Chinese celebrities like Gigi Yim turn to NFTs to expand fan engagement and tap new sources of revenue
- Move by Chinese celebrities into NFTs seen by many as a sign that these once-niche digital tokens might be on their way to wider acceptance
- Hong Kong has emerged as a popular destination for NFT launches by Chinese celebrities, as regulators in mainland China remain wary
Chinese movie stars, directors, singers, pop stars and celebrities are turning to non-fungible tokens (NFTs), which can be stored on a digital ledger, to better engage with their fans and to tap new ways of making money.
This month some of the biggest names in Hong Kong’s entertainment world – including Wong Kar-wai, Gigi Yim and Hins Cheung – unveiled respective NFT projects, in a sign that these once-niche digital tokens might be on their way to wider acceptance.
NFTs generally refer to units of data stored on a blockchain that guarantees each digital asset is unique, immutable and secure. Because NFT-based digital items are authenticated via a decentralised blockchain technology, they can be owned much like physical items, a property which makes NFTs valuable when it comes to trading collectibles and memorabilia.
On October 6 iconic film director Wong Kar-wai sold an NFT based on behind-the-scenes footage from his movie In the Mood For Love, fetching HK$4.3 million (US$553,000) via a Sotheby’s auction.
Days later, emerging Hong Kong singer Gigi Yim – groomed for fame by broadcaster TVB after winning the network’s marquee singing contest – announced that her first music video will be turned into an NFT, which fans can own. The music video-based NFT is now worth more than HK$4,095 (US$526) apiece. Yim said the proceeds of the NFT sales will go towards charity.