Sonu Nigam, who is adopting non fungible tokens (NFTs) in cooperation with new generation digital entertainment and technology startup JetSynthesys, is the latest Bollywood superstar to join the crypto fever, following in the footsteps of Amitabh Bachchan and Salman Khan. Artists may use NFTs to produce one-of-a-kind digital creations in whatever form they can envision and sell them directly to fans and collectors via Blockchain.
The NFT collection, which features the iconic music icon’s journey and work, was introduced in London to cater to the booming diaspora wishing to keep linked to their roots. The single ‘Hall of Fame’ by Nigam will be included in the NFT series.
It will also include the lyrics to Nigam’s hit songs as written in his journal, a habit the popular singer has maintained throughout his career.
“Music has been my being from the time I achieved awareness,” Sonu Nigam said in a statement. “I feel lucky to be able to bring this journey forth through the newest digital art form, advanced NFTs, which I think is the growth of the music business throughout the world.” Through this industry-first endeavour, I’m also looking forward to engaging with new, digital-first music fans. “I’m ecstatic to release this single, Hall of Fame, which is the most precious and dearest song to my heart, and it’s my dedication to all music fans who have blessed me during my journey.”
Some of the most expensive NFT collections sold include a signed tweet from Twitter founder Jack Dorsey for $3 million, a 50-second video by singer Grimes for $390,000, and a $6.6 million video by digital artist Beeple.
“JetSynthesys has been the usherer of several category firsts in a short period of time since its start, with a deliberate focus across gaming, esports, digital entertainment, and social-community platforms.” “We have a long history with Sonu, and we are pleased to offer his unique digital art based on blockchain technology to the Indian music business,” said Rajan Navani, JetSynthesys’ Vice Chairman and Managing Director.
What is an NFT?
An NFT is a digital asset that resides on a blockchain, which is a distributed ledger of transactions. The blockchain acts as a public record, allowing anybody to check the legitimacy of the NFT and determine who owns it.
Unlike other digital objects, which can be mass-produced indefinitely, each NFT has a unique digital signature, making it one-of-a-kind.
NFTs are often purchased with cryptocurrencies or dollars, and all transactions are recorded on the blockchain. While anybody may access the NFT, only the purchase is the legitimate owner — a type of digital bragging rights.
When you buy an NFT of a picture or video, you usually don’t obtain the copyright on the underlying object.