IOI
Non-Fungible Tokens.
NFTs, or Non-Fungible Tokens, have grown in popularity, particularly among digital producers. Artists are increasingly using the one-of-a-kind cryptocurrency asset since it is non-fungible and cannot be replaced by another identical item. Malayalam actor Rima Kallingal is the most recent talent to enter the NFT industry. She recently launched her genesis NFT project on the ethereum-based NFT Marketplace, Foundation, with a digital artwork.
The digital artwork, titled ‘The Insurgent Bloom,’ was inspired by the blooming of Neelakurinji in Munnar. Rima collaborated on the artwork alongside music composer Lami, motion graphics and photography specialist Francis Kurien, poet Mahesh Krishnan, and NFT Malayali, a collective of Malayali artists from various genres in the crypto art field.
The Insurgent Bloom is the first NFT project created by a Malayalam actor, according to Rima, who made the revelation on social media on Monday, October 18. “I’ve launched my first NFT project, ‘The Insurgent Bloom,’ and the bidding has begun. In a tweet, she congratulated her team and remarked, “This is the first NFT project by a Malayalam actor.”
The artwork’s sale began on October 17 and ended on October 18. @barthazian placed the highest bid, paying 2.75 ether ($10,263.03) for the artwork (Rs 7.73 lakh).
Rima enters NFT.
Rima shares, “During COVID-19, when we had a lot of time to understand what is happening in this parallel digital universe, there was this whole cryptocurrency world that opened up. Although it sounds confusing in the beginning because of the jargons, I’ve been looking at the investments and came across NFTs. From early YouTube videos to the first tweet, it opens up many possibilities for artists. I am constantly looking for new media to explore; so I jumped right at it.”
Rima compares NFTs to how over-the-top (OTT) revolutionised movies during the epidemic, claiming that they provide a wealth of chances for artists. “It’s incredible how you can sit in Kerala and sell your artwork to a bidder from the United States.” “The value of the artwork increases enormously over time, and artists receive a royalty for a lifetime even after the artwork is sold in an auction,” she explains.
Rima claims that half of the money earned by the artists from NFT will be used to fund female-directed films. “I’m also looking at reinvesting in the NFT community and buying art made by women there as well,” Rima says.
Although many people are still unfamiliar with the complexities and jargons used in cryptocurrency exchanges, the NFT community assists others in the process and allows them to bridge the gap between art and technology. “With tech giants and even governments recognising NFTs, it looks that many people will be using them in the future,” Rima observes.
Rima’s efforts were praised by social media users and digital artists who are familiar with the realm of NFTs. Shashi Tharoor, a politician, praised her initiative as well. “Remarkable initiative by @rimarajan (the Malayalam star Rima Kallingal) to digitise her first NFT and a stunning one it is too! Way to go Rima!”
Previously, an animated short depicting cricketer Dinesh Karthik’s thoughts before facing the opposing team in the final minutes of the 2018 India-Bangladesh match, which was made in collaboration with squash player Saurav Ghosal, earned the first ever sports NFT.
