have they provided their basic information? Who are the team advisors? What is the utility and the roadmap for the future? And what is the project? Do you really like the artwork?
Finally, how do you see the NFT space developing in the next few years and how do you think this whole ecosystem will evolve over time?
I can say that we are still early adopters of the NFT world. It was like the first world era of the web in the 90s. For example, we already have the NFT, but the Sandbox game itself is still not launched yet. I think in the web3 industry, the opportunity is still very, very big.