Business

T-Series, Hungama enter metaverse with NFTs; Lakshmi Manchu also takes her opening step

NFTs are a class of digital assets that can be transacted via blockchain technology on special platforms

January 24, 2022

T-Series set to launch NFTs of films and music arts in Hungama’s metaverse

T-Series, Asia’s largest music label on Monday announced its foray into Non-Fungible Tokens (NFTs) in association with Hefty Entertainment a division of Hungama, one of the largest digital media entertainment companies in South Asia.

NFTs are a class of digital assets that can be transacted via blockchain technology on special platforms. They are non-interchangeable, unlike crypto currency, which is fungible or interchangeable.

Bhushan Kumar, Chairman, and MD T-Series said in a statement, “Having set the ball rolling, we look forward to expanding and enhancing the value of our content that leads to a further and rapid expansion of the global digital entertainment industry. Offering a future full of potential, interactivity, and collaboration for our communities around the globe.”

Lakshmi Manchu also ventures into the metaverse

The Telugu actress Lakshmi Manchu has also taken her opening step into the metaverse, with the purchase of her first non-fungible token (NFT). ‘Azuki‘, an iconic manga character, is her first NFT purchase.

“The ownership of the Azuki NFT will allow me exclusive rights to the content that can be opened up later for audiences who own Azuki. This content could be in the form of games, short stories, and other digital assets,” Lakshmi said.

Lakshmi said she had been wanting to explore the new meta world for some time. “I was very nervous as this is my first NFT and I can’t say I know what this new meta world is, but it sure is exciting and I’m in love with my character,” she added.

T-Series and Hungama shall leverage their extensive global distribution network and an enviable library spanning two lakh songs 65,000 music videos and 150+ films across Indian languages. This will see Hungama creating NFTs, rare collectibles, and unlocking special moments from T-Series’ vast catalogue of new and existing content.

Speaking about the partnership Siddhartha Roy, CEO- Hungama said, “Hungama is looking forward to offering immersive experiences in the Web 3.0 metaverse to its large communities nurtured over time, across 40+ Countries, with over 150+ global distribution partnerships.”

[With Inputs from IANS]

PGurus is now on Telegram. Click here to join our channel and stay updated with all the latest news and views

For all the latest updates, download PGurus App.