Tugas 1 Bahasa Inggris Niaga

NAMA : PUTRI RUWESTI NINGSIH
NIM : 048960091
PRODI : MANAJEMEN S1
MATKUL : B.INGGRIS NIAGA (ADBI4201)
SOAL:
Please choose one of the topics below. Then, write an essay consisting of 3 paragraph. Elaborate your
own opinion with the references related to the topic that you choose.
1. Given the rise in popularity of NFTs (Non-Fungible Tokens) and digital art, many creators are
now using auction-based platforms to sell their work. Do you think auctions are an effective
method for selling digital art, considering the unique dynamics of the digital art market and
the behavior of collectors in this space? Explain your reasoning.
2. With the increasing interest in and adoption of cryptocurrencies, some argue that the role of
central banks could diminish in the future. How might the rise of decentralized digital
currencies impact the traditional functions of central banks, such as controlling inflation,
regulating the banking sector, and ensuring financial stability? Explain your reasoning.
UNSWER:
1). NFTs, or non-fungible tokens, have been making headlines in recent months as they have begun
to disrupt the traditional art market. These unique digital assets allow for the creation and sale of
one-of-a-kind digital collectibles and artwork, such as the highly publicized $69 million sale of digital
artwork by the artist Beeple. But Beeple is just the tip of the iceberg when it comes to the impact of
NFTs on the digital art market.
The rise of NFTs in the digital art market can be traced back to 2017, with the launch of the
CryptoPunks collection. These 10,000 unique pixelated characters quickly gained popularity and
value as a digital collectible and set the stage for the explosion of NFTs in the art world. Since then,
the market has grown exponentially, with sales of NFT artwork reaching $2 billion in the first quarter
of 2021 alone.
One of the key reasons for this growth is the democratization of the art market that NFTs offer.
Previously, the art market was controlled by a select few galleries and auction houses, but NFTs allow
artists to directly sell their work to collectors without the need for intermediaries. This has led to a
wider range of artists and artworks being able to gain recognition and value in the market.
Another factor driving the growth of #nfts in the digital art market is their ability to authenticate and
prove ownership of digital artwork. This allows for digital art to be bought, sold, and traded like
physical art and has led to a surge in demand for unique and limited digital artworks.
The digital art market is constantly evolving, and it's exciting to see how NFTs are changing the way
we think about art and ownership. From the first-ever NFT, #cryptopunks , to Beeple's
record-breaking $69 million sale and the recent auction of digital artwork at Christie's, it is clear that
NFTs are here to stay and have a significant impact on the art industry.
Reference : https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9304798/
2).The concept of digital currency is not new. If we were go back in time to 1983, David Chaum came
up with the digital currency called ecash. Following the digital currency hullabaloo, between 1983
and 2007, many virtual currencies were launched and disappeared. Because by then, eCommerce
customers were devoted to credit cards. Later, decentralised and anonymous money became the
foundation for Bitcoin. Satoshi Nakamoto introduced cryptocurrency through his white
paper–Bitcoin: a peer-to-peer electronic cash system.
Recently, both Cryptocurrencies and Central Bank Digital Currencies (CBDC) have been a topical
subject and Crypto's in particular has been in the mainstream news since its inception. The first
decentralized cryptocurrency introduced to users was Bitcoin, which first released as open-source
software in 2009 as highlighted earlier by Satoshi Nakamoto (under a pseudonym). As of October
2022 there were more than 9,000 other cryptocurrencies in the global marketplace, of which more
than 70 had a market capitalization exceeding $1 billion (this number changes frequently due to the
high volatility of the crypto market).
There are multiple interpretations attached to the use of cryptocurrencies which includes whether it
will replace fiat currencies and reduce the demand of central banks’ money, is it potent enough to
become an alternative means of payment, or if is it as trustworthy as a replacement for fiat money.
What is Cryptocurrency?
Cryptocurrency is a digital currency (not legal-tender) in which transactions are verified and records
maintained by a decentralized system using cryptography, rather than by a centralized authority. It’s
a peer-to-peer system that can enable anyone anywhere to send and receive payments. Instead of
being physical money carried around and exchanged in the real world, cryptocurrency payments exist
purely as digital entries to an online database describing specific transactions. When you transfer
cryptocurrency funds, the transactions are recorded in a public ledger. Cryptocurrency is stored in
digital wallets. The first cryptocurrency was Bitcoin, which was founded in 2009 and remains the best
known today. Much of the interest in cryptocurrencies is to trade for profit, with speculators at times
driving prices skyward.
Reference:
https://www.linkedin.com/pulse/cryptocurrencies-central-bank-digital-currencies-cbdc-mustafa-syed

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NAMA : PUTRI RUWESTI NINGSIH

MATKUL : B.INGGRIS NIAGA (ADBI4201)

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