Malaysian artist Katun sold NFT collections worth over RM1.6 million in 24 hours

Malaysian graffiti artist Katun has made over RM1.6 million after selling two non-fungible token (NFT) collections in a span of 24 hours. He is the first artist to launch an NFT on Superfarm, a cryptocurrency platform co-founded by EllioTrades.

Two NFT collections dropped on 18th August at 2am local time. Katun’s NFT titled “Apes Stand Strong” is limited to 50 pieces and it sold out in just 30 minutes at 1 Ethereum (ETH) each. In total, that’s 50 ETH which is equivalent to RM699,520 at the time of writing.

The second NFT titled “Mystical Fruits” is released as an open edition and it was going for 0.1 ETH. In 24 hours he sold 776 pieces netting 77.6 ETH (about RM1,084,630). With both collections combined, that’s close to RM1.7 million, making it the most expensive batch of NFTs sold by a Malaysian artist at the moment.

Owners of the limited edition “Apes Stand Strong” will also receive a physical and numbered Glclee print of the artwork if it’s held for a period of two months. On top of that, one lucky owner will be picked by random to receive an “Inferno” version of the NFT artwork on 18th October 2021 at 2am Malaysian time.

Meanwhile, owners of the open edition NFT will also stand a chance to get something extra special. On 18th October, 20% of “Mystical Fruits” NFTs will evolve into a special edition called “Garden of Bloom” as shown above.

According to the press statement, Katun’s limited edition NFTs are currently being resold for 1.99ETH, almost twice the price of its original listing. A quick check reveals that some are reselling the NFT for as high as 99.95 ETH on the platform.

Last month, Malaysian artist Red Hong Yi sold her first NFT titled “Doge to the Moon” for 36.3 ETH which was valued at over RM325,000 at the time. Besides owning the NFT, the winner of the bid will also get a 157.5cm x 75cm copper plate and a silkscreen.

NFTs have been gaining a lot of traction among artists. The ownership of each NFT is verified on a digital ledger called the blockchain and it is unique. Besides digital artwork, NFT can represent various mediums such as photos and videos, as well as the very first tweet that was sold for nearly RM12 million. What’s interesting is that the NFT can be tied to a license and that means a buyer may not necessarily have the right to do whatever they want including commercial use.