Tag: NFT

Categories
Arts & Culture Lite Blogs

‘Avatar pack worked as a big marketing tool ‘

Excited to see people interact with his creations, and have conversations about his work, Singh stresses that while there are perks to communicating online, physical shows leave a very long-lasting impression…writes Sukant Deepak

The most well-known Indian name in NFT (Non-Fungible Tokens) having earned around 3.9ETH when he minted his first NFT ‘Frida Toy Face’ in February 2021, artist Amrit Pal Singh smiles and says that he is the kid who did not give up playing with toys.

“I am as fascinated by them as I was when I was five. I played and appreciated everything. Some of my favourites include GI Joes, Lego, Puzzles, Board Games, and Arcade Games. I got into 3D because I was drawn towards cartoons and illustrations,” Singh tells IANS, adding that he started quite early on and even made doodles for the school magazine.

Singh evoked nostalgia worldwide with his collection of Toy Faces & Toy Rooms, resulting in over 94 NFTs and 384+ ETH in primary sales.

Even as his three-city tour exhibition presented by Method and Hefty.Art will conclude its journey at Bangalore in Church Street Social (July 23), after a successful run in Delhi and Mumbai, Singh says after two years of being active online and doing group shows all around the world, he was looking to do a solo show when he met Method’s Sahil Arora at the India Art Fair. “We ended up with the idea of doing a travelling solo art show. The main reason behind it was to give my audience a tangible experience, and to increase the reach of my work in the traditional art world,” he recalls.

Excited to see people interact with his creations, and have conversations about his work, Singh stresses that while there are perks to communicating online, physical shows leave a very long-lasting impression.

“The feedback was incredible! Some said they had never seen something like this before with huge smiles on their faces. Others appreciated the volume of my work and it fascinated them what all can be done with digital art.”

Talking about his NFT journey ever since he minted your first one — ‘Frida Toy Face’, the artist recalls ‘Toy Faces’ as NFTs started with a bang as he already had a great community from its first year. He went all in after his first few NFT sales and there were several wins and great stories including one of his biggest sales of Daft Punk Toy Faces and a collaboration with a senior artist who worked on the original Transformer Comics and Toys.

“There were also struggles and unpredictability due to the association of the crypto market with NFTs but overall this has been an incredible tool for me to push my creative pursuits on a global level.”

For Singh, an idea starts taking shape by creating a lot of mood boards capturing the vibe and energy of the subject. After that, he defines things that make the subject iconic. “I love using a lot of symbols that represent the likeness of the subject so there needs to be a lot of thought around it. Toy Faces is like a canvas now with its basic shape and structure and with each portrait I keep it the same and build upon it,” he says.

As a person of colour and a religious minority, diversity, and representation is definitely important to him. The entire Toy Face idea came with an interesting illustration style that has a lot of diversity and representation. “That was the first thing that was appreciated about my series back in 2020 when I launched them.”

Talking about his ‘Avatar’ pack that enjoyed immense popularity, Singh smiles that it feels dreamlike that so many people use Toy Faces in their design and feel well represented owing to them. “The Avatar pack worked as a big marketing tool as well because people would see Toy Faces in VC Pitch Decks, Behind Auto Rickshaws or Mobile apps. The recall value became immense as more and more people used it.”

Adding that he loves making art and that constant push does not come from just one thing but a mix of wanting to be better, being appreciated, making money, and leaving something inspirational behind, the artist says, “ I am soon going to be working on some exciting– collaborations and personal projects. I am always open to new things.”

ALSO READ-Bill Gates slams crypto, NFTs

Categories
-Top News Technology UAE News

e& Joins NFT Bandwagon

The launch batch of NFTs highlights e&’s commitment to advancing tech capabilities as the company’s blockchain arm crossed AED10 billion worth in transactions last year

e& (formerly known as Etisalat Group) announced launching its first set of non-fungible tokens (NFTs), marking a significant milestone for e& as the first technology and investment conglomerate in the Middle East to launch NFTs.

The inaugural set of NFTs will be distributed selectively, and the Group will be providing further updates as their plans for the NFTs progress. The launch batch of NFTs highlights e&’s commitment to advancing tech capabilities as the company’s blockchain arm crossed AED10 billion worth in transactions last year. It underpins the company’s vision to make a difference at every touchpoint by ideating and deploying best-in-class innovative solutions, harnessing advanced technologies, and maintaining its cutting-edge infrastructure.

Mr Hatem Dowidar, Group CEO

Mr Hatem Dowidar, Group CEO, e&, said: “The digital transformation that we are experiencing on all fronts will accelerate our quest to innovate. The metaverse is opening up several avenues for us to investigate the digital realm in ways that were unimaginable just a few years ago. At this defining moment in our journey, we are proud to leverage our legacy in blockchain-enabled tech to launch pioneering NFTs that allow us and our customers to explore the limitless potential that the metaverse holds.

