Independent Tamil musician Kaber Vasuki has sold the phone demo of his song ‘Vasanam’ as a non-infallible (NFT) symbol of 50 ETH – estimated at about Rs 1.5 crore at the time of the sale. This is the largest reported sale of NFT by an Indian artist amid an unprecedented interest in digital works.
Buyer: Vignesh Sundaresan aka Metakovan, who hopes to buy a digital college called “Every Day: The First 5,000 Days” by an artist named Beeple for about $ 70 million.
Metakovan bought NFT’s ‘Vasanam’ on May 11 as his purchase while Beeple’s Everyday was purchased by his Metapurse Fund at an online auction in March. ETH is an abbreviation / symbol for a cryptocurrency called Ethereum.
Kaber said he got the idea to do NFT while starting researching cryptocurrensets and blockchains earlier this year. “When the media announced the first sale of NFT by artists, I realized that this could be a way for me to raise money for my music,” he told the reporter.
For cryptocurrency noobs, NFT is a digital identity certificate stored in a distributed ledger. “I created NFT – a digital record that says a music file was made by me. The buyer purchased a music file and a record stating that the file had been transferred to them, ”said Kaber.
Also read : Bharat Biotech joins MoU and GCVC to produce Covaxin drug product
The popularity of digital art and NFT has grown in the past, especially after the March 11 Daily Sales for a record $ 69.3 million auction at Christie’s auction.
Metakovan, whose own fund has a crytpo-based Metapurse Fund focused on NFTs and other facilities, said he had known Kaber since 2012. “Listening to him, I discovered something very powerful. Growing up, I looked to the Beatles or Pink Floyd for information on the human condition, but there was still space. With Kaber, I suddenly had music and poems that came out of me every day – buses, people, slang. It is a philosophy that I can embrace at all levels, ”he said.
Unprecedented Boom
The size of these sales shows that the NFTs have great potential to affect many industries including arts, media, gaming and music. With regard to indie music in particular, the NFTs offer a new way of raising money, selling rare instruments, creating limited edition packages and creating even different royal divisions and copyright deals.
“This is incredible news, especially for independent artists,” said Chennai singer Troydon Netto. “The last few years have been very difficult for indie artists, and this opens up an opportunity for exploration.”
Also read : Planning to buy Bitcoin on secure routes? Here are your options
Speaking to a reporter, Kaber said he had no doubt about NFT’s digital art market. “I knew I was giving something of value to those who could collect it, but at first I doubted if anyone would buy my NFT. My first price was set at 2ETH… and I reduced the price to 1 ETH, ”he said.
Soon, doubt will turn into surprise and surprise into disbelief. The first bid from an anonymous buyer came to about 5 ETH, followed by a bid from Metakovan in Singapore for 50 ETH!
‘Happy’ Merchant
“I am very happy, but, more than that, it felt like a ten-year guarantee of sticking to my belief in my work and releasing music consistently despite the various challenges. It really sounded like a day of leadership after ten years of struggle, ”said Kaber, setting a record for NFT sales.
NFTs have been riding a boom on cryptocurrencies. These tokens basically prove the uniqueness of digital work, which is used to break down important issues in online collections such as digital art, or tweets — that provide ownership of things that can be easily replicated.
Metakovan feels that popular, popular music is more focused on big markets that provide more interest, and in the continuation of smaller markets are being diverted – and this is where the NFTs play a major role.
Also read : Sebi empowers auditors with audit of listed firms
“India is a place of great cultural diversity. But culture is forced to cater to a larger market. With crypto, and NFTs in particular, you now have a new defense model, a small market model, a producer-rewarding economy. The significance of all of this is that art does not need to be produced only in a large market. It can be produced at a very high level, even for a few viewers, people who are very sympathetic to it, ”he said in response to a written reply to a question.
