InstaForex

August 23, 2021

Malaysian Painters Sell NFT Works In 24 Hours To Make A Profit Of Up To RM1.7 Million!

 Not many Malaysian artists, especially painters are interested in the non-fungible token (NFT) sector.


But not for this local artist who is good at taking the opportunity to market his work as an NFT in the crypto market.


Cotton


The graffiti artist and the first contestant to sell his two NFT collections on the Superfarm platform and managed to raise over RM1.7 million in 24 hours.

The two collections began to be auctioned on Aug. 18, at 2 a.m. local time.

The first collection known as ‘Apes Stand Strong’ traded a limited number of 50 units and was sold out in just 30 minutes.

Each unit is traded at 1 ETH. This brings the 50 units sold to the value of RM689,245.50!

The second collection, ‘Mystical Fruits’ traded at a price tag of 0.1 ETH.

In 24 hours, Katun managed to sell 776 units, making its profit reach 77.6 ETH (RM1,069,709.02).

The collection already looks to be resold on the OpenSea platform and the highest price tag recorded is 100 ETH!

The combination of the two profits is worth RM1,758,954.52, making Katun the first local artist to sell NFT works at the most expensive price to date.





Interestingly, if the owners of the ‘Apes Stand Strong’ collection keep the art for a period of two months, they will receive the artwork in physical form printed by Glclee printing. While a lucky owner will receive a version of ‘Inferno’ on October 18, 2021 at 2 am local time.


Similarly for the owners of ‘Mystical Fruits’, those lucky enough to have the chance to see 20% of the NFT art transformed into a special edition, known as the ‘Garden of Bloom’ on 18 October.


In addition to Cotton, Red Hong Yi also used this opportunity, turning his work into an NFT.


The local artist sold his NFT, ‘Doge to The Moon’ with a value of 36.3 ETH last month.



This brings the work to RM500,392.23.

Part of the profits received were channeled to the COVID-19 pandemic relief fund, Mercy Malaysia.

The NFT is part of the ‘Memebank’ series, which involves spoofing and redesigning currencies from various countries: the Chinese yuan, the US dollar, the British pound, the Malaysian ringgit, and the Japanese yen.

‘Doge to The Moon’ it was inspired by the Chinese yuan as a mark of respect for the country as a pioneer of the crypto sector and the use of paper currency for the first time during the Song Dynasty.

The winner of the bid who manages to get the NFT work will also receive a copper plate version measuring 157.5 cm x 75 cm and silkscreen.

Interesting isn't it? If you want certainty about what NFT is, you can read the article that has been posted here or maybe you can understand it more casually through this video.