The much-anticipated NFT Memebank Banknotes series by renowned Malaysian artist, Red Hong Yi has officially launched and is open for bidding on OpenSea from today. A total of five exclusive artworks will be available for sale and information for each can be found on https://www.memebank.live/.
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. Bids for each will close between the 22nd to 26th of November, with an artwork’s auction closing each day.
“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,” said Red Hong Yi. “There are only 6 unique artworks created under this project with each sold in the edition of 1. 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.”
Red Hong Yi’s Memebank NFTs take inspiration from international currencies and 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.
In other news, Red also has plans Memebank Exhibition in 2022 with details to be released. Interested visitors can follow Memebank’s website for the latest information.
Source: Studio Red Hong Yi Sdn Bhd