Group of entrepreneurs launch NFT marketplace; proceeds from sales to go towards COVID-relief
India’s startups have been involved in making a small contribution to the war on the rise of the second wave of the coronavirus epidemic. Some have tried to make arrangements for oxygen cylinders and oxygen concentrators while others are looking at ways to build temporary COVID care facilities.
A group of businessmen has come together to launch an NFT market where the proceeds from the sale of digital drawings will go directly to India’s COVID-Crypto Relief Fund by Sandeep Nailwal, co-founder of COO Polygon, a crypto network based in Ethereum.
Named Fable, the program has been launched by IndieFolio Network CEO and co-founder Kavan Antani; Arjun Malhotra Capital of Excellence; Elemental Chief Executive Officer Raunaq Vaisoha and CTO Anil Dukkipatty; and Akriti Khosla, founder of Career Cupid.
Nailwal’s crypto help fund was promoted by angel investor and businessman Balaji S Srinivasan, who promised up to $ 100,000 in cryptocurrency in the fund.
NFT is a unique token made with a ‘non-fungible cryptocurrency in nature, which means it cannot be replaced by another ‘same’ object. Copies cannot be made following a purchase, making it a unique asset to consumers.
Almost any digital asset can be NFT as long as there is a buyer for it.
Designs by various artists, who are committed to being part of the program, will be on sale at the venue from tonight, Vaisoha told Entrackr.
“There is a lot of struggle outside and no one is helping people. So we thought about how we could use our potential, which is blockchain, to help people get out, ”Vaisoha said when asked why he was launching the NFT market.
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However, not all transaction fees will go to the site as there will be a “small amount of gas” charged on all transactions, Vaisoha said. ‘Gas money’ is basically paid by users to pay for the computer power needed to process and verify transactions on the Ethereum crypto network.
Vaisoha also said that gas prices are unusual and “different” when we ask for a certain amount that will be deducted from each sale. He said it depended on various factors such as network function and the amount of work done, among other things.
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Asked if he saw NFT art as something that Indians would want to have in the future, considering it is only part of the digital collection and has no physical manifestations, Visoha said in the next decade, people will be spending more time in the real world than in the real world.
The development of unpopular reality that we see as real and real reality will allow NFT art owners to engage in a completely different way with their digital art pieces, Vaisoha said.