T-Series music label is all set to experiment with the new-age sectors of non-fungible tokens (NFTs) and the metaverse. T-Series has teamed up with Hungama Digital's Web3 venture called Hefty Entertainment to proceed. The Hefty metaverse will be supported by Polygon blockchain, which also backs Ethereum scaling and infrastructure development. Both T-Series and Hungama Digital aim to become early adapters of the changes that will mold how people will consume content in the times to come.
As part of the deal, Hungama will be creating NFTs from the vast catalogue of new and existing content parented by T-Series.
NFTs are digital collectibles based on a wide array of things including songs, movie clips, and even identities of celebrities that are supported by blockchain technology. On the other hand, the metaverse can be explained as a fully functional virtual universe, which will thrive on the next 3D version of the Internet called Web3. NFTs can be interacted with in the metaverse, making them important elements in the virtual world.
“We're delighted to extend our alliance with Hungama and enable our community with access to the metaverse,” Bhushan Kumar, Chairman and Managing Director of T-Series, said in a shared statement.
Kumar also noted that the move could add to the overall expansion of the global digital entertainment industry.
“We look forward to redefining content consumption with this Web3 initiative. We promise to give billions of fans of Bollywood globally, an experience that will see value accrue to them on our platform,” Hungama Founder Neeraj Roy said in a statement.
Details on the launch timeline and the kinds of NFTs that can be expected out of this partnership remain undisclosed as of now.
In recent months, several Bollywood stars including Amitabh Bachchan, Sunny Leone, and Salman Khan have ventured into the NFT space with their offerings and associations.
The global sales of NFTs amassed around $25 billion (roughly Rs. 1,84,700 crore) in 2021, as the speculative crypto asset exploded in popularity.
While the NFT craze is already gaining heat, the metaverse sector is also witnessing some interest among Indians.
Earlier this month, a couple from India's Tamil Nadu state announced their Harry Potter-themed wedding reception in the metaverse.
The late father of the bride will host the celebrations in the metaverse, where the guests along with the newly married couple will mark their attendance as digital avatars in February.
Bloomberg Intelligence reportedly expects the market opportunity for the metaverse to reach $800 billion (roughly Rs. 59,58,720 crore) by 2024.
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