NFT: New beginning for Indian Artist

Have you ever heard of NFT or Non-Fungible Token? If not, don’t worry; you are not alone. But this new technology could revolutionise the art world as we know it.

NFTs are quickly gaining traction in the art world, and with good reason – they offer artists a unique way to express themselves while also providing investors with a new avenue for collecting art. NFT in India is also becoming popular day by day. So if you’re ready to take your art career to the next level, you may consider looking into NFT.

What is NFT anyway?

NFT stands for Non-fungible token. NFT is an exclusive token that is issued via the blockchain. The entire history of an NFT is stored on the blockchain, which makes it extremely easy to distinguish between genuine and fake NFTs. So, authentic copies of an artist’s work can be easily verified.

NFT is also considered trademarks in digital art since NFTs can’t be changed. NFTs can be traded and sold on ‘NFT marketplaces’ where you can buy NFTs using cryptocurrencies. Some crypto exchanges operate their own NFT marketplaces as well. NFT is essentially an underlying token via blockchain technology that has was re-appropriated to be used in artistic projects.

NFTs can include anything, such as digital paintings, music or drawings and even memes. They are items that consumers are able to purchase. They differ from other art forms because they are able to provide all the advantages that cryptocurrency offers. This means they can be easily traceable and verified.

How is NFT different from the art I posted on Social Media?

NFTs are unique. Unlike digital files, NFTs cannot be duplicated or copied , while a copy of a file, like a .mp3 or .jpg, is the same as the original. NFTs can prevent counterfeit by linking to the information about the artist who created.

NFTs can also track products throughout their life cycle and where they are located at any given time. For example, if I purchase it legitimately through an artwork collection, it will be my property forever.

Is it something like collecting authentic artwork?

For some people, yes. In NFT space, someone paid almost $390K for a 50-second video by Grimes. You can just download the video, right?

But content is not something you are paying for. You are paying for ownership. You are paying for one unique copy. Moreover, Digital art can be used in surprising ways.

For example, you could collateralize your crypto loan with some digital pieces of work! Applications like reNFT is enabled to do this kind of transaction. You may read more about it here.

I am a creator; can I sell my art in NFT?

Yes, and that is the beauty of NFT. The lack of boundaries in NFT means that creators can rely on a global audience. This is because their work will be seen by anyone with an internet connection, no matter where they are located or what platform they use! This is a virtual reality!

NFTs can also be bought and sold on Cryptocurrency exchanges. NFTs, in this case, can prevent counterfeit by linking to information about the artist who created this.

Sale of NFT is controlled by computer programs called smart contracts, and the smart contracts can be written is such a way that the original artist gets paid a part of the sale proceeds every time his or her work is sold. So, the original artist keeps on earning royalty all throughout life, depending on how many times their creations are sold.

NFT in Indian art

In a first for an Indian actor, Vishal Malhotra bought an NFT at 5500 dollars in 2021, which has inspired a number of Indian celebrities, such as actor Amitabh Bachchan and Sunny Leone, to warm up to the idea of NFTs,  actor Salman Khan has also announced the launch of an NFT collection. But, it’s not only celebrities that are cashing in using this method of purchasing and selling artwork and collectibles. Even the newest digital art artists are testing the NFT waters!

Recent NFT Auction of artist Gobardhan Ash

NFT in Indian art is now in the nascent stage, and very few artists are working towards creating an NFT. Outlook India reported that India’s first-ever NFT auction of artist Gobardhan Ash’s work will be under the hammer in early 2022.

Auction house announced that there will be an auction for Ash’s works on paper, immediately followed by its digital versions offered as NFTs (Non-Fungible Tokens) minted onto the Ethereum Blockchain. The estimated price range is INR30k -1m, and they can sell out quickly because it offers accessible prices to newer collectors exploring this new market for art enthusiasts.

Other NFT artists in India are making a buzz

Siraj Hassan

Siraj’s NFT series ‘Caged’ is a wild ride through creativity and inspiration. His work never fails to amaze us with its out-of-the-box thinking and excellent implementation skills on display in every piece of it! We especially love how he combines nature-inspired designs for those who want more organic visuals while still keeping things interesting by using bodily structures as well.”

Dr Ayush Gaur

Mythbits, an initiative of Ayush Jha, merges myths of Hindu mythology with the Metaverse, an immersive virtual space. It allows all perspectives of life, including that of LGBTQIA+ individuals, and demonstrates that Hindu mythology is not just from the West.

It advances the myths of Hindu mythology, demonstrating that it was not borrowed from the West.

Sammya Brata

sammya brata is an eminent photographer of India who started his journey in photography in 2010. A self-taught photographer, he is known for his surrealistic street photographs and the abstract approach to reality.

His work is on display in NFT space Oceansea. In his own word about achievements, “While I don’t believe in quantifying achievements when it comes to photographing, winning the Canon Photo-Marathon India 2019 and representing my country at finals of Asia Marathon was an amazing experience.”

He just entered in NFT space with a fantastic display of photographs.

COG INDIA ART Foundation

Chhoi-o-Ghor or COG INDIA ART Foundation is currently raising awareness and fund on NFT so that Indian Artist can take informed decision while jumping into NFT space. Moreover, they are working towards converting traditional art form into NFT as alternate medium to represent Indian culture in NFT marketplace. 

Read more: Top 7 Contemporary Indian artist making astonishing art

The End words

Some people are sceptical about Cryptocurrencies. While they may be seen as something just out of a sci-fi movie, Cryptocurrencies are an inevitable part of the future. The question is not if Cryptocurrencies will exist, but how will they affect our lives? 

CryptoKitties has made millions selling pieces of art on the blockchain! Now everyone can own art, thanks to NFTs. Not only that, even artists can sell their work online without worrying about rent or transportation issues. That’s what makes it all revolutionary!

The bottom line is – Non-Fungible Tokens (NFT) offers you an alternative where anyone can trade digital goods like in-game items like weapons and characters and collectables in a decentralised way. 

NFTs are a new digital asset class that can revolutionise how we collect and trade digital assets, starting with collectables. Blockchain technology allows any type of item to be data-driven and verified as authentic through an open ledger system. In India, this opportunity is just opening up.

Not only can famous artists create these tokens, but anyone in India who has something they want to share or sell online may do so by creating their own tokenised representation on blockchain platform. This can give them access to the global market from anywhere in the world without geographical boundaries! 

If you’re an Indian artist or creator who wants to get into this new economic frontier for art collectors and enthusiasts alike, make sure you take advantage of it now. Instead of asking “WTF is NFT?”, you can start converting your art into NFTs. Create your own non-fungible token today!