After a two-week auction, Red Hong Yi has sold her first-ever non-fungible token (NFT) for 36.3 ETH on 11 July 2021, which is currently valued at more than RM325,000. This is probably the most expensive NFT sold by a Malaysian artist.
“Doge to the Moon” is her first artwork in a series called “Memebank” involving spoofing and redesigning banknotes from different countries. This particular piece is based off the Chinese Yuan featuring the popular Doge meme.
Doge To The Moon was sold to Anonymous_2la3, who will also own the physical copper plate (157.5cm x 75cm x 0.15cm) and the printed banknote on silk. Doge To The Moon is inspired by the Chinese Yuan as a nod to China being at the forefront of the cryptocurrency landscape, and being the first in history to issue paper money during the Song Dynasty.
“I’m incredibly grateful for this first NFT experience. My team worked hard on this. We discussed and worked on ideas for almost six months. So I’m really happy to see our work pay off, ” says the Sabah-born Red.
“NFTs may still be a novel concept to many, but I do believe in its potential to create a more transparent and efficient world.
“NFTs have been gaining prominence in the arts industry in recent times and have allowed artists to create digital certificates of ownership for their valuable work, ” she concludes.