AEON Malaysia paves way into NFT scene with kuih raya series

AEON Malaysia has partnered with Malaysian food artist Afi Sulaiman to create its limited Kuih Raya Kita NFT series which features nostalgic renditions of iconic kuih. Over 16 unique designs are available to be collected and all AEON members can redeem the first series for free which is available until 1 May. Only 1,250 pieces per design are available. The second series will be available from 2 to 13 May.

In a YouTube video, Afi explained that her art style for this NFT series is inspired by "nostalgic feels, kampung vibes, things you see in your kampung house". She also defines her art as quirky, nostalgic, happy, and colourful, revolving around local culture and infused with Western influences.

At the same time, AEON is also launching a special edition Discord series designed by Malaysian artist Izzati Suza. AEON's push into the NFT scene was first proposed by agency Meta Universe and founded by Khalid Gibran.

Ngai Yuen, AEON's chief commercial and marketing officer, told A+M that NFTs are a great extension of the physicality of execution in the digital sphere. "When we draw up a campaign, we are always looking for more ways for it to have a longer tail. Will NFTs be the answer that we are looking for - time and more trials will tell," she said. When asked about its expected ROI, Ngai said that as this is its pilot, the team can only hone their understanding of what to expect when it comes to ROI after a few more evaluations.

"We are definitely creating awareness of the NFT series in-store through the most popular and must-have Kuih Raya for the season. There are also online workshops for us to handhold the ones needing it as well as our collaborator artists having more conversation sessions across all channels. Hopefully, this will also help move needles for the artists’ own work," she said.

Meanwhile, Meta Universe's Khalid told A+M that the partnership with AEON started two months ago and that the company is on the path to transformation through technology. Hence, this was a natural step for it to leap into the metaverse. "This is AEON's first metaverse campaign and we are in discussions with them on how we will extend AEON's business in the metaverse. The staff and member adoption of the NFTs is very encouraging," he added.

NFTs exploded in popularity over the past year and in 2021, NFT sales leapt to more than US$17 billion, according to a report by NFT data company Nonfungible.com. The study was developed with research firm L'Atelier and said that trading in NFTs reached US$17.6 billion in 2021, representing a 21,000% jump from 2020's total of US$82 million, CNBC reported.

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