{"id":182549,"date":"2021-08-16T09:30:07","date_gmt":"2021-08-16T01:30:07","guid":{"rendered":"https:\/\/thehoneycombers.com\/hong-kong\/?p=182549"},"modified":"2025-06-11T14:59:13","modified_gmt":"2025-06-11T06:59:13","slug":"nft-basics-hong-kong","status":"publish","type":"post","link":"https:\/\/thehoneycombers.com\/hong-kong\/nft-basics-hong-kong\/","title":{"rendered":"Have you heard of non-fungible tokens? Here are the NFT basics in Hong Kong that you need to know"},"content":{"rendered":"

Whether you\u2019re an art lover<\/a> or a meme connoisseur<\/a>, you\u2019ve probably have heard of NFT by now \u2013 but what is it all about, really<\/em>? Does it have anything to do with cryptocurrency<\/a>, which we also hear so much about? (Spoiler: Yes.) For all you budding digital artists and finance newbies, here\u2019s our handy guide to the NFT basics in Hong Kong.<\/p>\n

Non-fungible tokens 101: A quick guide to NFT basics in Hong Kong<\/h2>\n

What is NFT?<\/h3>\n
\"nft
NFT is one way in which art and technology intertwine. (Photography: Roozbeh Eslami)<\/figcaption><\/figure>\n

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\u2019s stored on a digital ledger called a blockchain. For those who haven\u2019t yet read our guide to cryptocurrency<\/a> (tut tut), let us explain this in a little more detail.<\/p>\n

Blockchain consists of block after block of encrypted and duplicated systematic information. It\u2019s 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.<\/p>\n

On that note, the latter is actually already happening \u2013 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\u2019t a currency. NFT serves as a unique and secured certificate that isn\u2019t interchangeable; whereas Bitcoin and other cryptocurrencies can be exchanged for one another.<\/p>\n

How has NFT been used in Hong Kong?<\/h3>\n
\"nft
How many memes and icons can you identify in In Memes We Love? (Image: K11 Art Mall and 9GAG)<\/figcaption><\/figure>\n

With the market value of NFT exceeding USD 2.5 billion over the first half of 2021<\/a> (that\u2019s 180 times more than the first half of 2020), the potential of NFT is huge. So, it\u2019s no surprise that numerous businesses and organisations have already hopped on the NFT bandwagon in Hong Kong.<\/p>\n

The biggest pioneer in NFT in Hong Kong (and in the rest of the world) is certainly art. Not only did Christie\u2019s hold virtual courses<\/a> to educate the public about NFT, but Sotheby\u2019s also curated an online NFT art sale<\/a> in June 2021. Aside from amazing artworks, such as those displayed at Hong Kong\u2019s first ever NFT art show hosted by Shout Art Hub & Gallery<\/a>, we think one of the most interesting auctions to date may be Sir Tim Berners-Lee\u2019s source code for the World Wide Web<\/a>, an invention that\u2019s completely transformed the digital landscape and the real world.<\/p>\n

And NFT\u2019s development goes beyond art. The city\u2019s football club, RCFC, has released a series of limited-edition collectibles<\/a> and sold them using NFT. Or take a look at the epic meme collage at the Meme Museum<\/a>, produced by K11 Art Mall in collaboration with 9GAG. Titled In Memes We Love, the piece is the world\u2019s first meme NFT artwork and comprises over 100 of the most iconic memes on the Internet. See \u2013 NFT doesn\u2019t have to be all serious!<\/p>\n

Follow these NFT artists and pioneers in Hong Kong<\/h3>\n

Intrigued by NFT and want to stay on top of its development? Follow these NFT artists and pioneers in Hong Kong.<\/p>\n

1. Szabotage<\/h4>\n
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A post shared by Gustav Szabo (@szabotage.me)<\/a><\/p>\n<\/div>\n<\/blockquote>\n