Riding on the global non-fungible token (NFT) trend, two Bhutanese Kushap Kafley and his friend Namgyel Dorji have unveiled their first NFT collection, the Bhutanese Arts and Crafts. Bhutanese students in Australia jumped into the virtual world by selling NFTs, the original encryption-protected digital art.
NFT is digital content linked to the blockchain, which is a digital database that supports cryptocurrencies such as Bitcoin and Ethereum. NFTs transform digital artwork and other collectibles into unique verifiable assets that can be easily traded on the blockchain.
NFTs can be anything digital (drawings, music, wearables, avatars, etc.), but much of the excitement today is to use technology to sell digital art.
Kushap Kafley was involved in cryptocurrencies as a college student, but after arriving in Australia he learned about NFTs.
He started the project when he sold his first NFT art in 2019. Realizing the potential market for traditional Bhutanese art, he began collecting works of art. Currently, the seven NFTs consist of Bhutanese paintings and photographs.
According to Kushap Kafley, this project aims to support artists by creating a unique collection of Bhutanese artwork at NFTs. This project aims to work with local artists to create a niche market.
He said artists are hesitant to join the space due to the lack of niche markets, awareness and opportunities for local artists, but the high upfront costs (gas prices). He first purchased the first five artworks.
He added that traditional artists usually complain in a limited market and most works of art are traditional and use organic pigments. Unlike traditional visual arts, he said, NFTs can be used by people as a medium for replicating digital art and collectible items.
“It opens up many opportunities. The digitization of the world is inevitable. Whether we participate or not, the world moves towards virtual reality.”
He recently sold the Thunder Dragon NFT, which received about 0.16 ETH, Nu 30,797 (Eth’s current price of $ 2,601.16) from his collection.
With a lot of excitement surrounding NFTs, Kushap Kafley said some traditional artists were willing to participate in the project. He said he would digitize the art and upload it to the blockchain. “For this project, we will connect the artist’s digital wallet, which will allow us to connect part of the post-sales sale directly to the wallet.”
This duo paved the way for artists to connect with buyers, share their work and sell it safely without worrying about theft or fraud. According to Kushap Kafley, this technology allows artists to earn money transparently and directly, without the reduction of third parties.
He believes that this technique helps Bhutanese artists to certify their art and make it unique. He added that NFTs empower artists by giving them more control over the art they trade, collect and display.
However, access to exchange cryptography remains a challenge for people living in Bhutan.
Some local artists’ NFTs are currently stuck in their wallets due to lack of access to the exchange.
Purses are easy to make, but only a few Bhutanese have credit cards, so buying crypto is a problem, says Kushap Coffrey. However, the project aims to address this issue as it aims to allow local artists to access credit cards and exchanges to buy ciphers, connect wallets to NFTs and upload them to collections. rice field. ‘.