The rise of NFTs in the contemporary art world: Singapore Art Week
By: Alex Lew, BA History of Art and Archaeology
Non-fungible tokens (NFTs) have been booming, particularly in city-state Singapore. NFTs can be anything digital in the blockchain world – a painting, an art piece, or an autograph. The majority of NFTs are linked to the Ethereum blockchain.
The current NFT craze sees huge sums of money being spent on ‘Bored Apes,’ a collection of 10,000 avatars featuring variations of a bored-looking cartoon ape.
NFTs are a highly risky investment. The market is built on proof of exclusive ownership, which is mainly important for bragging rights and the possibility of selling the NFT in the future.
NFTs are a highly risky investment. The market is built on proof of exclusive ownership, which is mainly important for bragging rights and the possibility of selling the NFT in the future.
Singapore Art Week 2022 is a celebration of Singapore’s visual arts, as well as local and regional artists, and is in its tenth year of development. This year, blockchain platform Tezos is presenting NFT artwork from some of Asia’s top digital artists, which is a first.
Titled ‘NFTs: The New North Star,’ the Asia-centric NFT collection, held at the S.E.A. Focus gallery space, features works minted from over 15 digital artists from Singapore, Malaysia, Indonesia, South Korea, India, and Brunei.
Terence Lo, an avid Bitcoin and cryptocurrency enthusiast, says that he is happy that cryptocurrencies and NFTs have picked up and more people are accepting digital forms of payment. Today’s mesmerising exhibition is a testament to the infinite possibility of the art work.
These days though, NFTs have impacted the art world from the ground up approach and have given an opportunity to all. But, they have also created concern about money laundering. Critics have claimed that NFTs are just ‘one inflated balloon’ built on celebrity culture and have no inherent value.
Ten years ago it would seem impossible to turn to a platform like TikTok for investment advice. Times have changed, and now, people flock to experts online for advice and do their own research on social media.
The constellation-themed collection aims to empower artists of various professions, with themes ranging from nostalgic 90’s comic book designs, to conventional aesthetics. Singapore Art Week took place from 14 January to 23 January 2022.
Photo Caption: Showcase of “NFT artworks by Artist across Southeast Asia” (Credit: Alex Lew)