“The NFTs designs were sourced in the UAE, where we are keen to support the local development of new products, technologies and solutions. This is a unique opportunity to celebrate how far we’ve come as a company and to continue exploring what’s next on the horizon. We live in the renaissance of connectivity where we must capitalise on every opportunity that strengthens our continued leadership as the champion digital telco in a hyper-connected world.”

ALSO READ: FICCI, DIFC launches India–UAE Start-Up Corridor

This milestone is one of the more recent successes that e& has seen in its current transformation journey as a global technology and investment conglomerate. e& has been instrumental in developing and bolstering the UAE’s strong telecoms infrastructure since its foundation 46 years ago. As e& transforms into a technology conglomerate and keeping in line with UAE’s digitalisation ambitions, it has combined its scalable technological competencies with its robust telecoms expertise, enriching the lives of customers and adding value to enterprises.

Etisalat Group has changed its brand identity to e&, effective from 23 February 2022. Its strategy aims to accelerate growth through the creation of a resilient business model representing the Group’s main business pillars. The Telecoms business currently continues to operate led by Etisalat UAE in e&’s home market and by existing subsidiaries for international operations, upholding the Group’s rich telecoms heritage, bolstering the strong telecoms network and maximising value for the Group’s various customer segments.

To enable the digital transformation of governments, large-scale enterprises and corporates, e& enterprise focuses on maximising value through its end-to-end solutions in, Cloud, Cybersecurity, Internet of Things (IoT) and Artificial Intelligence (AI). e& capital allows the Group to focus its efforts on driving new mergers and acquisitions while maximising shareholder value and strengthening global presence.

Categories
-Top News UK News

Britain announces plans to mint its own NFT

The minister announced a number of steps the UK will take to bring digital assets under more regulatory scrutiny…reports Asian Lite News

The government has announced plans to mint its own non-fungible token, as part of a push toward becoming a “world leader” in the cryptocurrency space.

Finance Minister Rishi Sunak has asked the Royal Mint — the government-owned company responsible for minting coins for the UK — to create and issue the NFT “by the summer,” City Minister John Glen said at a fintech event in London. “There will be more details available very soon,” he added.

NFTs are digital assets that represent ownership of a virtual item like an artwork or video game avatar using blockchain, the technology that underpins many cryptocurrencies. They’ve gained a lot of traction over the past year thanks to increased adoption from celebrities and large corporations.

The UK’s NFT initiative is part of a broader effort by the government to “lead the way” in crypto, according to Glen. The minister announced a number of steps the UK will take to bring digital assets under more regulatory scrutiny, including plans to:

  • Bring stablecoins within the U.K.’s existing regulations on electronic payments.
  • Consult on a “world-leading regime” for regulating trade in other cryptocurrencies, including bitcoin.
  • Ask the Law Commission to consider the legal status of blockchain-based communities known as decentralized autonomous organizations, or DAOs.
  • Examine the tax treatment of decentralized finance (DeFi) loans and “staking,” which gives crypto users the ability to earn interest on their savings.
  • Establish a Cryptoasset Engagement Group that will be chaired by ministers and host members from UK regulators and crypto businesses.
  • Explore the application of blockchain technology in issuing debt instruments.

“We shouldn’t be thinking of regulation as a static, rigid thing,” Glen said. “Instead, we should be thinking in terms of regulatory ‘code’ — like computer code — which we refine and rewrite when we need to.”

Stablecoins, cryptocurrencies that derive their value from sovereign currencies like the U.S dollar, are a fast-growing but controversial phenomena in the crypto world. Tether, the world’s biggest stablecoin, has a circulating supply of more than $80 billion. But it’s attracted criticism over a lack of transparency around the reserves that back the token. The government is now set to bring stablecoins into the U.K. regulatory system.

Glen said the government was also “widening” its gaze to look at other aspects of crypto, including so-called Web3, a movement that proposes a more decentralized version of the internet built on blockchain technology.

“No one knows for sure yet how Web3 is going to look,” Glen said. “But there’s every chance that blockchain is going to be integral to its development.”

“We want this country to be there leading from the front, seeking out the greatest economic opportunities.”

ALSO READ-APOLLO HOSPITALS: Mission to ‘Touch a Billion Lives’

Categories
Business India News

SPECIAL 2022: The arrival of Non-Fungible Tokens

In India, there is an exponentially growing interest in NFTs riding on the back of this global trend and buoyed by the slew of NFT releases by prominent celebrities…writes Murtuza Merchant

Non-Fungible Tokens (NFTs) as an asset class have exploded on to the scene in 2021 and gripped investors the world over with prospects, transcending beyond the realms of mere tokenism by unlocking far more value for all stakeholders involved.

