Elements of the crypto sector like non-fungible tokens (NFTs) and the metaverse are garnering major interest from Indians. NFTs based on India's first metaverse wedding have made a debut on Beyondlife.Club marketplace. The 12-piece NFT collection displays the digital avatars of the Tamil Nadu-based couple in the backdrop of a Harry Potter theme. An avatar of the bride's late father, as well as a copy of the wedding invitation, is also part of this series.
The collection, launched by NFT technology firm GuardianLink.io, witnessed quick sales and positive responses. NFTs are digital collectibles with their ownerships stored on the blockchain network.
“The NFT featuring the virtual avatars of the bride and the groom was purchased and resold within nanoseconds of the drop. A total of 50 copies of the same were sold at $10 (roughly Rs. 750) each,” Beyondlife.Club said in a press release. “One of them was re-sold for $100 (roughly Rs. 7,489) within a second on GuardianLink.io's secondary marketplace.”
One of the tokenised wedding invites that was sold for $10 (roughly Rs. 750), is presently being traded at $4,450 (roughly Rs. 3 lakh).
The NFT auction inspired by India's first metaverse wedding has stirred buzz around their upcoming wedding functions.
The bride and groom Janaganandhini Ramaswamy and Dinesh Kshatriyan will tie the matrimonial knot according to the traditions on the morning of February 6.
Later in the evening, the newly-weds along with their guests will attend their virtual reception as digital avatars in the metaverse. A three-dimensional version of the Internet, metaverse will potentially serve as a fully functional virtual venue.
The couple has collaborated with TardiVerse Metaverse startup to facilitate the virtual celebrations on the Polygon blockchain.
Research reports expect the market opportunity for the metaverse to reach $800 billion (roughly Rs. 59,58,719 crore) by 2024. The sector has been showing accelerating growth in India of late.
Last month, Punjabi singer Daler Mehndi became the first Indian artist to perform in a metaverse concert.
Music label T-Series also announced its entry into the metaverse in partnership with Hungama Digital earlier this week. As part of the deal, Hungama will be creating NFTs from the vast catalogue of new and existing Bollywood content parented by T-Series.
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