Chinese movie stars, directors, singers, pop stars and celebrities are turning to non-fungible tokens (NFTs), which can be stored on a digital ledger, to better engage with their fans and to tap new ways of making money. This month some of the biggest names in Hong Kong’s entertainment world – including Wong Kar-wai, Gigi Yim and Hins Cheung – unveiled respective NFT projects, in a sign that these once-niche digital tokens might be on their way to wider acceptance. NFTs generally refer to units of data stored on a blockchain that guarantees each digital asset is unique, immutable and secure. Because NFT-based digital items are authenticated via a decentralised blockchain technology, they can be owned much like physical items, a property which makes NFTs valuable when it comes to trading collectibles and memorabilia. On October 6 iconic film director Wong Kar-wai sold an NFT based on behind-the-scenes footage from his movie In the Mood For Love, fetching HK$4.3 million (US$553,000) via a Sotheby’s auction.
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