Known as the "artist who paints without a paintbrush", Red Hong Yi is a Malaysian-born contemporary artist who creates mixed media installations by reinterpreting everyday materials through the accumulation of objects. She is also the owner of Studio Red Hong Yi Sdn Bhd. Red Hong Yi's work has been exhibited at the World Economic Forum in Davos, the Asian Art Museum in San Francisco, and Anchorage Museum in Alaska and featured in publications such as TIME, New York Times, and The Wall Street Journal.
The renowned Malaysian contemporary artist Red Hong Yi recently announced her entry into the NFT market with the launch of a series of Meme Banknotes.
"One concern about fiat money is the continual printing of paper money, which economists warn will lead to inflation. This has led to a large community of every-day people seeking alternative investments."
Her first NFT in the series dropped recently as part of the Binance platform's inaugural 100 Creators programme to launch the Binance NFT Marketplace.
A reflection of how meme assets, cryptocurrencies and NFTs have disrupted industries including traditional banking and art galleries, Red Hong Yi's Meme Banknotes are a spoof on paper money with redesigns of the Chinese Yuan, US Dollar, Euro, British Pound, Malaysian Ringgit and Japanese Yen incorporating elements from Meme culture.
The first Meme Banknote to drop on Binance's NFT Marketplace is inspired by the Chinese Yuan and titled "Doge the Moon" - a nod to China being at the forefront of the cryptocurrency landscape, and being the first in history to issue paper money during the Song Dynasty.
All the Meme Banknotes will be minted on Binance's NFT Marketplace, and buyers will also own the physical banknotes as well as an accompanying copper plate that has been etched with the respective design.
"One concern about fiat money is the continual printing of paper money, which economists warn will lead to inflation. This has led to a large community of everyday people seeking alternative investments," said Red Hong Yi.
"This is what my project will be addressing. I will be designing Meme-inspired banknotes onto etched copper plates which will allow me to print as many banknotes as I want to."
Red Hong Yi to Host Memebank Exhibition
Following the first Meme Banknote NFT drop, the other Meme Banknotes in the series will be minted and available on the Binance NFT Marketplace over the next five months. Collectors can also look forward to Red Hong Yi's Memebank Exhibition later in the year. To be held in Kuala Lumpur, Malaysia, the exhibition will showcase all the physical Meme Banknotes. More details will be released at a later date.
"As an artist, I have always been intrigued by how traditional and digital art can be integrated to create timeless masterpieces - uncovering the intricate elements of traditional craftsmanship with digital finishing techniques. NFTs may still be a novel concept to many, but I do believe in its potential to create a more transparent and efficient world. NFTs have been gaining prominence in the arts industry in recent times and have allowed artists to create digital certificates of ownership for their valuable work."
Red Hong Yi is a Chinese-Malaysian contemporary artist who makes work expressing her heritage and Chinese diasporic consciousness. Known as “the artist who paints without a paintbrush”, she creates mixed media installations by reinterpreting everyday materials through the accumulation of objects. By combining traditional craftsmanship and digital technology, she creates work that consider perceptual habits and preconceptions on the chosen objects and subjects, expressing the themes of women and race. Red studied at the University of Melbourne. Her work has been exhibited at H Queens in Hong Kong, the Asian Art Museum in San Francisco, World Economic Forum in Davos and Anchorage Museum in Alaska. Collectors of her work include JP Morgan Chase Bank and actor Jackie Chan. Her art has been featured on publications including Wall Street Journal, TIME, and New York Times. Sotheby’s Institute has named her one of the “11 art world entrepreneurs you should know”. Tatler Magazine has named her one of Asia’s most influential voices in 2020.