The appetite for NFTs has been rapidly shrinking. Sales on OpenSea peaked eat US$5 billion in January but halved last month. Even Google searches for “NFT” have plummeted from 100 (peak popularity) in January to 35 last month.
However, whilst Singapore continues to take a reserved stance on crypto, the government’s liberal approach to NFTs has allowed the country to fully embrace digital assets. Singapore also ranks second among countries with the most NFT searches on Google.
Local rapper Shigga Shay has exemplified the little red dot’s love for NFTs. On 13 April 2022, the rapper dropped his 999 NFTs called Spacebars. Within four minutes, the entire collection was sold out.
Each NFT sold for S$54 (US$54) through Crypto.com. Total sales amounted to S$53,946 with each NFT’s value expected to rise on the secondary market.
The Spacebars NFT collection is based on the cover of Shigga’s 365 EP and features a cartoon version of the rapper as an astronaut. Artwork is designed by Singaporean visual artist Ebao and 3D animation by digital creative agency Wild Portals.
Accompanying music was created with British producer superjdoug and features a rap verse written for the collection. NFTs are part of three series. Each series contains a different part of the rap verse.
Shigga Shay – AKA Pek Jin Shen – has now become the first South East Asian music artist to sell out an NFT collection that quickly.
“NFTs are going to change everything about the way the world works,” the 29-year-old said in a statement, “I’m just excited to be exploring the possibilities of how NFTs will change the music industry.
“The countless opportunities it creates for artists and musicians are remarkable. It’s an amazing tool to build community engagement, to reach and connect with your audience like never before.”