In recent months, digitization is an area where India has been more focused than ever, and the idea has caught everyone from the common man to celebrities from different walks of life. From movies to business, the concept has gripped the celebrity world, with more and more leaning towards non-fungible tokens, or NFTs. Actors like Amitabh Bachchan, Sunny Leone and others have announced or launched their own collections digital token. The newest member of the group is actor-turned-politician Kamala hasan, who along with digital collectibles platform Fantico, announced the launch of their own NFTs on Sunday. Haasan has also become the first Indian celebrity to have a digital avatar of himself.
Since the announcement, the response has been ‘overwhelming’, says Abhayanand Singh, group CEO and co-founder of Vistas Media Capital, a Singapore-based company that operates Fantico. In an interview with News18.com, Singh revealed that Haasan is the first Indian celebrity to understand the concept of the metaverse and has forayed into the field.
Elaborating on Kamal Haasan’s Metaverse, Singh said that Fantico is developing various aspects for it. NFT and digital avatar. “They will include his (Kamal Haasan’s) various film characters, which by his title “Ulga Naigan”, represents the universal hero! Also, we will be displaying his posters, digital avatars, movie clips. The idea is that he will Must be able to show a larger-than-life personality on the Metaverse,” he tells News18.com.
The company, whose beta version was launched in August 2021, plans to launch Star’s NFTs in the next two months, says the CEO. According to a statement, Fantico is a premium licensed digital collectibles platform that aims to recreate fandom on the metaverse. It plans to give fans the opportunity to find, collect, hide, and trade physical and digital collectibles from their favorite celebrities.
Though the concept of NFTs in India is still in its infancy, Haasan is one of the first celebrities to come forward for it. Even though it has been around globally since 2014, NFTs are a new area for Indians to explore – even newer than cryptocurrencies, whose future is still uncertain in the country. But Singh sees no danger in spite of this. He explains, “NFTs, even if based on blockchain, are a different concept (compared to cryptocurrencies) altogether. NFTs can represent a large number of options, which can appeal to a wide population of investors. One of the major benefits offered by NFTs is the ability to collect. The market for NFTs can provide a place for individuals to collect and trade unique items that can appreciate wildly over time .
According to him, the NFT market has the potential to become a huge opportunity to collect and trade digitally in a world that is moving towards digitization. “Hopefully the market and demand for NFTs will continue to grow. It looks like NFT trading could be the next big thing in investing,” says Singh.
Being a digital asset, NFTs are subject to constant scrutiny regarding their security. At this stage, people may be concerned about their security, but NFTs use blockchain as a digital ledger to examine the unique nature and duality of assets, just like cryptocurrencies. However, if investors begin to understand NFTs and become familiar with the functionality and economic concept of fungibility, there will be some solution to the problem going forward, claims Singh.
“Convertible commodities can be easily exchanged with each other because their value is primarily tied to their unique nature. There is a possibility for creators to verify and authenticate any digital asset. NFTs once purchased can be sold on a variety of exchanges and marketplaces. Buyers also have the option of holding them as the value increases over time. Being on the blockchain ensures a seamless record for each NFT. is,” he explains.
Fantico, as a licensed digital collectibles platform, gives investors an opportunity to embrace this new era of investment. “We are the only platform supporting NFTs with our physical assets,” says Singh. There are celebrities in all maker genres on stage. We have an excellent sourcing pipeline of top celebrities in the country and look to expand the concept of digital assets in India. (We) are not only building a metaverse but also curating qualities that will define this industry in India.
The company is really slowly marking its territory in India. Fantico on August 8 appointed Aishwarya Rajinikanth, daughter of superstar Rajinikanth, as its creative director.
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