With the Southeast Asian and Central Asian regions together accounting for 35 percent of the $22-billion global NFT (nonfungible token) industry, blockchain firm TZ Apac Pte. Ltd. and Art Basel will run in Hong Kong a pioneering interactive exhibition on May 27 to May 29 that includes work by a Filipino artist.
Along with those of renowned Filipino painter and interdisciplinary artist Bjorn Calleja, the exhibition dubbed “NFTs + The Ever-Evolving World of Art” will showcase the works of over 20 contemporary “generative” digital artists from around the world.
Singapore-based TZ Apac describes the artists featured as “each distinguished by their own unique styles and disciplines, effectively showcasing the diversity, strength and potential of NFTs as an art medium.”
In particular, the works of Far Eastern University alumnus Calleja “reflect the interplay between the micro- and macrocosms of humans within and against their environments.”
Also, generative artworks are seen as a collaborative effort between human and machine, where an artist creates an algorithm that is capable of producing pieces independently. Once triggered by some input from the user, unique artwork is generated based on the algorithmic vision of the artist.
“It’s time that we recognize this new generation of digital talent in a traditional forum as the worlds of modern art, technology and the creator economy continue to converge,” said Katherine Ng, head of marketing and operations at TZ Apac.
In a report, technology research and consultancy firm Technavio forecast a 35-percent yearly growth of the global NFT market toward $147 billion in 2026.
Of such growth, the Asia-Pacific region is expected to contribute 43 percent. Technavio said the Philippines—along with Singapore, China, South Korea and Japan—will facilitate global market expansion.
“Globally, NFT has gained traction in digital art applications through the Internet, social media and other digital mediums,” Technavio said.
It explained that an NFT links a digital artwork through a token, after which the owner or the artist can set a suitable price for the NFT artworks. This token or key will then be passed to the end-user to certify proof of possession. INQ Filipino featured in pioneering NFT art exhibit