Malaysian artist Red Hong Yi sells Doge NFT banknote for over RM320,000

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Red Hong Yi, the Malaysian artist who recently made headlines for creating a cover for TIME magazine, just sold a non-fungible token (NFT) piece of art after a two-week auction in the square Binance NFT Marketplace for 36.3 ETH, worth around just over RM320,000.

The digital artwork titled “Doge to the Moon” is the first in his “Memebank” collection, which includes six forged and redrawn banknotes from different countries. The series reflects how memes assets, cryptocurrencies, and NFTs have disrupted industries, including traditional banks and art galleries.

Doge to the Moon, based on the Chinese yuan and featuring the popular Doge meme, is a nod to the fact that China is at the forefront of the cryptocurrency landscape and was the first of the history of issuing paper money during the Song Dynasty.

The winning NFT bidder will get the silk printed banknotes as well as the accompanying copper plate which has been engraved with the design. Red has encouraged the winner to print as many copies of the note as they want, saying it’s a criticism of central banks and fiat money because the continued printing of paper money leads to inflation (looking at you , Weimar Republic in 1923).

“NFTs may still be a new concept to many, but I believe in its potential to create a more transparent and efficient world. NFTs have gained prominence in the arts industry lately and have allowed artists to create digital property certificates for their valuable work, ”said Red.

Some references in the Doge banknote include the Dogecoin logo, the phrase “WOW” and 06122013 – the creation date of the dogecoin, December 6, 2013. She mentioned that part of the proceeds will be donate to Mercy Malaysia’s COVID-19 Pandemic Fund, and a portion will also go to social and artistic projects to support the local community.

The remaining Meme banknotes in the series – based on the US dollar, euro, British pound, Malaysian ringgit and Japanese yen – will be issued and made available on the Binance NFT marketplace over the next five months. It is expected that a Memebank exhibition will be held later this year in Kuala Lumpur to showcase all physical Meme tickets in the series.

(Sources: Amanz, The star)

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