NFTs are taking the music world by storm and have caught the attention of many musicians around the world. Many artists share their music and make money directly from their fans through NFTs who would otherwise have to cut out the middle man. Because NFTs are sold at extremely high prices, many musicians such as Kings of Leon and Steve Aoki have sold NFTs for millions of dollars.
T-Series Music Label Preparing for Metaverse
According to an announcement on January 25, Asia’s largest music label, T-Series is preparing to enter the Metaverse with Hefty Entertainment, a web 3.0 division of digital media entertainment company Hungama Digital, creating NFTs from its vast catalogue of new and existing content.
Unlike cryptocurrencies, NFTs are non-fungible digital assets traded on dedicated platforms via blockchain technology. Metaverse is a fully-functional virtual world where NFTs, when integrated, become an important element of the virtual experience.
Chairman and managing director of T-Series, Bhushan Kumar, having set the ball rolling, they look forward to expanding and enhancing the value of their content that leads to a further and rapid expansion of the global digital entertainment industry. He also added that they want to offer a future full of potential, interactivity, and collaboration for our communities around the globe.
The Hefty metaverse is powered by the Polygon blockchain, which also supports Ethereum transactions and infrastructure development.
NFTs and Metaverse Adoption Continues to Grow in India
The growing enthusiasm for NFTs and the Metaverse among Indians is a recent phenomenon. Several Bollywood stars including Amitabh Bachchan, Sunny Leone and Salman Khan have ventured into the field with their products and associations.
With this move, Hungama Digital Media and T-Series intend to leverage their extensive global distribution network and a vast archive of 200,000 songs, 65,000 music videos and more than 150 Indian language films.
Hungama Founder, Neeraj Roy stated that they look forward to redefining content consumption with this Web 3.0 initiative as they find new ways to collaborate and connect with their fans. He added that they promise to serve billions of Bollywood fans around the world an experience so they can see the value delivered on their platform.