Utilization of Non-Fungible Token and Regulatory Challenges In Indonesia: Aspects of Copyright Law

Abstract

A non-fungible token or NFT is a digital asset that is based on the use of blockchain technology to store digital artwork as an
investment tool;it has increased the growth of digital trading, especially in marketplaces with huge volumes. However, the
regulations in Indonesia have not been able to respond to the aboveconcept, for example, in the aspects of copyright. The article
conducts an in-depth analysis of the above concept by determining the extent to which the utilization of NFT in the marketplace
in Indonesia can provide economic benefits. It explores whether current regulations on copyright in Indonesia can provide legal
protection and optimize NFT technology. The research usesthe normative legal approach by conductingonline library data
research.The end of this research is to make inputs into government policies: first, it is expected to draw the attention of
government that utilization of NFT in the marketplace are needed today because it can provide economic benefits through its
copyright. It would encourage policy and regulatory optimization by the government on NFT technology to be able to provide
optimal regulatory or policy directions so that the use of NFTs is in line with copyrightprotection.