The much-anticipated NFT Memebank Banknotes series by Sabah-born contemporary artist Red Hong Yi has officially launched and is open for bidding now on OpenSea. This new series features a total of five exclusive artworks.
"This project was created to merge the physical and digital worlds, and to critique our current financial systems. Each artwork will be sold in the form of NFTs, but unlike most NFT projects, Memebank NFTs come along with physical artworks. There are only six unique artworks created under this project with each sold in the edition of one. As this project was inspired by the concept of NFTs showing proof of ownership, successful bidders for the Memebank NFT will own a physical copper plate and 1/1 canvas print of the artwork," said Red Hong Yi.
After the success of the first Memebank NFT "Doge To The Moon" based on the Chinese Yuan earlier in June, the remaining artworks feature the Japanese Yen, British Pound, Singapore Dollar, United States Dollar, and Malaysian Ringgit. Each of the artwork will start at 0.1 ETH and bids for each will close between Nov 22-26, with an artwork's auction closing each day.
Red Hong Yi's Memebank NFTs are inspired by world currencies and the contemporary meme culture in the digital world. Following the WallStreetBets movement, the USD-inspired banknote features "Diamond Hands", a Wall Street guy holding diamonds, expressing traders' abilities to hold their position regardless of downturns or losses in hopes of eventual gain.
While the NFT inspired by the Malaysian Ringgit features "Where Lambo?", depicting impatient orangutans questioning when their Lambo (short for Lamborghini) will arrive after buying cryptocurrencies. The bunch of bananas in the banknote takes reference from the currency dollar issued by the Japanese government during their occupancy in Malaya in the 1940s to supply authorities with money, which resulted in hyperinflation and a severe depreciation in the value of banana notes.
Red Hong Yi is also planning for a Memebank exhibition in Kuala Lumpur in 2022.