Sunday, January 29, 2023

Malaysian Graffiti artist Katun sold NFT Art Collection for over RM1.6 million within 24 hours!

Social NewsMalaysian Graffiti artist Katun sold NFT Art Collection for over RM1.6 million...

Local graffiti artist, Katun has recently made over RM1.6 million after selling 2 of his non-fungible token (NFT) collections on Superfarm, a cryptocurrency platform co-founded by EllioTrades.

Katun had dropped his 2 NFT collection on Superfarm on 18th August at 2 a.m., where one of it was titled “Apes Stand Strong” and it is limited to only 50 pieces. The collection was then sold out in just 30 minutes at 1 Ethereum (ETH) each, earning him 50 ETH (≈RM692,000).

His second NFT collection was given the title “Mystical Fruits” and it was released as an open edition. The collection was listed for 0.1 ETH and he managed to sell 776 pieces in 24 hours, earning him 77.6 ETH (≈RM1,075,000).

With the sale of both collections combined, Katun managed to earn a total of 127.6 ETH, which is equivalent to around RM1.7 million, making it the most expensive batch of NFTs sold by a Malaysian artist at the moment.

It is also reported that the owners of the limited edition “Apes Stand Strong” will receive a physical and numbered Glclee print of the artwork if they hold it for a period of 2 months.

On top of that, one lucky owner will be picked randomly to receive an “Inferno” version of the NFT artwork on 18 October at 2 a.m. Malaysian time.

Meanwhile, there will be a surprise for the owners of the open edition NFT too, whereby they stand a chance to get something special. On 18 October, 20% of “Mystical Fruits” NFTs will evolve into a special edition called “Garden of Bloom” as shown above.

Nonetheless, according to a press statement, Katun’s limited edition NFT is currently being resold for 1.99 ETH, almost double the price of its original listing. A quick check on Superfarm reveals that some are reselling the NFT for as high as 99.95 ETH!

Last month, another Malaysian artist, Red Hong Yi managed to sell her first NFT titled “Doge to the Moon” for 36.3 ETH (≈RM320,000 at that time). In addition of owning the NFT, the winner of the bid will also get a 157.5cm x 75cm copper plate and a silkscreen.

Recently, NFTs have been applied on digital artwork and it is proven to be a new model for artists to monetize their work. The ownership of each NFT is verified on a digital ledger called the blockchain and it is unique.

Apart of being applied on digital artwork, it can be used to represent various mediums such as photos and videos. It can be tied to a license which means that a buyer may not necessarily have the right to do whatever they want including commercial use.

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