Meta Moina: An NFT gallery for digital artworks from Bangladesh

Niharika Momtaz had carved a niche for herself as a jewelery and fashion wear designer. But while working in the art scene in Dubai, where she is based, she was suddenly drawn to the buzz around NFTs (non-fungible tokens). As much as she loved making and creating physical pieces, she realized her designs had the potential to function as NFTs.

She embarked on a journey to familiarize herself with blockchain technology, digitization of art and so on. Last year, through a collaboration with Morrow Collective, a partner company, she finally created an NFT. She painstakingly took high-quality images of her physical artwork, from all sides, for 3D modeling, which converted it into a digital token that could be used in a blockchain application.

Her first ever NFT creation was an animated representation of one of her jewelry designs. Her fellow artists and peers became very concerned about it. Inspired by the response, she wasted no time in launching an NFT platform, Meta Moina, for trading digital artworks of herself and other Bangladeshis.

The convergence of technology and art is a fairly common phenomenon in the developed world; However, Bangladesh’s artists have been slow to respond to it until now.

In the fashion industry, NFTs will now represent exclusive access to limited edition digital products, for example a unique designer dress or a pair of shoes. NFTs are unique digital assets that represent ownership of a specific piece of content in the metaverse – such as a piece of art, photograph, animation, or even a tweet.

“Working in Dubai’s art space, I realized that people are spending more and more time online. And no matter how small, there is a certain market for digital artwork,” she said. “I wanted to find a way to showcase my work and that of other Bangladeshi artists in that space.”

NFTs are digital assets stored on a blockchain, making them unique and uncopyable. They have gained popularity in the art world as a way for artists to sell their digital work as one-of-a-kind pieces.

Meta Moina currently represents six Bangladeshi artists and designers, including Fareha Zeba, Md Harun-ar-Rashid, Habiba Nowrose, Mahmuda Siddique, Afroza Hossain and Niharika Momtaz. The platform is UAE-based, as the underlying technology of blockchain has yet to gain popularity in Bangladesh.

“Not only does this give collectors a chance to own a unique piece of fashion history, but it also creates a new way for me to connect with my audience,” she said. “I can share my creative process with them in a way that wasn’t possible before.”

But for Niharika, the platform is more than just a business venture. “It’s about bringing Bangladeshi art to the world,” she said. “NFTs give us a way to showcase our unique culture and craftsmanship on a global stage.”

Niharika hopes that her success will inspire other designers in Bangladesh and beyond to embrace new technologies and push the boundaries of their industries. “The world is changing fast,” she said. “We have to be willing to change with it.”

How does NFT art work?

Converting physical artworks to NFTs is a thorough process that requires careful documentation. Meta Moina has assembled a team of technical experts who specialize in carrying out this process.

First, artists at Meta Moina create physical jewelry, artwork, or photographs. When a piece is finished, they take high-quality photos of it from every angle, capturing all the intricate details that make it unique.

From there, they create a digital representation of the piece using 3D modeling software. This step ensures that every aspect of the physical piece is captured in a digital format, from the color and texture of the materials to the way light reflects off the piece.

Once the NFT is created, collectors can purchase it just as they would physical jewelry or clothing. And because NFTs are stored on the blockchain, they can be sure that they are getting a unique piece that cannot be replicated or copied.

For Niharika, this process is a way to preserve the legacy of her work and share it with a wider audience. “Creating NFTs from our showstopper pieces is like creating a digital museum of our works,” she said. “It’s a way to ensure that our designs and artwork will be remembered for years to come.”

Currently, Meta Moina offers a collection of six NFTs rated within the $100-200 price range. Although there have been no sales so far, Niharika reports that there has been a remarkable level of interest expressed by potential buyers.

As of 2023, the state of NFTs has evolved significantly from the hype-filled period of 2021 and 2022. The initial wave of enthusiasm around non-fungible tokens led to a proliferation of new projects, especially in digital images. However, many of these projects faced challenges and collapsed, resulting in a lack of buyers for the associated NFTs.

This indicated a clear bear market for the majority of NFT collections. After peak trading volume of nearly $2.8 billion in August 2021, the NFT markets experienced a significant slowdown in trading activity. The traded value per month has settled around $100 million to $200 million, reflecting a significant decline from the previous peaks. This suggests a cooling of the market and a return to a more moderate level of activity.

It seems that NFT’s heyday coincided with the main hyped age of the metaverse. The Metaverse, once hailed as a transformative technology that enables users to immerse themselves in a video game-like world, has also lost its momentum and relevance.

Why do artists venture into NFTs?

Although NFTs have gained popularity in recent years, the marketplace for them is still relatively niche. In other countries where cryptocurrencies are allowed, there is a small but growing market for NFTs.

Some art collectors and enthusiasts are drawn to the idea of ​​owning a unique digital asset that represents a physical piece of art or fashion. Others are interested in the technology behind NFTs and the potential for them to revolutionize the way we think about ownership and authenticity.

For Niharika, as long as there are collectors who appreciate her unique vision, Meta Moina will continue to create and share her work in new and innovative ways.

According to her, Bangladesh is currently facing a setback in embracing NFT technology, mainly due to the country’s ban on cryptocurrencies.

Furthermore, the technology sector in Bangladesh is not particularly enthusiastic about NFTs, and the artists in the country are unaware of the form, despite the growing revolution in the world of art and technology. As a result, there is a need to educate them about NFTs so that they can compete with the world.

To that end, Meta Moina has launched a collaborative initiative with the SBK Foundation, aimed at providing training to Bangladeshi artists on creating digital artworks, including the process of converting physical pieces into NFTs.