12th July 2021 - 3 min read
Two weeks ago, Red Hong Yi announced her entry into the non-fungible token (NFT) market with the launch of a series titled Meme Banknotes, starting with a piece called “Doge to the Moon”. Having placed the digital print for auction on the Binance NFT Marketplace since, the bid ended last night with Red Hong Yi selling the NFT for a whopping 36.3 Ethereum (ETH) – valued at approximately RM328,000!
“Congrats Anonymous_2la3 for being the owner of my first NFT piece, ‘Doge to the Moon’ – as well as the owner of the 1 of 1 copper plate and silk print! Please email me at [email protected] to get in touch – we will need to go through a verification process and I can’t wait to deliver the artworks to you!” said the Malaysian artist in a Facebook post last night. She also clarified in the comment section that the owner of the “Doge to the Moon” plate is free to print as many copies of the meme banknote as they want, given that he or she now has the rights to the design.
An NFT is essentially the ownership of a unique, one-of-a-kind digital asset – such as digital art, virtual pets, and so on – recorded using blockchain technology. The information of such ownerships is encoded within the blockchain, and purchasers can trade in cryptocurrency to obtain proprietorship of these assets.
In the case of Red Hong Yi’s Meme Banknotes series, the prints (a.k.a. the digital asset) are a spoof on paper money with redesigns of major currencies around the world, including the Chinese Yuan, US Dollar, and Malaysian Ringgit. In particular, “Doge to the Moon” features the popular Doge meme, and is inspired by the Chinese Yuan. It is intended as a nod to China’s spearheading role in the cryptocurrency landscape, as well as its historical relevance as the first country to issue paper money during the Song Dynasty.
Red Hong Yi also shared that a portion of the proceeds from the bid will go to Mercy Malaysia in support of their Covid-19 pandemic relief fund. Meanwhile, another portion will go into various social and art projects that she is working on to assist the local community.
You can find out more about Red Hong Yi’s process and motivation in creating “Doge to the Moon” in the following video:
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