എൻ.എഫ്.ടി (നോൺ ഫംഗിബിൾ ടോക്കൺസ്) ഉപയോഗിച്ചാണ് ‘കുറുപ്പ്’ എന്ന ദുൽക്കർ സൽമാൻ ചിത്രത്തിന്റെ പ്രൊമോഷൻ ഒരുക്കുന്നത്. ഇന്ത്യയിൽ തന്നെ ആദ്യമായാണ് എൻ.എഫ്.ടി ഉപയോഗിച്ച് സിനിമയുടെ പ്രൊമോഷൻ ചെയ്യുന്നത്. ബ്ലോക്ക് ചെയിൻ എന്നറിയപ്പെടുന്ന ഒരു ഡിജിറ്റൽ ലെഡ്ജറിൽ സൂക്ഷിക്കുന്ന ഡാറ്റയാണ് എൻ.എഫ്.ടി. ഫോട്ടോ, വീഡിയോ, ഓഡിയോ തുടങ്ങി വിവിധ തരം ഡിജിറ്റൽ ഫയലുകളെ എൻ.എഫ്. ടോക്കണുകൾ ആക്കിമാറ്റാൻ സാധിക്കും. ഈ രീതിയിൽ ബ്ലോക്ക് ചെയിനിൽ സൂക്ഷിക്കുന്ന കലാസൃഷ്ടി എൻ.എഫ്.ടോക്കണുകൾ വഴി ഉടമസ്ഥാവകാശം സുരക്ഷിതമായിരിക്കുകയും മറ്റാർക്കും തന്നെ കലാസൃഷ്ടിയിൽ ഉടമസ്ഥാവകാശം ഉണ്ടായിരിക്കുകയുമില്ല.
ചിത്രത്തിന്റെ തിയേറ്ററിക്കൽ റിലീസിനൊപ്പം തന്നെ എൻ.ഫ്.ടി ഫോർമാറ്റിലും ചിത്രം പുറത്തു വരുമെന്നാണ് അണിയറ പ്രവർത്തകർ അറിയിച്ചിരിക്കുന്നത്. എം.പി.4 ഫോർമാറ്റിലുള്ള പാട്ടുകളും, ദുൽഖറും സംവിധായകനായ ശ്രീനാഥ് ജയൻ എന്നിവർ ഓട്ടോഗ്രാഫ് ചെയ്ത ഡിജിറ്റൽ ആർട് വർക്കുകളും പോസ്റ്ററുകളും, ഈ പോസ്റ്ററുകളുടെ ജിഫ് (gif) ഫോർമാറ്റ് വേർഷനുകളും എൻ.എഫ്.ടിയിൽ ഒരുങ്ങുന്നുണ്ട്.
Kurup has achieved the unique distinction of becoming the first Indian movie to release three non-fungible tokens (NFTs) as a part of its promotion before the theatrical release.
NFT is a unique digital asset stored in a blockchain network. It includes everything from music to a website domain. These assets can be bought and sold online. The digital tokens are considered records of ownership for virtual or physical assets.
Anish Mohan, Director, M Star Entertainments said, ” Although NFTs are still at a nascent stage in India, the NFT adoption has been rapid thanks to the accelerated technological advancement. Being the first Indian film to roll out NFTs, Kurup will enjoy a differentiated recall value for a longer period of time. The NFTs will offer fans the opportunity to own memorabilia related to the film. We are thrilled to create a landmark in the history of movie promotion in India with such a futuristic initiative.”
In this fist-of-its-kind film promotional initiative, the NFTs of Kurup will comprise of digital artworks based on the movie whereas some of these NFT’s are being backed by physical memorabilia as well which will be shipped to the customers buying the NFT.
Among the three soon-to-be-launched NFTs, there will be a unique NFT which will offer a videoclip in Mp4 format (HD) with embedded music, the digital artwork and a hardcopy poster of Kurup signed by the lead actor Dulquer Salmaan and director Sreenath Rajendran. In addition, there will be a series of 10 similar NFTs which is an animated GIF version of the unique artwork with no music which will entitle their buyers to a copy of the signed poster which is given along with the unique NFT. There will also be a series of 100 static high resolution digital art versions of the NFT which will not entitle buyers to a hardcopy poster.
