Malaysian Artist Red Hong Yi makes her first foray into the NFT market with the launch of Meme Banknotes

SINGAPORE, June 29, 2021 /PRNewswire/ -- Renowned Malaysian contemporary artist Red Hong Yi announced her entry into the NFT market with the launch of a series of Meme Banknotes. Her first NFT in the series dropped on Binance on 27 June 2021 as part of the platform's inaugural 100 Creators programme to launch the Binance NFT Marketplace.

A reflection of how meme assets, cryptocurrencies and NFTs have disrupted industries including traditional banking and art galleries, Red Hong Yi's Meme Banknotes are a spoof on paper money with redesigns of the Chinese Yuan, US Dollar, Euro, British Pound, Malaysian Ringgit and Japanese Yen incorporating elements from Meme culture. 

The first Meme Banknote to drop on Binance's NFT Marketplace is inspired by the Chinese Yuan and titled "Doge the Moon" - a nod to China being at the forefront of the cryptocurrency landscape, and being the first in history to issue paper money during the Song Dynasty.

All the Meme Banknotes will be minted on Binance's NFT Marketplace, and buyers will also own the physical banknotes as well as an accompanying copper plate that has been etched with the respective design.

"One concern about fiat money is the continual printing of paper money, which economists warn will lead to inflation. This has led to a large community of everyday people seeking alternative investments," said Red Hong Yi.

"This is what my project will be addressing. I will be designing Meme-inspired banknotes onto etched copper plates which will allow me to print as many banknotes as I want to."

Red Hong Yi to Host Memebank Exhibition

Following the first Meme Banknote NFT drop, the other Meme Banknotes in the series will be minted and available on the Binance NFT Marketplace over the next five months.

Collectors can also look forward to Red Hong Yi's Memebank Exhibition later in the year. To be held in Kuala Lumpur, Malaysia, the exhibition will showcase all the physical Meme Banknotes. More details will be released at a later date.

"As an artist, I have always been intrigued by how traditional and digital art can be integrated to create timeless masterpieces - uncovering the intricate elements of traditional craftsmanship with digital finishing techniques," said Red Hong Yi.

"NFTs may still be a novel concept to many, but I do believe in its potential to create a more transparent and efficient world. NFTs have been gaining prominence in the arts industry in recent times and have allowed artists to create digital certificates of ownership for their valuable work," continued Red Hong Yi.

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About Red Hong Yi

Known as the "artist who paints without a paintbrush", Red Hong Yi is a Malaysian-born contemporary artist who creates mixed media installations by reinterpreting everyday materials through the accumulation of objects. She is also the owner of Studio Red Hong Yi Sdn Bhd. Red Hong Yi's work has been exhibited at the World Economic Forum in Davos, the Asian Art Museum in San Francisco, and Anchorage Museum in Alaska and featured in publications such as TIME, New York Times, and The Wall Street Journal.

SOURCE Studio Red Hong Yi Sdn Bhd