Inspired by the Singapore Dollar, "The Praying Otter" depicts a viral meme of an otter in a praying stance, hoping to become a whale. A whale is a term for holders with large amounts of cryptocurrencies. The otter meme was chosen for the Singapore dollar as a tribute to the family of native otters that have become a popular local and tourist attraction since they were first spotted in 2014.
My banknotes are digitally designed then printed through an etched copper plate, allowing me to print as many banknotes as I want to but like an NFT, there will only ever be one master plate. The winner of this NFT will be sent the physical copper plate and a 1 of 1 edition of the full canvas print.
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Memebank is an art project founded by artist Red Hong Yi. Memebank creates banknotes with meme characters and crypto-related Easter eggs to critique our current financial systems. The six banknotes that have been created by Memebank are inspired by the Chinese Yuan, US Dollar, Japanese Yen, British Pound, Singapore Dollar and Malaysian Ringgit.
Each artwork will be sold in the form of NFTs, but unlike most NFT projects, Memebank NFTs come along with physical artworks. This project was inspired by the concept of NFTs showing proof of ownership. The owner of a Memebank NFT will own a physical copper plate and 1/1 canvas print of the artwork, and they - like central banks - will have the ability to print as many banknotes as they like.
Memebank highlights the concern of the continued printing of fiat money by central banks, which economists warn may lead to inflation, and is inspired by the strength of large communities of everyday people who seek alternative investments.