Ammbr develops and operates one of the leading tokenisation platforms that will forever change the way owners and creators of physical, intellectual, and digital assets conceive of ownership, trading and interaction.
An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.
Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering $174 million has been spent on NFTs since November 2017.
NFTs are also generally one of a kind, or at least one of a very limited run, and have unique identifying codes. “Essentially, NFTs create digital scarcity,” says Arry Yu, chair of the Washington Technology Industry Association Cascadia Blockchain Council and managing director of Yellow Umbrella Ventures.
This stands in stark contrast to most digital creations, which are almost always infinite in supply. Hypothetically, cutting off the supply should raise the value of a given asset, assuming it’s in demand.
But many NFTs, at least in these early days, have been digital creations that already exist in some form elsewhere, like iconic video clips from NBA games or securitized versions of digital art that’s already floating around on Instagram.
For instance, famous digital artist Mike Winklemann, better known as “Beeple” crafted a composite of 5,000 daily drawings to create perhaps the most famous NFT of the moment, “EVERYDAYS: The First 5000 Days,” which sold at Christie’s for a record-breaking $69.3 million.
Anyone can view the individual images—or even the entire collage of images online for free. So why are people willing to spend millions on something they could easily screenshot or download?
Because an NFT allows the buyer to own the original item. Not only that, it contains built-in authentication, which serves as proof of ownership. Collectors value those “digital Bragging rights” almost more than the item itself.
How Is an NFT Different from Cryptocurrency?
NFT stands for non-fungible token. It’s generally built using the same kind of programming as cryptocurrency, like Bitcoin or Ethereum, but that’s where the similarity ends.
Physical money and cryptocurrencies are “fungible,” meaning they can be traded or exchanged for one another. They’re also equal in value—one dollar is always worth another dollar; one Bitcoin is always equal to another Bitcoin. Crypto’s fungibility makes it a trusted means of conducting transactions on the blockchain.
NFTs are different. Each has a digital signature that makes it impossible for NFTs to be exchanged for or equal to one another (hence, non-fungible). One NBA Top Shot clip, for example, is not equal to EVERYDAYS simply because they’re both NFTs. (One NBA Top Shot clip isn’t even necessarily equal to another NBA Top Shot clip, for that matter.)
How Does an NFT Work?
NFTs exist on a blockchain, which is a distributed public ledger that records transactions. You’re probably most familiar with blockchain as the underlying process that makes cryptocurrencies possible.
Specifically, NFTs are typically held on the Ethereum blockchain, although other blockchains support them as well.
An NFT is created, or “minted” from digital objects that represent both tangible and intangible items, including:
• Videos and sports highlights
• Virtual avatars and video game skins
• Designer sneakers
Even tweets count. Twitter co-founder Jack Dorsey sold his first ever tweet as an NFT for more than $2.9 million.
Essentially, NFTs are like physical collector’s items, only digital. So instead of getting an actual oil painting to hang on the wall, the buyer gets a digital file instead.
They also get exclusive ownership rights. That’s right: NFTs can have only one owner at a time. NFTs’ unique data makes it easy to verify their ownership and transfer tokens between owners. The owner or creator can also store specific information inside them. For instance, artists can sign their artwork by including their signature in an NFT’s metadata.
What Are NFTs Used For?
Blockchain technology and NFTs afford artists and content creators a unique opportunity to monetize their wares. For example, artists no longer have to rely on galleries or auction houses to sell their art. Instead, the artist can sell it directly to the consumer as an NFT, which also lets them keep more of the profits. In addition, artists can program in royalties so they’ll receive a percentage of sales whenever their art is sold to a new owner. This is an attractive feature as artists generally do not receive future proceeds after their art is first sold.
Art isn’t the only way to make money with NFTs. Brands like Charmin and Taco Bell have auctioned off themed NFT art to raise funds for charity. Charmin dubbed its offering “NFTP” (non-fungible toilet paper), and Taco Bell’s NFT art sold out in minutes, with the highest bids coming in at 1.5 wrapped ether (WETH)—equal to $3,723.83 at time of writing.
