Red Hong Yi Sells RM325k Artwork As The Most Expensive NFT Sold By A M’sian Artist
Malaysian contemporary artist Red Hong Yi should be no stranger to the local and international art scene, having had her artwork featured on the cover of Time magazine just a few months back. And now, Red can add another notch on her belt as she just successfully sold an artwork as an NFT (non-fungible token) for approximately RM325,000!
The painting that was sold in an online auction is the first of six artworks in Red’s ‘Memebank’ series, which involves spoofing and redesigning banknotes from different countries to feature some iconic meme designs.
Considered to be the most expensive NFT ever sold by a Malaysian artist, the ‘Doge To The Moon’ NFT art design is inspired by the Chinese Yuan and Dogecoin logo, which was based on the viral Doge meme featuring a Shiba Inu dog.
Speaking about her creation, Red says “My banknotes are printed through an etched copper plate, allowing me to print as many banknotes as I want to but like an NFT, there will only ever be one master plate. The owner of the NFT will also own the copper plate.”
While the winning bidder Anonymous_2la3 will be the only person to own the master plate of the artwork, Red actually welcomes them to print and duplicate more of the artwork as this falls in line with her critique of central banks and fiat money, particularly how paper money can be continually printed, which may cause inflation.
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For now, Red says she plans to donate a portion of the proceeds to Mercy Malaysia’s Covid-19 pandemic relief fund, while also using the money to initiate a series of community art projects in Malaysia.