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NFTs in Asia: How the journey of making, selling and buying art has advanced

Creator
June 1, 2022

Few people in Asia had heard of non-fungible tokens (NFTs) just a few years ago, but now NFTs are creating an artistic and economic boom in the region. We spoke to three distinct voices from Asia’s arts community to explore the impact digitization and blockchain technology—in the form of NFTs—have had on the Asia arts scene. What does it mean for creators, audiences, and those who’ve traditionally made their businesses or investments around art?

Creating NFT art: an artist’s perspective

Brunei-based generative artist Yazid Azahari minted his first NFT in early 2021 and says adopting the technology has changed how he thinks about creating art.

“Prior to that, I don’t think I truly ever allowed myself to accept the identity of an ‘artist’—that I could create art because I wanted to, and have people appreciate and wish to own it. Seeing the interest and appreciation also drove me to want to continue improving my craft,” Azahari said.

“Now, I truly believe anyone serious enough about it can experience creative fulfillment from creating art through NFTs.”

Azahari has a thriving career in the technology industry after taking what he describes as the ‘pragmatic route’ to study IT, but he has been creating visual and code-based art since his teens and also dabbled in graphic design as a side gig.

He revived his interest in code-based art in recent years, using software to produce generative art in the form of interactive NFTs that produce variations of a work with a click.

“I loved that you could use code to generate a large number of creative permutations of the same artwork using the exact same codebase.”

Azahari has since successfully released a number of NFT collections featuring his abstract, minimalist style of digital art and participated in Crypto Art Week Asia. He’s chosen to make and sell his digital art NFTs via several marketplaces that use the Tezos blockchain including collections on fx(hash) and Hic Et Nunc (HEN), which he favored due to their inherently low fees, open nature, unique technical capabilities, and strong sense of community.

In particular, Azahari likes how fx(hash) enables creators and collectors to more easily mint and access pieces that change over time.

“The platform has unique technical abilities that allows artists to publish “generators” and for collectors to mint unique iterations of the generator as individual generative art NFTs—something that could be found on other chains but either had a long curation queue or was financially restrictive due to the network fees.”

He thinks the medium opens up economic and career opportunities for creators from previously under-represented locations in Asia and around the world.

Azahari’s comments are epitomized by his work being featured alongside 21 other artists supported by TZ APAC at this year’s Art Basel Hong Kong, the premier arts event for Asia and part of Art Basel’s global calendar of events.

“In my case, I’ve never felt better or more fulfilled about using my skills and abilities to create things, so I plan on continuing to create art through NFTs for as long as the practice allows me to feel this way about my craft.”

How NFTs have changed art: a curator’s insights

Joyce Toh is an independent contemporary art curator with over 20 years of experience in the arts and cultural sector in Singapore and overseas, including the role of senior curator of the Singapore Art Museum.

Toh said the rapid rise of crypto art and NFTs would not negate other types of contemporary art but has shifted presentation methods and the make-up of audiences and collectors as well.

“We’re going to see a lot more work on screens as opposed to physical, real world spaces,” she said.

She said that while conventional notions of art are object-based—a painting or a sculpture—many long-standing contemporary art styles like performance art, conceptual art, video, and new media are non-physical and have been presented in major shows but less collected.

“An NFT is visually a lot more accessible: viewership can be distributed to a lot more people across the world because all you need is a screen. Some might say, ‘If a million people can view it, what’s the value?’ But I’d say ownership is quite different from simply viewing a work.”

The role of curators in working with artists and preparing works for exhibit according to themes will not change according to Toh, but more effort may be needed to make crypto art meaningful to audiences.

“As it is a new media, there’s quite a lot of interpretation that has to be done. Some audiences are savvy, but many are new to digital art and are skeptical. We need to give people some clues so it’s not so alien or bizarre,” Toh said.

“I do see there is a distinct new breed of art lover, and these are simply people who are far more adept with living in the crypto world, so it’s almost certainly a much younger audience.”

Toh believes digital asset ownership will become commonplace. She is also co-founder of an art-tech startup launching in June 2022 called ARTO, which is a social discovery app for people to engage and consume art in ways that fit their lifestyles. ARTO offers original artworks, art merchandise, and digital collectibles, such as NFTs.

“What we see with digital natives is that life in the digital space is very rich and full—the metaverse seems far-fetched to some people but if you consider how much time younger people spend online, this is the space that consumers are in, and it’s the space ARTO wants to be in,” she said.

Toh said after the shock of NFTs’ impact in the past two years, such as the $69 million dollar sale of Beeple’s digital art NFT, the traditional art scene is quickly becoming more open-minded and expansive.

“The newsworthiness of NFTs has brought art to a lot more people’s attention. It’s getting people excited and talking about art—and the more people curious about art, the better.”

In terms of what collectors should look for when buying NFT art, Toh said people should seek out what they enjoy in their hearts and mind, and not purchase art based on a trend.

“I believe art is fundamental to our humanity no matter what form it takes. If you’re going to collect something—whether it’s physical or digital—if it speaks to you, it’s worth it, even if its price in the market fluctuates.”

The value of NFT art: a collector’s outlook

Collecting digital art because it speaks to your heart is a philosophy embraced by Ting Song, who’s collection currently boasts over 1,000 art NFTs. This includes a personal collection of around 400 NFTs and over 700 pieces owned by a DAO Song created, which collected them through Objkt—the largest NFT marketplace on the Tezos blockchain.

With roots in China’s open-source culture, including organizing hackathons in her youth, Song is an emerging crypto art influencer (named by Tatler Asia in 2021 as a young leader shaping Asia’s future). She’s also a recognized artist—currently touring her immersive play called Peony Dream, which combines AI and human characters and embedded NFTs—and has curated multiple physical and virtual exhibitions of NFTs.

Her growing NFT art collection reflects her passion for bringing the world of blockchain, AI, and art together.

“I started collecting when I sold my first NFT artwork in 2020. I received precious love and support, and I want to spread that love and support too,” Song said.

Song has purchased NFTs from artists from Korea, Japan, Thailand and Indonesia and gravitates towards art based on engineering innovation, traditional ethnic culture topics, and Web3 approaches to re-imagining fine art.

While Song collects based on her interests, she also views NFTs as a long-term investment that offers peace of mind and carefully researches each piece.

“They are born in digital ways, so they should be stored and collected in digital form. I am enjoying the dividends of the growth of the digital economy.

“I will usually choose a period of time when I feel very chill, and have a cup of tea, open my browsers and start looking and doing my own research to discover and buy NFTs.

“After using my detective skills to explore artists, I feel HEN on the Tezos blockchain is one of the best platforms because there are many famous artists selling, they have some of the strongest works at low prices, and it’s an ecosystem that’s full of diversity.”

Song enjoys interacting with, and showcasing, her NFT art collection—she even built an online exhibition space called Ting Museum.

“I coded and built an art metaverse for myself to display my beloved artworks and the collections of others. Over 500,000 people have viewed the museum, and I’ve also created six exhibitions with more than 100 artists from all over the world participating.”

She believes it’s more likely that future generations will refer to art forms like NFTs or games (rather than an oil painting) when they reflect on the current era.

“The past is important, and the present is also important. We may be witnessing the rolling of the wheel of cultural history—the world is different from art history. Because the definition of “art” is often in the hands of later generations.”

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