NFTs and Malaysian Art – How has it been so far?

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How big has NFTs grown?

Non Fungible Tokens or NFTs took the world by storm especially with reports of how digital artworks and items are being sold for millions. In early 2021, Beeple (real name Mike Winklemann) sold an NFT for more than US$69 million. This surely inspired many others to follow suit which has since overwhelmed the art scene both internationally and in Malaysia.

Who is active in Malaysia’s NFT scene?

The NFT scene in Malaysia is actually quite active. In the last year or so, it has been the dwelling platform for students and new graduates in the design fields. This however does not mean only those in the creative industries are making headlines. Recently, medical student Ronald Ong sold his digital artworks quite successfully. He is known for some of his remarkable works like Zebreo, Loafox and Leap of Faith, among others. Meanwhile, the latest news was Katun made more than RM1.6 million within 24 hours for selling his artwork.

Can NFTs provide income for artists?

Yes. In fact, NFTs could be the next big thing for artists to showcase and sell their artwork. Where it was once difficult to find gallery representation especially for digital artists, NFTs are the perfect solution to help them gain traction and exposure.

Why do digital artists use NFTs?

Using NFTs solve many problems. Conventional galleries would always find it difficult to display digital art. They either do not have the infrastructure or do not have the technology to do so. NFTs solve the problem of exhibiting digital art once and for all.

Are NFTs that popular in Malaysia and where can I follow them?

Among the popular platforms that you can visit to find NFTs are OpenSea, Foundation and Rarible. Meanwhile, there are several initiatives in Malaysia that are also growing and expanding really rapidly such as :

  • Pentas.io – A place where you can set up your own profile and upload your digital artwork. This platform uses the Metamask wallet that connects to the BSC (Binance Smart Chain) network.
  • CAWA – Crypto Art Week Malaysia – This was the first crypto art gallery in Malaysia that took place in July 2021 involving 29 crypto-artists.
  • Filamen – Known for being one of the major collections of multidisciplinary digital artworks, they also run the DAG or Digital Art Gallery.
  • No-To-Scale – The architectural-design group is one of the popular social media artists who recently showcased their NFTs at the Constructing Worlds online exhibition.

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