THE RISE OF NFTS IN SINGAPORE
What exactly are NFTs?
As the name implies, NFTs are non-fungible tokens. This indicates it can't be exchanged for other types of currency of equal worth, making it one-of-a-kind. NFTs are data-carrying digital tokens that are maintained in a blockchain ledger that is unchangeable. Its primary function is to represent assets and establish their legitimacy and ownership. NFTs are cryptographic tokens, similar to cryptocurrencies, that are recorded on a blockchain and can be used to prove the authenticity, ownership, and provenance of anything – physical or non-physical – such as artwork, collectable cards, or real estate, for example, in the same way that a blockchain can be used to settle financial transactions or track elements in a supply chain.
The term "non-fungible" refers to the fact that the token is one-of-a-kind and cannot be replicated or exchanged for anything else (unlike individual bitcoins, which are fungible).
It is important to note that when someone purchases an artwork that has been validated by an NFT, they are not purchasing the digital asset in its entirety. Instead, they'll buy a digitally certified note that claims to have only one owner. Anyone can download a copy of the file or link that corresponds to whatever the NFT is tokenizing, but only the NFT owner has the contract that defines their ownership rights.
Why are they Valuable?
When a buyer purchases a non-fungible token (NFT) of a real-world asset, they may be guaranteed of owning it all to themselves.
NFTs appeal to customers because they provide a distinct quality. Limited edition NFTs are often issued in small numbers by artists, and consumers are ready to pay more for limited edition items.
It's also worth mentioning that NFTs are intrinsically related to collectibles, which have long been a lucrative market. NFTs are a modern way to exchange items in a variety of ways, whether it's artwork or an in-game asset. These artifacts are precious to an art lover or meme fan, and paying for them, whether directly or through an NFT, is a sensible investment.
NFT’s in Singapore
Various non-fungible token (NFT) initiatives have developed in recent months, whether on the main Ethereum blockchain or on newer blockchains like Terra or Solana.
Many artists in Singapore have started their own NFT initiatives because of the craze. Here are some intriguing NFT projects that Singaporeans have established or started:
1.) Here is Rae - Take A Byte
The “TAKE A BYTE” series invites Rae’s fans to take a closer look at her and be part of her virtual universe. Titled “Take me (apart)”, “You lookin' at me?” and “Welcome to my metaverse”, each artwork references the curiosity and attention Rae has received as a virtual influencer and her exciting adventures on social media.
2) Speak Cryptic
In his art, Farizwan Fajari, also known as ‘Speak Cryptic’, draws inspiration from his roots as a Singaporean Malay of Baweanese descent and his fascination with punk culture and underground music. The results are often black and-white illustrations or sculptures of people and environments that are playful, gritty, and dark, sometimes all at the same time.
3) Dark Zodiac
Dark Zodiac is a non-generative NFT collectible project inspired by the Chinese Zodiac folklore. There is a limited supply of 3876 NFTs on the Ethereum blockchain as part of its first series. The collection is conceptualized by a Singapore-based 2D / 3D artist.
4) Vogue Singapore
Vogue Singapore launches 10 NFTs that were created exclusively for the world’s first Vogue issue dedicated to the metaverse.
Celebrating the creative renaissance born out of NFTs, the collection is inspired by the theme of 'New Beginnings' with the sunrise as a leitmotif and features two virtual-only NFT covers plus eight NFTs from the art, design and beauty worlds by artists Chad Knight, The Fabricant, Shavonne Wong, Lanzavecchia + Wai, Baëlf Design and Dain Yoon.
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