- An organization of Taiwanese puppeteers are looking to make use of non-fungible tokens, or NFTs, to transform their traditional art to the modern age and adapt it to a new audience.
- The value of some is going up so fast this year that people across the globe “flipped” them for a profit in just a few days.
NFTs are digital assets that can represent the digital representation of videos, pictures or even a place in virtual worlds. The value of some is going up so fast this year that people across the globe “flipped” them for a profit in just a few days.
Pili International Multimedia, which produces Taiwan’s longest-running television program with puppets in their studio, located in Taiwan’s central Yunlin County, says it will employ NFTs as a potential new source of revenue.
“The kind of idea that everyone nowadays has for the internet world is expanding at such a rapid pace that we are almost unable to fathom it,” said Seika Huang, the brand director of Pili.
“Rather than waiting on the sidelines, the greatest strategy is to push ahead and thoroughly comprehend what’s going on.” This is the best method to catch up.”
Pili is the home of hundreds of hand puppets which are a staple in Taiwanese street entertainment and tell vivid and stylised tales of romantic heroism and heroism, usually involving martial arts.
The puppets are carefully constructed and carefully manoeuvred during the process of filming using sewn-on clothing and hair strands carefully put in place.
The company did not disclose the arrangement for profit-sharing with the marketplace; however, they did say that the price for each set was $40, which translates to at the very least $1.2 million in revenues from their initial listing in February.
The marketing technology company VeVe which is responsible for selling the NFTs, said that the tale of the puppet characters resonates with young audiences and may draw fans from overseas to superhero films based on Marvel Comics characters.
“Westerners truly admire our martial arts heroes and kung-fu,” said Raymond Chou, brand manager at VeVe.
Huang, who claims their first listings on VeVe sold out in just a few seconds Huang is currently working on converting 50 different puppets into NFTs. Maybe adding another million-dollar listing.