The inaugural Crypto Art Week Malaysia 2021 kicks off today (July 10) with a selection of digital works by 29 Malaysian crypto artists joining a cast of global digital artists. Organised by the not-for-profit Malaysia NFT Group and art collective NFXT.io, this virtual event runs in tandem with Crypto Art Week Asia.
It aims to make the world of crypto art and non-fungible tokens (NFTs) more transparent and accessible to the general public.
An NFT is a digital asset that represents real-world objects like art, music, images and videos. In contrast with many other digital creations, which are often infinite in supply, NFTs have unique identifying codes, which makes them one-of-a-kind. NFTs exist on a blockchain (a digital public ledger of transactions) and cannot be replicated. It contains digital ownership details and provides proof of authenticity.
In the context of NFTs in the digital art world, this makes it possible to now truly “own” and sell digital works.
“Crypto art can be anything - a photograph of a painting, pixel art, video or even a tweet. However, what sets crypto art or NFTs apart from normal forms of art or digital art is the fact that they are ‘minted’ or attached to the blockchain. 'Crypto artists' are artists that use the blockchain as a platform for their art. Similarly, ‘Internet artists’ are people who use the internet as a platform for their art. In the future, as adoption of crypto becomes widespread, perhaps the term ‘crypto art’ will just be art, ” says Munira Hamzah, head of Crypto Art Week Malaysia.
Crypto Art Week Malaysia will be held at the virtual Malaysia NFT gallery, which comprises three main spaces.
The event seeks to promote Malaysian crypto artists to digital-natives and newbies, collectors, galleries and potential patrons.
All the artworks on display are available for purchase.
“NFTs have the potential to revolutionise the way we trade by providing solutions to authenticate digital assets through the blockchain. It has also stimulated the rapid growth of virtual communities around the world.
"Now more than ever, creatives are creating together, learning to protect their own market and speaking directly to collectors highlighting the decentralisation of traditional art market practices, ” says Layla Duckett, communications lead of Malaysia NFT.
She notes that Crypto Art Week Malaysia aims to provide an interesting escape from the current pandemic situation in the country by facilitating new experiences and connections for the Malaysian public.
“The Malaysia NFT Group hopes that Crypto Art Week Malaysia will become an annual event that celebrates unbridled Malaysian talent, culture and knowledge in the digital art world, ” she adds.
Besides looking at art, visitors to Crypto Art Week Malaysia can visit the gift shop and auditorium, explore the "lepak" (hangout) areas and chill at the "mamak".
There will be interactive and educational programmes held throughout the week, including "Meet the Artist" talks, panel discussions, musical performances, giveaways and a virtual treasure hunt.