For artists, NFTs offer the promise of price discovery that does not exist beyond the few renowned auction houses functioning today, while investors can cash in on their purchased NFTs anytime they deem fit. This flexibility along with the immutable nature of these digital assets have catapulted NFTs to the top of the list of crypto-based assets in existence today.

In India, there is an exponentially growing interest in NFTs riding on the back of this global trend and buoyed by the slew of NFT releases by prominent celebrities. Amongst the most notable ones are Bollywood superstars Amitabh Bachchan and Salman Khan, who are on the anvil of launching their collection, and cricketers like Dinesh Karthik who have already put up NFTs based on their match-winning moments. With a country that counts Gen-Z and Millennials as comprising the bulk of the crypto investor base of more than 100 million investors, these NFTs are bound to be lapped up with a strong fervour.

Pic credits ANI

Dileep Seinberg, Founder and CEO, Thinkchain, a Crypto, NFT, and Blockchain Consulting company says NFTs are primarily released by celebrities to either cash in on their legacy or by newcomers to earn a quick buck without having the fear of being accepted by the audience.

“There are some celebrities who have built around themselves a great life. They are looking to monetize on their legacy by launching their own NFTs. The others are fairly new to the industry and earlier they were dependent on some godfather or commercially driven studios and distribution network, where these artists barely received the worth of their efforts. With the advent of blockchain, it is possible to skip all the middle layers to reach an audience who can appreciate the work and reward buying their NFTs,” he says.

Despite this bullish outlook though, the near-term uncertainty surrounding crypto assets may dampen investor sentiments considering the often contradictory commentary emanating from the Central authorities that govern all asset classes in the country. If there were to be a ban on private cryptocurrencies, as is being mulled by the RBI, it will impact the trading of NFTs and dim the otherwise bright prospects of this revolutionary asset class.

Mia Ekta, Founder, and lead developer, Sugarland says every time a government bans or threatens to regulate any sector, celebrities and influencers tend to sync with the public and bring people together to communicate to the government about the regulation not being acceptable.

“NFTs have proven to be lucrative – and now are becoming a revenue-generating resource for millions of artists who have already joined ‘the NFT stream’, not to mention the future potential the space holds,” she says.

Aliasgar Merchant, Developer Relations Engineer at Tendermint says India has a rich cinema and artistic legacy that goes back more than a century and this creates an opportunity for NFTs to find a unique niche for themselves on a global level. Also, India being one of the fastest-growing economies in the world presents additional opportunities for NFTs.

Seinberg adds that India is one of the most favourite destinations for foreign investments and has a talent pool that is renowned globally. “What’s most lucrative for foreign investors is the price difference at which Indian artists can produce original works. For instance, high end-VFX films like ‘Koi Mil Gaya’ are produced at a cost that is 3-4 times lesser than Hollywood. Such a huge price difference can lure foreign investors to invest money in NFTs made locally,” he says.

(Author is a senior journalist, who takes a keen interest in the world of cryptocurrencies)

ALSO READ: India’s Crypto Dilemma

Categories
Business USA

‘Melania’s Vision’ Fuels NFT Mania

NFTs are unique and non-interchangeable units of data stored on blockchains, the decentralised ledger technology behind cryptocurrencies like Bitcoin and Ethereum…reports  Nikhila Natarajan

Melania Trump launched a platform for non-fungible tokens (NFTs) Thursday, together with “Melania’s Vision,” a digital artwork and audiofile and limited edition NFTs.

Data from DappRadar, a firm that tracks sales, showed that trading reached $22bn in 2021, compared with just $100m in 2020, and that the floor market cap of the top 100 NFTs ever issued a” a measure of their collective value – was $16.7bn.

A handout to Breitbart News said the proceeds will go towards Trump’s “efforts to support children in the foster care system”.

“Mrs. Trump will release NFTs in regular intervals exclusively on MelaniaTrump.com. The first, ‘Melania’s Vision’ will be available to purchase between December 16 and December 31, 2021.”

NFTs are unique and non-interchangeable units of data stored on blockchains, the decentralised ledger technology behind cryptocurrencies like Bitcoin and Ethereum.

They are typically an identity proof of a digital or physical asset, including pictures, videos, and audio files, often compared to certificates of authenticity used to verify a work as authentic or original.

Trolls lost little time reminding the 45th first lady of a New York state judge’s order November asking the Trumps to pay $2 million to a collection of nonprofit organizations – as settlement with the NY state Attorney General’s office – for unlawfully coordinating with the 2016 Trump campaign.

