NFT ART FINANCE TOKEN BRINGS JOY TO ARTISTS

Blockchain is designed to resist data change. Attestation technology on blockchain prevents plagiarism, helps artists feel secure in owning their artworks copyright, and art collectors also easily trace origin of the artwork. Selling the artwork as NFT art finance token format without going through a third party (auction floor, gallery...) also helps the artists to retain a significant portion of profits. Thanks to this feature, NFT art finance token items become an unique asset that cannot be copied. And also unlike Bitcoin and other cryptocurrencies, NFT art finance token cannot be exchanged the same way as other NFT making them scarce and increasing in value.

The form of digital assets NFT (Non-Fungible Token) is helping artists earn lucrative revenue, and making it easier to monopolize art.

It is known that a digital asset NFT (Non-Fungible Token) or a non-fungible token is a virtual item authenticated by blockchain technology - a technology that uses digital signatures to confirm the original artwork and artwork’s owner. Blockchain is a technology for storing and transmitting information by blocks that are linked together and expand over time. Each block contains information about the initialization time and is associated with previous blocks.

NFT art finance token brings joy to artists / ph: instagram@sarah_m_art

Recently, many people are willing to spend huge money amounts of up to tens of millions of dollars to own NFT art finance token items. This "craze" not only stirred the investment community, but also spread to the art world. A series of artists began to work towards releasing their work in NFT art finance token format.

As can be seen, the concept has gradually been applied to collecting of artworks and has begun to drive an unprecedented trend of digital consumption in NFT art finance token format.

American digital artist Mike Winklemann known as Beeple, sold his NFT art finance token format: Everydays: The First 5000 Days for a staggering $69 million to the famous British auction house Christie's.

In Malaysia, the idea of NFT art finance token is incubated as a fun pastime for graduates of multimedia design, engineering and architecture. It was popularized by Filamen, a multidisciplinary digital creative collective based in Kuala Lumpur, who kicked off the exhibition Seni Kripto ("Cryptoart" in Malay) in April 2021 at the Art Gallery their digital real space on the University of Malaya campus.

After that, the Malaysian art scene was quick to tap into the potential of NFT art finance token, kicking off the first Electronic Arts Week in July and creating Pentas.io, the first local NFT art finance token marketplace. It has given some local artists the equivalent of millions of Malaysian ringgit in crypto.

NFT art finance token items by Malaysian artists span the range of 3D animations, Internet memes and illustrations inspired by the Southeast Asian nation's multi-ethnic culture. The form of NFT art finance token gained attention in the Malaysian art scene later this year, with several local artists making international headlines for their works. For some of them, the NFT art finance token has brought joy to the artists.

Kuala Lumpur-based artist Abdul Hafiz Abdul Rahman better known as Katun made headlines when he sold two of his NFT art finance token collections in less than 24 hours for 127.6 ETH - or 1.6 million Malaysian ringgit ($400,000). This is the most expensive NFT art finance token lot ever sold by any Malaysian artist in a single release.

But even if the NFT art finance token sounds like a get-rich-quick way, at least in Malaysia it has become a more progressive and productive community. For example, Katun founded 4 Stages, a digital platform with the aim of bringing Southeast Asian artists together.

According to CEO of BlockCreateArt (BCA) platform which specializes in the sale and buy NFT art finance token items in China, coding art in the form of NFT art finance token is an emerging trend formed from the "connection between art and blockchain-based platforms, between culture and technology. The attraction from the NFT art finance token digital asset trading market is opening up new opportunities for artworks in the digital age.