Many Hong Kong artists experimenting with non-fungible tokens (NFTs)
finding the technology gives them more control over their artwork, but some say it is challenging working within the complex and volatile world of cryptocurrencies, according to interviews with the South China Morning Post.
NFTs, which refer to data stored on a blockchain that guarantees a digital asset is unique and immutable, took the world by storm last year:
as people snapped up cartoon avatars, virtual property and digital artworks that cost millions of dollars. In Hong Kong, profile-picture NFT projects took over the city’s prime advertising spots, as major auction houses Christie’s and Sotheby’s sold NFT artworks for millions. The tokens also proved to be a boon for many individual artists, who found a new market for their art.
“It’s a totally different world,” Yang said.
“We kept thinking how much one ether is in Hong Kong dollars, and they just decided [to buy] in the snap of a finger.” Hong Kong artist Claudia Chanhoi said NFTs give artists more power because the market is not as exclusive as traditional art. Credit: Claudia Chanhoi With major commercial galleries and curators dominating the city’s art scene, many independent and digital artists have had a tough time getting their work displayed or sold. But NFTs allow artists to engage with their audiences directly, and to make decisions on their own terms.
“The NFT space isn’t as exclusive as the traditional art market,” said artist Claudia Chanhoi:
whose cartoon artworks focus on exploring female sexuality. “If you want to be represented by a gallery or to have a show, you might need to know someone or convince the curators that your works can be sold or can fit the art buyers’ taste.”