By Ann Wang

YUNLIN, Taiwan (Reuters] – Taiwanese puppeteers want to make their art more modern and relevant by using non-fungible tokens.

NFTs represent crypto assets such as images, videos, and even land in virtual universes. Last year saw the prices so rapidly rise that some speculators “flipped” their currencies within days.

Pili International Multimedia makes Taiwan’s longest-running television program featuring puppets from its Yunlin County location. The company says that it would like to make additional revenue by using NFTs.

Seika Huang is Pili’s brand manager.

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Pili is a collection of thousands of gloves puppet characters. This traditional Taiwanese street entertainment tradition spins colourful, stylised stories about heroic courage, romance, and even martial arts.

It takes a lot of time to create the puppets. They are expertly manipulated during production, using carefully sewn costumes and meticulously placed hair.

Pili claimed that 4 of their puppet characters have been digitally remade and that over 30,000 sets were sold as NFTs.

While the company refused to disclose the profits-sharing arrangement with the market platform it said that the prices of each set were $40 and generated at least $1.2million in revenue since they listed on February 1.

VeVe Marketing Technology, the company responsible for selling the NFTs said that the story of puppet heroes resonates well with younger people and could attract foreign fans of superhero movies, like those based upon characters from Marvel Comics.

Raymond Chou (Brand Manager at VeVe) stated that westerners love martial arts heroes as well as kung-fu.

Huang said that the initial listing had been sold within seconds of being launched on VeVe. Now, Huang is working on transform up to 50 puppet characters into NFTs. The studio could potentially make another million in revenue.