Interview with the Founder of Punk.Network and NFTCastle.io on CGTN
Updated: Jun 29
The wealth-making myths and celebrity effects in the NFT field are spreading wildly. Many people are working hard to participate after they understand the huge potential of digital art. When market demand is increasing, NFT is penetrating through a variety of unexpected channels.
Among the many communities discussing the topic of NFT, NFTCastle is knocking on the door of the new century with an unstoppable force and a star is rising. CGTN held an interview with Ken Yang, the Founder of Punk.Network and NFTCastle.io on the 18th of May. Here is the full interview
🌍 CGTN: Brief introduction of yourself, and the exhibition 👨 Ken Yang: Hi,guys, I’m Ken Yang, the founder of Punk.Network and NFTcastle. Punk is a polkadot ecological NFT-friendly mainnet based on the substrate architecture. NFTCastle is an NFT trading platform for Asian users. The purpose of holding this exhibition is to attract more and more people to join in the creation and appreciation of crypto and digital art. We also hope that through our own efforts, the works of famous and new generation Chinese artists can be appreciated by people who love art around the world. This may lead to a new cross-cultural, cross-language and cross-country communication.
🌍 CGTN: What’s the definition of NFT? 👨 Ken Yang: NFT, which means non-fungible token. It has indivisible and unique features. There are two protocols on Ethereum, ERC721 and ERC1155. Of the two above, ERC721 is more unique, which means that a digital art is bound by ERC721. On the other hand, ERC1155 is a semi-fungible token that means it allows people to own a special asset type. For example, in a game, the number of same weapon can be 20, all with the same ID. In prints, there can be dozens of same edition of one work.
🌍 CGTN: What role does NFT play in art market? 👨 Ken Yang: NFT plays the role of confirming ownership and uniqueness in the art market. Meanwhile, it is similar to the ERC-1155 type asset as I just mentioned. It allows artwork with editions to be traded. An electronic ID card for crypto art. For sure, it has both advantages and disadvantages. It enables digital art that could not be traded to be traded, but there is still a gap in the compliance.
🌍 CGTN: What’s current public acceptance of NFT? 👨 Ken Yang: The birth of a new technology takes time. Although NFT has been developed for more than three years, it’s only been noticed for three months by public. We are very happy to see there is more and more people is trading NFT collections. Of course, many traditional famous artists in this exhibition have also made new creations for NFT art. As long as there is demand and supply in the market, we believe that an increasing number of people will enter this market and they will discover the value and fascination of NFT. Overall, the number of people who accept NFT is growing.
🌍 CGTN: What changes/breakthroughs do NFT bring to the art market? 👨 Ken Yang: As I said, it is difficult to commercialize the work of illustrators, CG and video makers. Their copyright is too easy to copy, and NFT would solve all this very well. As long as it can be granted ownership and uniqueness, then it can be traded. I think this will make it possible to allow the original design and animation type become an artist. They used to make customized products, now they can make their favorite works through their imagination.
🌍 CGTN: What’s your opinion on the combination of digital art and traditional art? 👨 Ken Yang: Every art movement includes changes in culture and technology. For example, the birth of Impressionism was the invention of tube colour. Crypto art or NFT art was born because of the development of block chain technology. I think there will be more and more traditional artists participating in the creation of digital art. This will greatly enrich the ecological environment of this art movement. If some of the previous works are only digital Dadaism, more original works will be produced when more and more professional video artists and painters enter the art movement and they will develop together.
🌍 CGTN: What’s NFT’s development in China and abroad? 👨 Ken Yang: At present, some American KOL, famous people, including Paris Hilton, Snoop Dogg, and NBA stars are all trading crypto artwork. I think it’s true that NFT is popular in the US first. But, I believe the works of Chinese artists or of Eastern context are more attractive. The NFT market is a relatively borderless market. In my opinion, that as long as the NFT is going strong, Chinese digital artists will definitely occupy a very important position in the world. 300 years ago, Castiglione learned Chinese painting through preaching. Today I believe that many people will learn about the Chinese artwork through block chain technology.
Thank you for watching～