And a Filipino artist launches his first NFT collection
Everyone and everything is going digital. This is true even in the art scene and the real estate industry.
Non-fungible tokens (NFTs) are changing the way we own things online. Fungible items are items that can be traded with others of the same classification, or divided without altering their basic nature. A good example is currency. A ₱1,000 can be divided into hundreds of notes or a thousand coins. On the other hand, non-fungible things cannot be directly replaced or exchanged. These are stuff with a verifiable identity; indivisible and irreplaceable assets. NFTs are unique digital collectibles on the blockchain that bring real value to cyberspace. For context, a blockchain is an ever-growing list of data records linked together via cryptography. It is a string of data structured in chunks or blocks linked together, commonly used as a ledger for transactions.
In mid-February, OXO Living, a Bali-based property developer and management service provider, made history by launching its own collection of NFT artwork. The series of artworks are designed to immortalize each of the 24 elegant properties in the company’s portfolio with unique visual representations on the blockchain.
The project, known as OXO Artwall, comprises 24 hand-designed and program-generated “minted (created)” artworks, stored and traded on the public blockchain, Ethereum.
Each room serves as an abstract visual expression of every OXO property built since the company began creating its catalog of chic contemporary townhouses and villas unique to Bali in 2015. These properties cater to the digital nomadic lifestyles of a new breed of savvy entrepreneurs and lifestyle enthusiasts who have chosen to live and operate their businesses remotely from the Indonesian province.
“The algorithm used to digitally generate each artwork is based on each property’s location, personality, signature, orientation, volume, interior and decor, creating a hierarchy of rarity, complexity, visual meaning and value,” says Johannes Weissenbaeck, advertising entrepreneur turned real estate developer who designed and manages OXO Living. “As a number of our investors and residents are crypto entrepreneurs, we felt that being the first developer to tie our properties to NFTs was a perfect fit for our brand.”
The artworks are unique representations of each of the properties from the company’s Bali developments OXO Townhouses Umalas, OXO Townhouses Berawa, Chameleon by OXO, Wonderland by OXO, as well as the pleasure yacht Splendor.
Only one NFT per property is minted, allowing for a truly distinct and rare art collection. Buyers of OXO properties have first right of refusal to purchase the NFT for their respective property. However, anyone with a crypto wallet and internet access can buy and trade OXO Artwall NFTs.
These properties cater to the digital nomadic lifestyles of a new breed of savvy entrepreneurs and lifestyle enthusiasts who have chosen to live and operate their businesses remotely from the Indonesian province.
The collection of OXO properties is currently for public sale on OpenSea, the largest NFT marketplace in the world. Upon purchase, owners receive the actual NFT and a high resolution source file, which can be used to make a physical copy of the digital original. If an NFT owner wishes to have a physical copy made for them, OXO Living works with local Bali businesses and artisans to create a printed or hand-crafted copy of the artwork. The initial offering for each work is priced at 1 Ethereum, which equates to $2,611.98 at press time.
Meanwhile, in the Philippines, Filipino street artist Distort Monsters has taken his colorful creatures from alleys and boardwalks to the metaverse with his first-ever NFT called Monster Mayhem.
Its first drop consists of over 2,000 one-of-a-kind monster NFTs, assembled from a set of traits inspired by classic mythological creatures such as vampires, werewolves, ogres, and ghouls.
“The first wave of Monster Mayhem is called ‘Monsters in the Metaverse’,” explains Distort Monsters aka Miggy Antonio. “He exhibits a number of recognizable qualities found in my paintings and other physical works, as well as features inspired by classic monsters of film and literature.”
“Monster Mayhem bridges the physical and digital realms by expanding the narrative of my monster-themed art. It goes beyond NFTs. It is a complete art project that explores the limits of technology.
Token holders enjoy several benefits such as access and discounts on exclusive Distort Monsters merchandise, art toys, physical paintings, as well as access to gallery exhibitions to be held in Manila and Hong Kong later this year.
The Monster Mayhem Collection strike comes in three waves, with the second and third waves having their own themes to be announced later this year. The complete collection includes a total of 5,555 exclusive NFTs. The project is built on the eco-friendly blockchain, Solana Network.
Plans for an NFT-powered video game are also in the works, as the Monster Mayhem team works with a development studio to create a playable universe where token holders receive a share of the revenue. monstermayhem.io
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