Nyan Cat, a 2011-era GIF of a cat with a pop-tart body, sold for nearly $600,000 in February. And NBA Top Shot generated more than $500 million in sales as of late March. A single LeBron James highlight NFT fetched more than $200,000.
Even celebrities like Snoop Dogg and Lindsay Lohan are jumping on the NFT bandwagon, releasing unique memories, artwork and moments as securitized NFTs.
How to Buy NFTs
If you’re keen to start your own NFT collection, you’ll need to acquire some key items:
First, you’ll need to get a digital wallet that allows you to store NFTs and cryptocurrencies. You’ll likely need to purchase some cryptocurrency, like Ether, depending on what currencies your NFT provider accepts. You can buy crypto using a credit card on platforms like Coinbase, Kraken, eToro and even PayPal and Robinhood now. You’ll then be able to move it from the exchange to your wallet of choice.
You’ll want to keep fees in mind as you research options. Most exchanges charge at least a percentage of your transaction when you buy crypto.
Popular NFT Marketplaces
Once you’ve got your wallet set up and funded, there’s no shortage of NFT sites to shop. Currently, the largest NFT marketplaces are:
• OpenSea.io: This peer-to-peer platform bills itself a purveyor of “rare digital items and collectibles.” To get started, all you need to do is create an account to browse NFT collections. You can also sort pieces by sales volume to discover new artists.
• Rarible: Similar to OpenSea, Rarible is a democratic, open marketplace that allows artists and creators to issue and sell NFTs. RARI tokens issued on the platform enable holders to weigh in on features like fees and community rules.
• Foundation: Here, artists must receive “upvotes” or an invitation from fellow creators to post their art. The community’s exclusivity and cost of entry—artists must also purchase “gas” to mint NFTs—means it may boast higher-caliber artwork. For instance, Nyan Cat creator Chris Torres sold the NFT on the Foundation platform. It may also mean higher prices — not necessarily a bad thing for artists and collectors seeking to capitalize, assuming the demand for NFTs remains at current levels, or even increases over time.
Although these platforms and others are host to thousands of NFT creators and collectors, be sure you do your research carefully before buying. Some artists have fallen victim to impersonators who have listed and sold their work without their permission.
In addition, the verification processes for creators and NFT listings aren’t consistent across platforms — some are more stringent than others. OpenSea and Rarible, for example, do not require owner verification for NFT listings. Buyer protections appear to be sparse at best, so when shopping for NFTs, it may be best to keep the old adage “caveat emptor” (let the buyer beware) in mind.
Should You Buy NFTs?
Just because you can buy NFTs, does that mean you should? It depends, Yu says.
“NFTs are risky because their future is uncertain, and we don’t yet have a lot of history to judge their performance,” she notes. “Since NFTs are so new, it may be worth investing small amounts to try it out for now.”
In other words, investing in NFTs is a largely personal decision. If you have money to spare, it may be worth considering, especially if a piece holds meaning for you.
But keep in mind, an NFT’s value is based entirely on what someone else is willing to pay for it. Therefore, demand will drive the price rather than fundamental, technical or economic indicators, which typically influence stock prices and at least generally form the basis for investor demand.
All this means, an NFT may resale for less than you paid for it. Or you may not be able to resell it at all if no one wants it.
NFTs are also subject to capital gains taxes—just like when you sell stocks at a profit. Since they’re considered collectibles, however, they may not receive the preferential long-term capital gains rates stocks do and may even be taxed at a higher collectibles tax rate, though the IRS has not yet ruled what NFTs are considered for tax purposes. Bear in mind, the cryptocurrencies used to purchase the NFT may also be taxed if they’ve increased in value since you bought them, meaning you may want to check in with a tax professional when considering adding NFTs to your portfolio.
That said, approach NFTs just like you would any investment: Do your research, understand the risks—including that you might lose all of your investing dollars—and if you decide to take the plunge, proceed with a healthy dose of caution.
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