In the vibrant and rapidly-evolving space of Non-Fungible Tokens (NFTs), there are pockets of innovation that often go unnoticed. One such pocket is Mongolia, a nation with a vibrant and thriving NFT culture. In an exclusive interview with Redlion, NFT artist Buuvei opened up about the crypto scene in Mongolia and its unique aspects.
Artist at the Forefront: Buuvei
Buuvei, a homegrown NFT artist from Mongolia, recently represented the country at NFT NYC, where he spoke about the immense potential of NFTs. A key player in the development of Mongolia's NFT scene, Buuvei was heavily involved in supporting and establishing MongolNFT.com, a dedicated platform for Mongolian artists.
Despite the global reach of platforms like OpenSea and Rarible, Buuvei emphasized the importance of having a local platform. The reasoning was two-fold: language and technology. Many Mongolian artists lacked proficiency in English and struggled with understanding blockchain technology. MongolNFT.com served as a local solution that provided an easy-to-use platform in their native language.
"We want to make sure that Mongolian artists can also participate in this global art revolution. And for that, we need to educate them, support them, and give them the tools they need," says Buuvei.
Crypto Trading and NFTs in Mongolia
Interestingly, despite the challenges faced by artists in using global platforms, Mongolia's population is well-versed with crypto trading. Buuvei attributes this to Mongolia's heavy reliance on importing goods and the need for foreign currency influx. Crypto trading provides that opportunity to young Mongolians.
A burgeoning NFT culture blossomed two and a half years ago, with local traders showing significant interest. Events, local communities, and increasing global recognition of NFTs all played a role in this development. Even Facebook's transition to Meta accelerated the trend, Buuvei recounted.
However, the adoption of NFTs by artists was not as straightforward. Despite the active trading community, artists faced challenges in understanding and adopting the technology. Buuvei, along with other community leaders, took it upon themselves to educate the artists and help them onboard.
The Wolves of Crypto Street
A unique feature of the Mongolian NFT space is their very own collectible NFT – The Wolves of Crypto Street. The wolf, revered as a spirit animal in Mongolia, serves as the focal point of this largest and first NFT collectible community in the country.
The popularity of this collection transcends the digital space, with a significant offline presence as well. The annual event Wolf Fest, attended by nearly a thousand people, stands testament to this.
However, while the community enthusiasm is high, the floor price on the MongolNFT.com platform is relatively low, around 100,000 Mongolian Tugriks (approx $25-$30). Buuvei explains this disparity by citing the average monthly income in Mongolia, which is around $500-$600. Hence, the floor price of these NFTs is proportional to the average local income.
Yet, the love for the collection is palpable. As Buuvei puts it, "People love wolves here because they believe it's a spirit animal. And that humans back in the day when it was like the 13th century believes that the humans came from the spirit of the wolf and deer…So you can basically, you know how, like some countries like the dragon or for example, then in Mongolia, we just love wolves"
The Future of NFTs in Mongolia
The Mongolian NFT scene is brimming with potential. However, like most nascent industries, it's not without its challenges. The language barrier and technological understanding are the two significant hurdles for local artists and collectors.
Buuvei and his colleagues, however, are looking to tackle these issues head-on. They're working on providing educational resources and workshops to familiarize local artists with the nuances of blockchain technology and NFTs. The aim is not only to enrich the Mongolian NFT scene but also to bridge the gap between the global NFT landscape and Mongolia.
Mongolia's unique cultural aspects and their translation into NFTs add another layer of fascination. The Wolves of Crypto Street is an excellent example of how cultural elements can become a part of the NFT narrative. Buuvei believes that this fusion of culture and technology is the way forward.
"The NFT space is not just about technology or making money. It's about expressing yourself, your identity, your culture. And I believe that's where the future of NFTs in Mongolia is heading," Buuvei concludes.
Conclusion
In a world where NFTs are increasingly becoming a part of mainstream culture, it's heartening to see countries like Mongolia carving out their unique space. With passionate individuals like Buuvei leading the charge, the future of the Mongolian NFT scene looks
bright. And as the world of NFTs continues to evolve and grow, it's vital to keep an eye on these emerging markets, as they could be the next hotbed of creativity and innovation.
