The marketplace will feature artworks from cult icons like ‘Roadies’ and ‘Bakra’.
Non-Fungible Tokens (NFT) are becoming India’s new emerging passion. Every now and then celebrities are announcing their collection.
Now, media giant Viacom18 has also jumped on the bandwagon by launching its NFT marketplace called Fullyfaltoonft.com, reports Economic Times (ET).
It is the brainchild of the Youth, Music and English Entertainment (YME) cluster of the media conglomerate.
The marketplace is expected to open up next month.
Its first NFT drop will take place on February 14 which would feature digital artwork by the media conglomerate’s music channel called MTV.
“While we started thinking of getting into NFTs last year, we were clear that we want to be in for a sustainable business. We have this legacy, which we wanted to continue to build on.”Anshul Ailawadi, Head at YME, Viacom18
He further explained that initially NFTs were seen as a short-term rage. When metaverse started featuring in the news, the company started taking NFTs seriously and decided to enter the space.
“The global Media and Entertainment industry has recognised the power of NFTs in India – as one of the world’s largest media markets – is uniquely positioned to be at the focal point of this ‘Web3 revolution’,” Ailawadi added.
Fullyfaltoonft.com has been developed by GuardianLink.io and will be hosted on the Polygon blockchain.
NFT collectibles on the marketplace will be creations inspired by cults like ‘Roadies’ and ‘Bakra’; these will be auctioned off.
Viacom18 is heedful of the Intellectual Property (IP) of the artwork. That’s why it is launching only the works owned by it. Moreover, they will settle the payments in fiat rather than crypto due to regulatory uncertainty.
NFTs can revolutionize authentication. On a blockchain, one can check which token belongs to which address. This can serve as a robust verification mechanism. The same quality has made Metaverse and GameFi possible.
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