India’s leading fashion designers are the latest to join the non-fungible tokens (NFTs) bandwagon and have launched their own collections of digital fashion collections through NFTs to cash in on growing interest in such assets.
According to the Economic Times, top Indian fashion designers such as Manish Malhotra, Raghavendra Rathore, Anamika Khanna and Pankaj & Nidhi are now looking at NFTs as a credible source of income for their digital fashion collections.
Their initial collection of digital artwork reportedly sold in minutes on NFT marketplaces.
The report said that these designers have adopted the blockchain technology to connect with more tech-savvy audiences in the country.
A non-fungible token (NFT) is a unit of data stored on a publicly distributed digital ledger called blockchain. These tokens are not mutually interchangeable, and hence the name ‘non-fungible’. An NFT’s unique ownership can be verified through the distributed ledger.
Manish Malhotra launched his fashion NFT in partnership with RISE Worldwide, the sports and lifestyle arm of Reliance Industries. Malhotra recently sold NFTs of digital sketches of some of his most famous creations for $4,000 a piece.
Jaspreet Chandok head of RISE Fashion and Lifestyle told the publication that the company is looking to create case studies on the best new technologies available for the fashion community with the fashion NFTs.
“Manish dropped five NFTs, which sold out within seconds. This really created a conversation in the industry, and we have seen many designers join in since then,” he was quoted as saying.
Vishakha Singh, vice president, WazirX NFT Marketplace said that fashion NFTs have received “great traction” on its platform. “We are hoping to introduce new-age street brands in fashion onto the NFT bandwagon as these would be a perfect fit with the young NFT community,” she was quoted as saying by the publication.
A slew of top Bollywood actors and sports celebrities have already launched their own collections of digital memorabilia such stories, videos, photographs, shoot videos and behind-the-scenes footage through NFTs in the past few months to monetise their brand and fanbase.
Bollywood NFTs have lately become popular after actors like Amitabh Bachchan, Salman Khan and former pornstar Sunny Leone entered the space.
Amitabh Bachchan’s NFT— ‘BigB Punks #1633’, which was originally bought by an investor for $10 in November last year is currently priced at $2,500 by the present owner, as per marketplace BeyondLife.club.
Not just this, but Bollywood star Ranveer Singh’s ‘83’ movie producers also launched NFT collectibles. The movie’s official digital collectibles (NFTs), which was launched by ‘Social Swag’ sold NFTs within an hour of launching the movie’s official NFTs in January.
After some Indian cricketers launched their NFTs, Dream Capital, the corporate venture capital arm of Dream Sports, is in talks to lead a $100 million funding round in cricket-focused non-fungible token (NFT) startup Rario. This could be one of the largest investments in the NFT sector in India, as per the Economic Times.
Faze Technologies, which raised $17.4 million in November 2021, is also rolling out cricket-focussed NFTs. Despite traction, NFT players are concerned over a 30% tax on gains and 1% TDS, proposed by India’s finance minister Nirmala Sitharaman in the union budget.