A group of Taiwanese puppeteers want to use non-fungible tokens, or NFTs, to bring their traditional art form into the modern era and keep it relevant to new audiences.
NFT Huh cryptocurrency Asset representing a digital item such as an image, video, or even land in a virtual world, the prices of some have risen so rapidly in the past year that speculators around the world have sometimes traded them for profit. “Flipped” within days.
Pili International Multimedia, which makes Taiwan’s longest-running television show featuring puppets in its studio in central Taiwan’s Yunlin County, says it wants to use NFTs as another source of revenue. .
“Everyone’s imagination for the online world these days is evolving so rapidly that we are almost unable to understand it,” said Sika Huang, brand director of Pili.
“Instead of sitting on the sidelines, the best approach is to move on and fully understand what’s going on. It’s the fastest way to catch up.”
Pili features thousands of gloved puppet characters, a traditional part of Taiwan’s street entertainment culture, often spinning colorful and high-style tales of heroic adventure and romance with martial arts.
The puppets are painstakingly created, and skillfully maneuvered during the filming of the show, with costumes sewn on and hair strands carefully applied.
Pili said that four of his puppet characters were created in digital versions and that 30,000 sets have been sold as NFTs.
The company declined to disclose profit-sharing with the market platform, but said prices for each set started at $40, with at least $1.2 million (about Rs 9 crore) since their listing in early February. ) revenue generated.
VV, the marketing technology company in charge of selling NFTs, said the stories of puppet heroes resonated with the younger crowd and could attract foreign fans of superhero movies, such as those based on characters from Marvel Comics.
“Westerners really like our martial arts heroes and kung-fu,” said Raymond Chow, VV’s brand manager.
Huang, who said his initial listing was sold out seconds after it launched on VV, is now working on converting 50 other puppet characters to NFTs, potentially generating another million-dollar revenue stream for the studio. adding up.
© Thomson Reuters 2022