The first drop will include popular MTV digital artwork conceptualised and created by the MTV team on February 14.
NFTs, the blockchain-based digital assets, saw huge uptake in trading last year. As per data tracker DappRadar, NFTs clocked over $23 billion in trading volume last year, and 2022 has started with at least three NFT sales of over $5 million each.
“While we started thinking of getting into NFTs last year, we were clear that we want to be in for a sustainable business. We have this legacy, which we wanted to continue to build on,” Anshul Ailawadi, Head – YME, Viacom18 told ET.
He said that many thought that NFTs were a fad, but with the whole metaverse becoming official last year and talks of NFTs getting into utility and some sort of gratification, the company enter this space.
“The global Media and Entertainment industry has recognised the power of NFTs in India – as one of the world’s largest media markets – is uniquely positioned to be at the focal point of this ‘Web3 revolution’,” Ailawadi added. “Our entry in the NFT space with Fully Faltoo is another step in the same direction. The Fully Faltoo collection will be edgy and quirky. This is special for us as we’re giving our fans a chance to own a unique piece of our legacy. We look forward to building FullyFaltoonft.com as the go-to destination for must-have digital art.”
Viacom18 has also partnered with GuardianLink.io – a pioneer and innovator of NFT Technologies, and the new platform will leverage GuardianLink.io’s Anti-RIP AI Spyder technology. The technology prevents the NFT from being copied, protecting the exclusive rights of its owner which is currently a challenge in the NFT landscape.
The NFT drop will also be based on eco-conscious Polygon blockchain, which is a climate sustainable blockchain that is over 99.99% more carbon efficient than Ethereum.
The exclusive collectibles will also have creations inspired from iconic pop culture properties like ‘Roadies’ and ‘Bakra’, and will be up for auction across the globe. Users will be able to buy the NFTs at a set auction price.
“We’ve been very careful in terms of the IPs. As there’s this grey zone of who really owns the NFT, because the underlying work could be someone else’s. So from the beginning, we want to keep the clarity that we have the ownership. Also, we’ve chosen on the fiat currency to settle and haven’t opted for payment in crypto, again because the laws are evolving there,” said Ailawadi.
Viacom18 has planned to roll out an integrated marketing campaign to ensure wide-spread awareness on its maiden NFT marketplace that will leverage Viacom18’s presence on digital and linear TV.