After actor Amitabh Bachchan, now Bollywood singer Sonu Nigam has joined the non-fungible token (NFT) bandwagon and will soon be offering his digital collectibles.
NFTs are digital certificates of ownership that are permanent, secured and encrypted using blockchain technology.
Digital entertainment and technology company JetSynthesys has partnered with artist Sonu Nigam to launch NFT series which they claim is the first from the Indian music industry.
"The NFT series will include Nigam's single 'Hall of fame', an English music video. For the NFT offering, the exclusivity will be that song. In addition, the NFT series will also capture the lyrics of Nigam's popular songs as penned down by him in his diary, a habit the popular singer has practiced throughout his career," Rajan Navani, Vice Chairman & Managing Director, JetSynthesys, told Moneycontrol.
Navani added that first drop will be a mix of songs and photographs.
While prices for Nigam's NFT drops is yet to be set, Navani said, "On one level we will democratise the process where large number of NFTs will be available, the other tier will have exclusive drop. We have a couple of places where there will be previews and depending on the response for these previews we will decide to put the NFTs on larger public auction sites in the US. For the lower end where 500 people might own Nigam's art, there we will price in the $10 range."
From creating the digital version of 'Hall of Fame' to Nigam's lyrics of his most popular songs and select images which chronicle the singer's journey, JetSynthesys' global arm, Jet Media Network, is behind the creation of the NFT series.
Jet Media Network recently launched soccer star Ronaldinho's app which gives his fans access to exclusive videos, podcasts, images.
JetSynthesys also has plans to bring more artists from the music space on board.
"We think we will be able to attract some of the largest music stars around the world," said Navani.
JetSynthesys recently became the US-headquartered Warner Music Group's (WMG) official India partner for all things related to music label licensing and acquisition, artist management, event management, original content creation across music, short videos and films, along with mobile gaming and esports.
The company is also known for its global publishing partnerships with the likes of cricket legend Sachin Tendulkar, Bollywood star Salman Khan, heavyweight Floyd Mayweather.
While Navani did not mention any names, he said they will come up with multiple NFTs.
But can the talks around cryptocurrency regulation raise concerns for the NFT space in India?
"With regulation that government will announce for cryptocurrency, virtual goods will get enhanced in terms of their values because if there is a good regulated cryptocurrency structure, the value of these assets will be monetised better if these currencies can be used to acquire these assets," said Navani.
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