Non-fungible token or NFT has taken the world by storm since the earlier part of this year and many artists have benefited from the surge of interest in NFT including those in Malaysia. Among the latest example is graffiti artist and illustrator, Katun.
Made available on 18 August through the SuperFarm platform which was co-founded by Elliot Wainman, a well-known figure within the cryptocurrency world, Katun’s NFT art collection managed to gain a total sale of 127.60 ETH, equivalent to around RM 1.63 million on the day of their release*.
Priced at 1 ETH (~RM12,840 on 18 August*), the Apes Stand Strong NFT art was made available as a limited-edition release and all 50 pieces were snatched within 30 minutes. Those who have purchased it would also receive a physical and numbered print of the artwork although they have to hold the NFT for at least two months.
Over 1000 entries for 50 pieces…🙈
50 Quick & Lucky Apes made it out victoriously, and will have exclusive access to "Apes Stand Strong" for a period of 30 minutes at the drop.
After 30 minutes, we'll open the floodgates for any unsold pieces.
— SuperFarm (@SuperFarmDAO) August 17, 2021
If they managed to do that, they would also be in the running to receive an “evolutionary version” of Apes Stand Strong that is dubbed as Inferno on 18 October. As for his second NFT artwork which is called Mystical Fruit, it is not a limited-edition release although the artwork was only made available for a short duration of time with a price tag of 0.10 ETH (~RM1,284 on 18 August*) each.
Similar to Apes Stand Strong, Mystical Fruits also has its own special feature in which 20% of the NFT will randomly evolve into a special edition artwork called Garden of Bloom on 18 October. It was well-received as well since 776 pieces of the artwork were sold over a span of 24 hours.
The phenomenal reaction to Katun’s NFT releases came just a month after another local artist, Red Hong Yi sold her Doge to The Moon NFT for 36.3 ETH which was around RM320,000 at that time. In case you are wondering what NFT is all about, then do check out our explainer on that subject right here.
*these figures are based on the conversion tool by Google.