A plethora of players has joined in the action too, with luxury fashion brands, newspapers and evenDrawn by the medium’s novelty and its seeming viability as a source of income in a country where art is often judged as a precarious career, more local creators are choosing to give NFTs a shot., has grown to more than 3,300 members in the span of a few months, including people from other countries, said one of its founding members Jonathan Liu.
“Game designers, spatial architects, people who work with cinema 4D, new technology softwares now have an audience,” added the visual artist and lecturer at LASALLE College of the Arts. It was initially hard to wrap his head around the concept because it just felt like “computer money”. “NFTs have made it possible for artists to just do what they want to do,” he said, though he cautioned that there are still risks in committing oneself fully to such a new realm.As NFTs become more mainstream, others are also exploring how they can help social causes.
According to NFT marketplace Mintable, which is headquartered here, the number of site visitors from Singapore grew from 0.72 per cent in September to 1.09 per cent in December last year. 'CryptoPunk 7523,' a rare NFT from Larva Labs, is one of several of the certified digital objects being sold by auction house Sotheby's through June 10, 2021 AFP/Cindy Ord“The whole human desire to own something, to the exclusion of others, is something that’s built into our DNA," he said.He added: “It’s like a baseball card – it’s just a piece of cardboard, right? … But to the buyer, there is tremendous value.
This is the case for one buyer, who only wanted to be known as Ms Yong. The civil servant in her mid-20s has spent S$10,000 on NFTs on blockchains such as Ethereum and Terra in the past six months.But the others were for profit potential. To gauge if an NFT will appreciate in value, Ms Yong said: “What I take into consideration is the potential of the roadmap, the hype of the NFT, the utility.”
Fools and their money are soon parted.
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