NFTs offer Asian artists a new global showcase

The art world is entering uncharted waters with the rise of non-fungible tokens

Artists now have an opportunity to build their individual portfolios while reaching out to a wider audience. ST PHOTO: MANNY FRANCISCO
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We are approaching the time of year when we reflect on trends that have dominated the headlines and how they will shape the year ahead. With low interest rates on savings, more and more people are beginning to explore alternative investments. One of the big winners of 2021 has undoubtedly been non-fungible tokens (NFTs).

During the third quarter of this year, NFT trading volume hit US$10.7 billion (S$14.7 billion), a 704 per cent jump from the previous quarter. High-profile trades included a rendition of Nyan Cat, an animated flying cat with a Pop-Tart body that was sold for nearly US$600,000.

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