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Mainstream Indian artists enter the NFT World

Paresh Maity is the first senior artist to issue non-fungible tokens.

February 27, 2022 / 11:36 AM IST
A total of five large older Paresh Maity abstract works will go under the hammer on March 4. The NFT + Physical asset will be priced at $110,000, and the NFT-only asset at $5,000.

A total of five large older Paresh Maity abstract works will go under the hammer on March 4. The NFT + Physical asset will be priced at $110,000, and the NFT-only asset at $5,000.

It was bound to happen sooner or later. Leading contemporary artist Paresh Maity has made the first move, by taking the call to issue a rare collection of art NFTs on WazirX NFT Marketplace. The collection will drop on March 4.

Paresh Maity said: "By going digital, (I) can reach out to an entirely brand new segment of art lovers and collectors worldwide. That audience may not be aware of traditional auctions and how art gets sold in the conventional sense.”

A total of five assets will be auctioned on Wazir X NFT Marketplace using the Binance network and the mint currency will be BNB. Of the five assets, three are physical paintings by Maity with corresponding NFT tokens while the other two outings are going to be represented by NFT alone. The NFT + Physical asset will be priced at $110,000 and the NFT-only asset at $5,000.

NFT or a non-fungible token is a digital signature that is unique - it cannot be replicated and is designed to purchase real-world assets like wine or art, and serves as built-in authentication that gives proof of ownership of the asset, especially when it is digital.