Non-fungible tokens (NFTs) are the new craze in the digital asset market, which is sweeping the globe. In Asia, the NFT craze is likely to heat up even further.
In the last 24 hours, two separate NFT projects in Hong Kong and Singapore have been revealed. In the third quarter of this year, Hong Kong Digital Asset Exchange (HKD.com) plans to introduce a one-stop NFT trading platform for artists.
The second is a new collaboration between Media Publishers — Singapore’s publishers of Vogue, Esquire, Robb Report, and Buro — and blockchain-powered advertiser VIDY to launch an NFT network for the fashion, arts, and music industries in the third quarter of this year. VIDY is a digital advertisement platform that pays viewers in VIDYCOIN, a native cryptocurrency.
An NFT one-stop-shop for artists
The Hong Kong Digital Asset Exchange announced on April 8 that it plans to be one of the first digital asset exchanges in Hong Kong to offer an NFT trading platform.
The soon-to-be-launched NFT trading platform will offer artists an online platform for publishing, marketing, trading, and payment of their artworks in a variety of product categories, including digital art and encrypted collections of animation, music, and movies.
Users will be able to make offers and bids on NFTs, as well as trade and exchange tokens, using the trading platform of the Hong Kong Digital Asset Exchange. Artists will also be able to use the site to publish their own digital artworks. Hong Kong Digital Asset Exchange also plans to offer physical store exhibition facilities for artists in order to act as a one-stop-shop.
The lack of a robust trading platform for NFTs in Hong Kong’s current market is cited by Kelvin Yeung, founder, and CEO of HKD.com, as the reason for his company’s launch.
The platform, according to Yeung, will not only help local artists earn more money from their talents, but will also help the region’s art market develop.
Fashion shows, virtual Oscars, and the Met Gala
Separately, Media Publishers and VIDY announced the NFT website, which would focus on the fashion and luxury industries. The platform aims to create a virtual world that can be navigated in 360 degrees to showcase digital fashion, art, music, and architecture.
The platform’s core features, according to their official announcement today, will include the ability to mint, trade, and auction NFTs via a tokenized system, as well as the ability to host social interactions.
“Since 2020, the NFT market has grown by over 229 percent to over US$500 million. However, it is still in the early stages of growth and has a long way to go in terms of infrastructure,” said Matthew Lim, a Singaporean tech entrepreneur and co-founder of Vidy, in a press release. “People will be able to live in a parallel virtual universe where they can own a digital identity and buy products not only as a digital file but as any specific asset in their virtual land, close to their physical world, thanks to the metaverse and the emergence of digital models.”
The VIDY-Media Publishares NFT platform aims to appeal to a digitally savvy audience seeking luxury goods with low environmental impact, as well as engage creators interested in developing a virtual identity for their work and exploring new revenue streams.
“What we see is a modern artistic renaissance,” said Michael von Schlippe, president of Media Publishers. “By building an NFT platform, which basically serves as a virtual marketplace between creatives and users, we are able to provide a one-of-a-kind shoppable platform as well as community content in the forms of education, engagement, and entertainment.”
Von Schlippe described in greater detail how the platform would be used.
“We’ll be concentrating on three verticals in particular. Giving users the opportunity to build on the web is one of them. And you can build. You don’t have to be an expert to exchange, purchase, sell, mint, and tokenize your digital products — be it fashion, art, beauty, music design, or anything else,” he explained. “Then there will be a vertical that will be a more curated space where we want to establish authenticity and provide restricted access, so it becomes a scarcity and a sign of quality you can trust. And this curated space where our Vogue editors in Singapore will be able to host such events — say, a monthly digital fashion show — that will be curated by them.”
“We would add a third vertical later on,” von Schlippe said, “which would certainly add the entertainment aspect to it.” “You can make something digital, tokenize it, and show it if you’re a developer. You want to express your enthusiasm. You want to be noticed and to be seen by others. You may be able to attend a virtual Academy Awards or Met Gala.”
Instagram Issues A Warning To A Colombian NFT Artist For Selling Cocaine NFTs
NFTs have increased in popularity to the point where they are now one of the most well-known selling methods online. Due to the ease with which these NFTs may be minted, people are now selling photos of everything. People have sold everything from terrible rock photographs to NFTs. To a $250k Instagram influencer who is selling her love as an NFT. The NFT craze has even reached children. For example, 12-year-old Benjamin Ahmed made six figures selling an NFT series called Weird Whales that he designed.
There appears to be no limit to what can be marketed as NFTs on the Internet at this time. Camilo Restrepo, a Colombian artist, has now demonstrated no limit to what can be coined and sold as NFTs.
Cocaine NFT For Sale
Medellin-based On June 17th, Restrepo began minting and selling cocaine NFTs. The NFTs were 3D images of white rectangles offered as part of the NFTa series, dubbed “a ToN oF coke” by the artist. The white rectangles represented one-kilogram cocaine bundles, which are commonly used to sell hard drugs. Buyers also get to keep the cocaine packs’ NFTs. About 1,000 of these NFTs were produced by Restrepo and were intended to be sold as part of the same series.
Every “bag” of NFT cocaine that the artist sold was supposed to be documented on social media. Restrepo, on the other hand, quickly discovered that his main issue would be marketing. Specifically, he is using social media sites to advertise his art.
Every time the artist posted a sale of an NFT on platforms like Twitter, Restrepo would find that the post was soon after taken down or his account shut down. This happened after the artist had his account reported after posting the sale of cocaine NFT. Moving to Instagram, the artist ran into pretty much the same problem with the image-dominated social media platform.
