NFTs in Hong Kong

Our last article discussed NFTs being used in the charity field, and the many benefits that came with the acceptance of NFTs in this space, benefiting not only those donating but to the charities themselves. This week we explore a bit more about NFTs in the art and entertainment space in our own backyard.

Over the last few months, Hong Kong has been seeing a rise of NFTs integrated in public events, special exhibitions. Multiple arts events in Hong Kong with the likes of Art Basel and Art Central, continued to dabble in the NFT space as well as the spring previews from auction houses.

Artaverse, which has been billed as one of Asia’s largest outdoor NFT and local art exhibitions, has attempted to drive conversation of the space hosting virtual world engagement and panel discussions and talks as well as live music performances. Arts focused K11 and K11 MUSEA has also been hosting their appreciation for NFTs with their “Metavision” exhibition hosting over 200 NFT pieces throughout the mall including educational tours and workshops. The NFT pieces include Takashi Murakami, Bored Ape Yacht Club, Tom Sachs, Doodles and more, valuing over 26,000ETH on display.

Source: K11

For a more local take, an exhibition called “Meta Nostalgia” was launched by Artistverse with a distinctly ‘old’ Hong Kong theme, with pieces including Hong Kong’s famous neon lights and interactive experiences. Meanwhile homegrown NFT projects have also been gaining traction, with local celebrities fronting various projects, such as Louis Koo’s OneCool Collective to Chapman To’s Late DAO NFT. Larger scale ecosystems such as SOLARR, a decentralized platform for NFTs have raised over USD2 million in seed funding, while smaller projects like Tipsy Cats have been formed for the wine enthusiasts in the region.

We continue to watch what this means for the continued push towards NFTs by the art and entertainment industry, but for the wider community taking part, we urge caution aside from the regulatory changes that may happen in the distant future. Security risks will always be a factor for community members in this digital asset space, and with over 145ETH lost in the most recent Bored Ape Yacht Club and Otherside attack, this marks the third attack on BAYC, and is only the latest high profile incident out of many over the last year.

According to the Federal Trade Commission, nearly half the people who reported losing crypto to a scam since 2021 said it started with an ad, post or message on social media platforms.

Adapted from Source: FTC

We love seeing the increase of events and projects coming up in Hong Kong and we’re so excited to see the potential of the work that our neighbors are doing. But as always, we urge our community members to always DYOR and exercise caution. Especially with social media, even “official” platforms are always still at risk so while FOMO may be real, proceed with caution! Still go out and enjoy, and share with us what is happening in your area too!