NFT or Non-Fungible Token is a tracking device that can be used to prove ownership of a digital file which can range from images to audio files to artwork. It is a fungible way to guard and claim ownership rights in the digital universe which preserves the most benefit for the creator. It's no surprise that the world is shifting towards humanizing the web and creating a new reality within the virtual world- Metaverse. It will enable people to display their digital assets in the form of art or property while the NFTs will at the same time place a price on the digital assets.
Numerous Indian Singers have entered this new beginning to the future by owning NFT collections. Sonu Nigam, in collaboration with JetSynthesys, laid the foundation of the Indian music industry's first-ever NFT series in London while Kamal Hassan became the first Indian celebrity to have his own personal digital avatar in the metaverse.
SquirrelVerse which is a metaverse first company launched Metascreen that allows users to buy NFTS and watch movies, thus eliminating all the in-betweens that exist between a creator and the consumer. It has created a platform to use NFTs as movie tickets where 'Mithila Makhaan', a national award-winning Maithili film will be screened as the first Indian movie.
Article by Guramrit Kaur
Graphics by Davinder
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