[Updated with quotes from the artist]
An artist has created what he claims to be the first non-fungible tokens (NFTs) dedicated to the late gaming tycoon Stanley Ho and Macau, naming them PixelStans.
‘The PixelStans collection captures the flamboyant billionaire over the years. A fixed set of 98 unique, one of a kind pixel art, has been released to celebrate Stanley Ho’s 98 years of life. Every PixelStan was handmade, with one of them being animated,’ the creator indicates in the item’s page on Open Sea, a marketplace for rare digital items and collectables.
The Macau gaming and hotel businessman died on May 26, 2020 at the Hong Kong Sanatorium & Hospital.
“The collection focuses on Stanley Ho as a way to promote the digital crypto-asset wave in Macau and Asia, as the flamboyant billionaire was a polarizing figure for decades. The casino tycoon is recognized worldwide, a Non-fungible tokens and digital art collection dedicated to him will shine a light on Macau,” the artist – who chose to not reveal his real identity – told Macau News Agency.
“The Chinese special administrative region of Macau is full of culture and history, often not known to the rest of the world. The creation of Non-fungible tokens and digital art collection engraved in the Ethereum blockchain forever will provide exposure to the city”.
A non-fungible token or NFT is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable.
NFTs can be used to represent items such as photos, videos, audio, and other types of digital files, being later sold as commodities and moving considerable value in online auctions.
Sales of digital nonfungible tokens have amounted to more than US$2 billion in the first quarter – more than 20 times the volume of the previous quarter – with 73,000 buyers for 33,000 sellers, according to a report from NonFungible.com.
In March of this year, a photo montage created by artist Mike Winkelmann – known as – Beeple sold for US$69.3 million last Thursday at a Christie’s auction, breaking the record for the most money ever paid for digital art and the most expensive NFT.
It also places third behind Jeff Koons’ Rabbit and David Hockney’s Portrait of an Artist (Pool with Two Figures) for the most expensive work sold by living artists.
Most NFTs are part of the Ethereum blockchain, however, other blockchains can implement their own versions of NFTs.
The PixelStans collection includes 98 unique NFTs released to celebrate Stanley Ho’s 98 years of life, with each said to be handmade, with one of them being animated.
PixelStans are being sold at an average price of 0.15 Ethereum or the equivalent to US$500, with the highest price fetch for one of the Stanley Ho’s amounting to US$13,312.
So far 14 different owners have purchased items from this NFT collection.
When inquired why he did not want to reveal his identity, the creator of PixelStans stated to MNA that this was in order for the focus to be on the artworks themselves.
“The value of an art piece is dictated by the notoriety of the artist who created the piece. We have decided to let the work speak for itself, that’s the whole purpose of this collection,” PixelStans told MNA.
Crypto-assets are currently not regulated in the Macau SAR, with a digital law expert previously telling MNA that establishing a comprehensive but flexible local legal framework for crypto-assets would open a new door to the development of the local FinTech sector.