Restrepo has already had two of his cocaine NFT posts removed. With a warning that if he made the third post, his account would be removed forever if it was taken down. As a result, the artiste’s social media promotion is practically impossible. “I guess the algorithm doesn’t get the difference between crypto cocaine and the actual thing,” the artist told Input Mag of the Instagram warning.
It has long been assumed that the widespread acceptance of NFTs is due to their use as a means of money laundering. In addition, cryptocurrencies have been linked to the illegal drug trade. As a result, Colombian banks have made it challenging to purchase cryptocurrency in the country. Although the artist devised a workaround by having the Ethereum used to pay for his NFTs returned to his buyers, who would then send Colombian pesos to his bank account in exchange for the cryptocurrencies.
Mr. Whale, a well-known crypto expert, brought attention to the usage of NFTs for money laundering last month. According to the analyst, wealthy people were merely utilizing these NFTs to shift their ill-gotten money through a channel that cleaned it up and made it look legal. Mr. Whale likened the approach to how money is laundered through the use of physical art. And it’s easy to see where the analyst is coming from, given the high quality of the art being sold for millions of dollars as NFTs.
A YouTuber has Exchanged his Tesla Roadster for an NFT
“Looking back in a year, two years, or three years, this could be a monumentally idiotic decision, but it could also be a fantastic decision,” Dan Markham said.
Dan Markham, the creator of the What’s Inside YouTube channel with seven million subscribers, has swapped his Tesla Roadster for a single nonfungible token.
Markham traded a blue Tesla Roadster — which he claimed may be worth “a quarter-million dollars pretty soon” — for a nonfungible token of a “positive porcupine” in a video posted to his What’s Inside Family channel on Sept. 15. The NFT was created as part of the VeeFriends project and is owned by Eli Burton, the creator of the graphic novel The Adventures of Starman.
“Looking back in a year, two years, three years, it may be a monumentally idiotic decision, but it could also be a fantastic decision. I feel these automobiles will hold their worth for a long time, and I am a firm believer in NFTs.”
“It’s a picture for a car — clearly he’s getting the better end of this deal.”
Before learning of Markham’s offer, Burton said he had planned to sell the digital painting for more than $100,000. But, according to the graphic novelist, trading the NFT for the car was “as simple as supply and demand,” as there were 10,000 tokens available at a starting price of $60,000 apiece. VeeFriends has a list of 40 porcupines that seem alike in a range of settings.
“Having it makes practically no difference in terms of money – whether it’s in a collector automobile or a collectible NFT — it’s still collectible,” Markham said.
Even though the two collectors exchanged NFTs on the blockchain, the transaction was primarily conducted in the real world, with Markham physically handing Burton the Tesla’s paper title and key. The porcupine is presently listed on OpenSea with a top bid of 16.339 Wrapped Ether (WETH) — around $56,445 at the time of publication — but Markham stated that he intends to keep the NFT in order to obtain access to a VeeFriends token holders-only conference.
NFTs have also been linked to physical collectibles by certain cryptocurrency users. For example, in July, an entrepreneur held simultaneous auctions for an Apple co-founder Steve Jobs job application and an NFT. The actual paper sold for $343,000, while the NFT received a final bid of 12 Ether (ETH), or $27,460 at the moment.
NFTs Inspired by Freddie Mercury is Being Released to Benefit an AIDS Charity
On the 75th anniversary of his birth, the renowned musician is honored with a special NFT collection.
Four digital collectible artworks inspired by the late Freddie Mercury will be auctioned soon. On what would have been the singer’s 75th birthday, the auction will take place.
Blake Kathryn, Chad Knight, Mat Maitland, and MBSJQ contributed artwork to the collectibles. SuperRare, a digital art marketplace, will host the timed auction. It will go live on September 20th and will last 75 hours, according to the organizers.
Furthermore, the auction earnings will benefit the Mercury Phoenix Trust, an AIDS charity. The nonprofit was formed in remembrance of the singer by Queen band members Brian May and Roger Taylor and band manager Jim Beach.
Three of the NFTs in the collection feature images of the performer himself. The fourth image depicts a white grand piano with a crown on the seat and a goldfish pond in the background.
Both SupreRare and the charity linked the effort to Mercury’s inventiveness in a joint statement. “When Freddie Mercury died, he left the world an obvious artistic brief. ‘You can do whatever you want with my work as long as you don’t bore me.’“
The popularity and activity of the NFT market has exploded in the recent year. These digital collectibles took over key mainstream industries, resulting in the emergence of a digital metaverse. Some, such as Tether’s co-founder, predict that in the future, “every consumer product will have an NFT.”
Like the Freddie Mercury NFT, various examples of this technology have been deployed in space for commemorative and charitable objectives.
Beeple, a well-known digital artist, sold an NFT for $6 million and donated the earnings to the OpenEarth Foundation. Pele, a Brazilian footballer, also sold NFTs as digital trading cards and donated the proceeds to his charity.
NFTs also allow for the creation of a digital capsule or a remembrance of something or someone. For example, Russel Simmons and Snoop Dogg just released an NFT anthology honoring hip-hop music pioneers. Never-before-seen artwork and music from industry giants were featured in The Masterminds of Hip Hop.
Commemorative NFTs are popular outside of the music industry as well. Unreleased images of Kobe Bryant were put up for auction as NFTs in August. Bryant was photographed while he was an 18-year-old basketball player.
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