The term “fantasy” has become a reality in a world driven by new technological trends. The new ideas are allowing people to do things that were previously unthinkable, and they’re opening up a whole new world of digital possibilities. Radha Kapoor Khanna, a creative entrepreneur, takes us on a tour of the current trends, including digital art, non-fungible tokens (NFTs), and the metaverse, demonstrating how each aspect adds considerable value to our digital closets.
She notes that while the metaverse is still a relatively new concept, its popularity has grown as more people seek for it on the internet. As far as I can tell, the concept blends art, culture, and technology in a comprehensive way. While interaction with these assets takes place in a shared digital area, the goal is to provide users with a seamless digital experience as they navigate through it. The place appears to provide a platform for the exchange of valuable items and the acquisition of content.
Understandably, to commence selling, buying or holding anything of value in metaverse, NFTs are the answer, since they enable digital ownership. The interesting concept makes possible not only purchasing the digital art, but also owing a home in which that creation can be hung.
More than just a platform for digital producers from various industries to communicate within that virtual world, NFTs are an appropriate location for them. “Be it an artist, singer, sports celebrity, film star, or entrepreneur, the world of NFTs is great for all,” says Radha Kapoor Khanna.
“It helps develop new communities with a common interest,” she adds. This is very similar to the message board groups that thrived when the Internet was still a relatively new notion. Similarly, blockchain-based decentralised applications that utilise NFTs provide value to consumers by allowing them to trade digital assets as digital tokens. Because it can be sold and auctioned in an open marketplace, this tokenized form is easily moveable across the metaverse.”
The craze has caught pace with Bollywood celebrities including Amitabh Bachchan, who was among the first actors that magnetised towards the technology. In November this year, the veteran star auctioned his father’s iconic poem ‘Madhushala,’ which was narrated and recorded in the actor’s voice. It sold for approximately Rs 7.18 crore. Other stars including Kamal Haasan and Rajinikanth have also launched their collection.
Digital artists, too, were quick to realise the potential. Among them Raghava KK, also known as NFT-Punk, sold his La Petite Mort (part of The Orgasm Project) for more than 70 lakh. The bid started at just Rs 7500. Other Indian artists including Karan Kalra, Ravi Koranga, and Shreya Daffney have also gained popularity with their NFT works.
“The metaverse is set to boost and become a solid virtual economy. Today, digital transactions have increased and people are already wary about the endless possibilities using the internet. However, what excites people more with NFTs is the fact that they are based on the Etherum Blockchain, and can’t be altered or replaced. This feature implies that the ownership of such digital assets can never be disputed,” says Radha Kapoor Khanna.
In a world like never before, not only trading, minting NFT has an equivalent interest. A range of platforms like OpenSea, Rarible, Mintabse and Niftygateway can be used to mint these digital assets. For musicians this opportunity can be pursued to produce digital music. The industry of music finds the copyright challenge problematic sometimes, and NFTs can put an end to the conflict. But it must be noted that some legal association is still required, which is as effective as copyright, but not as complex in obtaining.
The initiative is particularly helpful for beginners, who look forward to producing professional and licensed music for others to use. A popular example lies with ROCKI, which has launched their NFT platform on Binance Smart Chain.
“What we’re witnessing now is that everyone is getting a fair shot. Virtual space, if not for the physical world, is a good technique to eliminate discrepancy. For example, developing NFT gives budding musicians the opportunity to engage with an audience that cares about talent and is interested in collecting their tokenised asset,” says Radha Kapoor Khanna. “This action also opens up a cash stream, while also serving as an extra source that rewards all of the hard effort,” she adds.
In contrast to artists, NFTs are now a part of the process of raising funding for museums and other non-profit organisations all over the world. The State Heritage Museum in St Petersburg, Russia, has devised a basic but successful process. The organisation is working on a limited-edition NFT based on masterpieces from its own collection. Leonardo Da Vinci, Claude Monet, and Vincent Van Gogh are just a handful of the artists whose works are being marketed as digital assets. The museum’s only goal, however, is not only to generate cash, but also to provide individuals from all over the world with different access to the museum’s collection.
The new way to interact with the environment is through digital art made with NFTs across the metaverse. The limitless possibilities available in the digital realm are astounding. As time goes on, technology will only improve, providing more individuals with opportunities to earn, learn, and grow.