Vietnamese artists try to sell works on non-fungible token platforms

By Bao Lam   August 23, 2021 | 04:43 am PT
Vietnamese artists try to sell works on non-fungible token platforms
NFT artworks are displayed on a smartphone. Photo by VnExpress/Bao Lam
Vietnamese artists are testing their luck by selling their works on non-fungible token platforms, hoping to see their art being recognized and also make some money.

An NFT is a digital asset that represents objects like art, music, in-game items and videos, and have unique identifying codes. They are bought and sold online, frequently with cryptocurrency.

Amateur artist Nguyen Hieu of HCMC recently uploaded four artworks on NFT platform OpenSea, one of the most popular platforms for trading NFT artworks.

Hieu expects some collectors would notice and buy his works, which are priced from 0.005 to 0.1 Etherum, or $16.33-326.58.

"There is no buyer yet, but I hope that somebody will be interested in my work."

Ai Duy, a teacher who enjoys photography, has recently uploaded his favorite photos on Cong Troi, a platform for Vietnamese artists to digitize their works and sell them.

His photos are valued at VND200,000 ($8.78) to VND1.5 million, and one has been bought.

The rising popularity of NFT artwork in Vietnam comes at a time when global artists have been able to make millions of dollars by auctioning their art using the new technology.

Even some Vietnamese artists like Xeo Chu and Phong Luong have made thousands of dollars.

Cong Troi has over 80 artists and 700 artworks. Artists can reach a wider audience by submitting their works to global platforms like OpenSea, Binance NFT and Rarible.

An NFT group on Facebook with 20,000 members in Vietnam has seen the number of posts double since August last year.

Most are about how to upload an artwork on an NFT platform.

Quang Khoi, who has been interested in NFT since its early days, said the process of uploading an artwork is simple. An artist needs to pay a fee of $10-50 after creating an account and could either list a price or let buyers auction, he said.

But the process of cashing cryptocurrencies earned from selling NFT artwork is complicated since trading platforms are overseas, he said.

Bitcoin and other cryptocurrencies are not legally recognized in Vietnam.

Some experts consider NFT artwork merely a speculative fad which could cause a short surge in prices.

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