NFTs have been hogging the news in 2021 with a heady mix of celebrity quotient and sheer wealth.

Recently, international rapper The Game along with some known names of Bollywood, singer Mika Singh, rapper Raftaar, photographer Dabboo Ratnani, fashion designer Lubna Adams, boxers Mary Kom, Vijendra Singh, Lovlina Borgohain, the Great Khali, Indian hockey team captains Manpreet Singh and Rani Rampal, table tennis player Manika Batra, athlete Hima Das, YouTuber Amit Bandana and new-age influencers Jannat Zubair, Nikki Tamboli, Reem Sameer, took to Twitter to announce an association with OFTEN, “the world’s largest celeb-centric NFT platform” to sell exclusive NFT artworks.

BollyCoin, an NFT platform backed by actor Salman Khan, has announced an NFT collection from his Dabangg franchise.

There were quirks too.

Bored Ape Yacht Club (BAYC) NFTs, some of the most expensive NFTs around, had one of them accidentally sold for $3,015 despite being valued at $300,000. The owner, who went by the name Max, had wanted to list his Bored Ape NFT for 75 Ether only to end up listing it for 0.75 Ether, due to a “lapse of concentration”.

MG Motor in India is releasing an NFT series of 1,000 separate tokens.

An NFT memorialising Wikipedia founder Jimmy Wales’s first edit on the online reference resource 20 years ago and the computer he used when programming the platform sold for a total of almost $1 million at auction Wednesday.

The most valuable NFT sale this year was The First 5000 Days, a digital collage by Beeple, the name used by the American digital artist Mike Winkelmann, that was auctioned for $69.3m in March, making it one of the most valuable pieces of art ever sold by a living artist.

Another Beeple NFT, Human One, sold for $29m.

Other multimillion-dollar NFTs included the Bored Ape Yacht Club, a collection of 10,000 NFTs represented as cartoon primates that are used as profile photos on the social media accounts of their owners and which raised $26.2m. Celebrity BAYC owners include the talk show host Jimmy Fallon and the rapper Post Malone.

In a comment to Breitbart News, the former First Lady said she believes blockchain technology provides a platform in which creators can reach people directly, without the interference of censorious gatekeepers.

ALSO READ-Amitabh’s NFT collections hit all time high of $5.20k

Categories
Bollywood Business Lite Blogs

Amitabh’s NFT collections hit all time high of $5.20k

Actor Amitabh Bachchan. (File Photo: IANS)

“In a world of metaverses and digitization, NFTs have opened the doors to a new realm of connectivity and an opportunity to engage with my fans in a new way,” Bachchan said…reports Asian Lite News.

As Indian celebrities latching onto the craze of non-fungible tokens (NFTs), megastar Amitabh Bachchan’s NFT collections reached highest ever bidding in India at $5,20,000 on Day 1 of the auction.

The record is proving to be the most successful so far with his ‘Madhushala’ NFT collection receiving highest ever bidding in India at $4,20,000 on Day 1 with two more days to go as fans continue to have a bidding frenzy.

Madhushala is his father’s collection of poems recorded in the superstar’s own voice.

“In a world of metaverses and digitization, NFTs have opened the doors to a new realm of connectivity and an opportunity to engage with my fans in a new way,” Bachchan said.

“The NFTs will offer the audience a chance to own an original piece of rare and cherished moments of my life including stories from my films, recitation from Madhushala, some back stories and moments from my films and these moments remain with them forever,” he added.

In addition to this, the auction also has seven autographed posters from his iconic movies and half a dozen collectibles of “punks and NFTs art and Poster collection” which have received bids worth over $1,00,000 on Day 1.

A unique feature to the auction is the “Loot Box”, worth $10 each. Every buyer of this box would get an assured art piece from the NFT collection. The Loot box goes live on November 2 at 7 pm offering 5000 collectibles for which over 300,000 crypto collectible fans have signed up globally.

This exclusive NFT auction is being hosted on BeyondLife.club, powered by Guardian Link, one of India’s biggest de-centralised branded marketplace for NFTs. The auction went live on November 1 and will close on November 4.

Meanwhile, following in the footsteps of megastars Amitabh Bachchan and Rajinikanth, actress Sunny Leone has also ventured into the NFT space.

Sunny has gone on to mint her NFTs. Minting is a process through which digital art becomes a part of the Ethereum blockchain – a public ledger that is unchangeable and tamper-proof.

The actress took the lead among Indian actors to secure their digital assets when she broke the news about her association with NFT, two months back. This made her the first Indian actress to roll out her own NFTs.

ALSO READ-Maniesh Paul: Amitabh Bachchan continues to inspire me

READ MORE-Amitabh Bachchan’s Twitter account hacked