What is NFT and what does it have to do with crypto, art, and even memes? Check out our quick introduction to NFT basics in Hong Kong.
Whether you’re an art lover or a meme connoisseur, you’ve probably have heard of NFT by now – but what is it all about, really? Does it have anything to do with cryptocurrency, which we also hear so much about? (Spoiler: Yes.) For all you budding digital artists and finance newbies, here’s our handy guide to the NFT basics in Hong Kong.
Non-fungible tokens 101: A quick guide to NFT basics in Hong Kong
What is NFT?
Short for non-fungible token (note the singular form there), NFT is a unit of data that certifies the uniqueness, authenticity, and ownership of a digital asset. It’s stored on a digital ledger called a blockchain. For those who haven’t yet read our guide to cryptocurrency (tut tut), let us explain this in a little more detail.
Blockchain consists of block after block of encrypted and duplicated systematic information. It’s a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. This is why blockchain technology is also used for cryptocurrency. And perhaps someday, using blockchain may become normal business practice, whether to sign legal documents like a mortgage or document intellectual property rights.
On that note, the latter is actually already happening – NFTs are commonly used nowadays to represent all kinds of digital files. These include photos, videos, music, digital art, in-game trading, and more. A key characteristic of NFT is that unlike cryptocurrency, NFT is, well, non-fungible (hence the name). While NFT is a crypto, it isn’t a currency. NFT serves as a unique and secured certificate that isn’t interchangeable; whereas Bitcoin and other cryptocurrencies can be exchanged for one another.
How has NFT been used in Hong Kong?
With the market value of NFT exceeding USD 2.5 billion over the first half of 2021 (that’s 180 times more than the first half of 2020), the potential of NFT is huge. So, it’s no surprise that numerous businesses and organisations have already hopped on the NFT bandwagon in Hong Kong.
The biggest pioneer in NFT in Hong Kong (and in the rest of the world) is certainly art. Not only did Christie’s hold virtual courses to educate the public about NFT, but Sotheby’s also curated an online NFT art sale in June 2021. Aside from amazing artworks, such as those displayed at Hong Kong’s first ever NFT art show hosted by Shout Art Hub & Gallery, we think one of the most interesting auctions to date may be Sir Tim Berners-Lee’s source code for the World Wide Web, an invention that’s completely transformed the digital landscape and the real world.
And NFT’s development goes beyond art. The city’s football club, RCFC, has released a series of limited-edition collectibles and sold them using NFT. Or take a look at the epic meme collage at the Meme Museum, produced by K11 Art Mall in collaboration with 9GAG. Titled In Memes We Love, the piece is the world’s first meme NFT artwork and comprises over 100 of the most iconic memes on the Internet. See – NFT doesn’t have to be all serious!
Follow these NFT artists and pioneers in Hong Kong
Intrigued by NFT and want to stay on top of its development? Follow these NFT artists and pioneers in Hong Kong.
You may have seen some of Szabotage’s stunning murals if you’ve been out and about in the 852. If you haven’t, try your luck in Clearwater Bay, where a Pot of Gold (literally) is waiting for ya! One of the latest works by Szabotage, Hong Kong’s first NFT urban artist, Pot of Gold is available for sale on OpenSea (a crypto collectibles marketplace) as an NFT gif. We’re looking forward to more exciting releases from Szabotage – and we think you should, too!
2. Digital Art Fair
Get hyped for Asia’s first Digital Art Fair, which will be held in Hong Kong at the beginning of October 2021! Besides cutting-edge media art and NFT crypto art, the 20,000-square-feet space will feature immersive art technology, including augmented reality (AR), virtual reality (VR), a 360-degree art experience room, and more. The Digital Art Fair is a sign that NFT crypto art and digital art are truly making their mark in Hong Kong.
The 2021 Asia Edition of Digital Art Fair will be held from 30 September to 10 October 2021 at 59 Queen’s Road, Central, Hong Kong.
For the first time, NFT Art auction is coming to Asia! We’re excited to present No Time Like Present, an online auction featuring the very first NFT sale in Asia offered by an international auction house. Key highlights of the sale will include a group of exceptionally rare CryptoPunks created by Larva Labs, as well as Yuga Labs’ Bored Ape Yacht Club (BAYC) and Larva Labs’ latest creation Meebits.Stay tuned for more info in the coming weeks! 👀@cryptopunks @boredapesyachtclub #meebits #bayc #boredapeyachtclub #nft #nftartist #nftart #nftcollector #nftcommunity #nonfungible #digitalart #blockchain #crypto #cryptoart #artist #larvalabs #yugalabs #beeple #fewocious #NoTimeLikePresent @christiesasia
Posted by Christie's on Friday, August 6, 2021
As one of the most renowned auction houses in the world, Christie’s is unsurprisingly leading the conversation about NFT art in Hong Kong. An upcoming NFT auction at Christie’s is No Time Like Present, which will be held from 17 to 28 September 2021. Featuring works such as CryptoPunks and BAYC (Bored Ape Yacht Club), the event will be one of the first NFT art auctions in Asia – a milestone in the history of crypto art. We believe this is only the beginning of the NFT art wave in Hong Kong, so stay tuned!
Christie’s, 22/F, Alexandra House, 18 Chater Road, Central, Hong Kong, p. 2760 1766