Zee Studios, in partnership with, has dropped a non-fungible token (NFT) of a signed movie poster NFTisch, according to a CoinDesk report. The drop was introduced on Polygon, a scaling protocol for Ethereum-compliant blockchain networks built in India, the report added.
The NFT will be part of the ‘Zee Studios Collection’. Shariq Patel, Chief Business Officer, Zee Studios, stated that the film studio will have NFTs from various films in its repository.
NFT sales increased 400 percent in February this year compared to January. The exponential growth has led many brands to jump on the NFT bandwagon to offer digital collectibles. Several people believe it is the next step in the world of Collect art while others believe it’s a fad that will eventually pass. It remains to be seen whether the studio will consider NFTs as a strategic investment or just piggyback on the NFT hype. MediaNama has contacted Zee Studios for a comment and this report will be updated as soon as we receive a response.
Bollywood’s brush with NFTs
The Zee Studios announcement follows the Bollywood characters’ plans to launch their own NFTs:
- Sunny Leone recently announced the launch of their NFT collection by Silicon Valley-based Mintdropz. Leone has settled down website to share their collection which includes costumes and animations designed by artists from all over the world as per Inc42.
- Amitabh Bachchan will also publish its own NFT collection on BeyondLife.club. The collection consists of poems by the actor, a story by Madhushala with background stories, autographed posters and other souvenirs. A fifty-six day countdown was started on website After that, people can place their bids.
What is an NFT?
A non-fungible token is a digital token this is unique and has no replacement online. For example a unique item or a collector’s item. It is powered by the same blockchain technology that cryptocurrencies were previously developed on.
NFTs can include almost any digital asset. Pictures, videos, tweets, songs, virtual rooms in games, blockchain domains, etc. are some of the things that have been sold as NFTs. NFTs have helped help artists monetize their work without having to sell it through galleries or auctions. Artists still own the copyright to their work and can make permanent money reselling the NFT.
NFT marketplaces like Open sea, Rarely, Very rare, Embossable, NBA TopShot, and Valuables, have reaped the fruits of its growing popularity. Most of these platforms require that you have a cryptocurrency wallet and conduct transactions with Ethereum.
Rise of NFT marketplaces in India
India has fallen headlong into the NFT frenzy. Twitter found that NFT call volume increased 43% between April and June this year.
- WazirX, an Indian crypto exchange owned by Binance, launched India’s first NFT marketplace in June of this year.
- NFTisch shortly after WazirX was announced, Business Insider reported. It is a B2B SaaS platform that enables companies to open their own NFT shop without needing any technical knowledge.
- Wall.app, the third marketplace, is also in the pipeline, the report added.
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