The nifty art of NFTs

The NFT buzz reached a high decibel when actor Amitabh Bachchan and cricketer Dinesh Karthik spoke in October 2021 about selling NFTS to possibly make millions

author_img Jayanthi Madhukar Published :  12th December 2021 01:27 PM   |   Published :   |  12th December 2021 01:27 PM
Gucci NFT; (below) Maradona NFT.

Gucci NFT; (below) Maradona NFT.

EX Sports, an online platform that enables fans to buy, trade and sell unique digital sports collectibles in the form of NFTs, announced the Maradona NFT Collection, consisting of 10 rare memorabilia of Diego Maradona, including his jersey and football, this week. NFT can be photos, videos, 3D models, audio, and other types of digital files aided by blockchain technology. The NFT buzz reached a high decibel when actor Amitabh Bachchan and cricketer Dinesh Karthik spoke in October 2021 about selling NFTS to possibly make millions.

Cryptocurrency experts announced that one can create NFTs for free and sell them for billions. Not any new Ponzi scam, but new-age tech to mint money. But isn’t crypto trading banned under the Cryptocurrency Bill 2021? Harshit Agrawal, a Bengaluru-based AI and computational artist who has minted and sold several NFT art, quotes a media report that states that India’s crypto exchanges will come under the umbrella of the Securities and Exchange Board of India (SEBI). Indian citizens will have to keep their cryptocurrencies with Indian exchanges only. The proposed laws reportedly disallow people from keeping their investment on global exchanges or in private wallets. Once the Bill is approved, people will get some time to shift their funds after which, they could be penalised Rs 5 crore upwards.

An NFT can be downloaded for free. MetaKovan aka Vignesh Sundaresan says the artwork he bought can be downloaded by anyone. You have to believe this Singapore-based Indian art collector and blockchain entrepreneur because he owns the ‘First 5000 Days’ aka Beeple, a digital work of art created by American digital artist Mike Winkelmann. The work is a collage of 5,000 digital images that Sundaresan bought for $69 million NFT. He claimed that he purchased it because he wanted to be at the pivot point of the new age of digital art. Italian luxury brand Dolce & Gabbana also released a fashion line as NFTs. Canadian rapper Tory Lanez sold one million albums in the form of NFTs in 57 seconds! Twitter CEO Jack Dorsey’s first tweet was also sold as an NFT. Get the drift?

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art NFTs

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