The News Scroll 23 April 2021  Last Updated at 3:12 pm | Source: PTI

Proud Moment For India: Internationally Acclaimed Indian Artist To Launch The World’s First Twin NFT (Physical + Digital)

Proud Moment For India: Internationally Acclaimed Indian Artist To Launch The World’s First Twin NFT (Physical + Digital)
outlookindia.com
1970-01-01T05:30:00+0530
(Eds: Disclaimer: The following press release comes to you under an arrangement with Mediawire. PTI takes no editorial responsibility for the same.) If you follow either the Art world or the digital world, or both, you would have definitely heard of Vignesh Sundaresan, a blockchain entrepreneur of Indian origin, based out of Singapore, who was in news recently for buying a Beeple NFT created by artist Mike Winkelmann, for a whopping $69.3 million in an auction conducted by auction house Christie''s! NFTs or Non-Fungible Tokens are touted to be the digital answer to collectibles, in the same way as Bitcoins were to currency. In layman’s terms, non-fungible means something that has unique properties and cannot be interchanged with anything else. In short, they are crypto tokens connected to digital assets like digital art, music, films, in-game assets like NBA trading cards, collectibles etc; which are helping artists sell their art directly to art connoisseurs. The growth of NFTs has been fuelled by the need to curb fraud and forgery in the creative world. So, what exactly is an NFT and how does it work? NFTs are "one-of-a-kind" digital tokens that can be bought and sold, but they have no tangible form of their own. These digital tokens are considered valid certificates of ownership for virtual or physical assets which cannot be duplicated, and it is these digital certificates that people across the globe are striving to own today. Introduction of NFTs has changed the very definition of Art by making it far more inclusive as the artist is no more restricted by the medium. This upheaval in the art world is happening with or without the support of the traditional ‘Galleries’, which used to pocket a huge chunk of the moolah the art piece commanded. While this storm has been raging in the international art world for quite some time now, one wonders if India is far behind? Apparently not! April 27th will mark the first time, physical art by a popular Indian face will be auditioned on an NFT platform. Kanthraj N, a Bangalore based watercolour artist whose surreal paintings resonate the refreshing vibrancy of life is all set to auction “My Life’s Work,” a first physically linked NFT assembly of his 12 original, award-winning paintings. The contemporary artist who has over 20 international accolades to his name will be using one of the world’s most powerful NFT platforms called RubiX, that will enable him to tokenise the physical paintings.All 12 pieces of the original physical artwork will be dispatched to the highest bidder and ownership of all 12 digital assets transferred to the new owner’s DID. The incredible aspect of Art is that it is stronger than time. Time cannot change it, nor break it. Time just carries it forward like a torch, illuminating the paths of those who wish to seek it. Art never dies in search of signification; it just gets more valuable as time flies. And as we move inches each second into the world of tomorrow, a bunch of people in the digital world are striving hard to not let Art get compromised. And NFT art auctions are certainly the neoteric taste the craft needs! This RubiX NFT Art Auction by Kanthraj N will be full of many “world’s firsts.” The auction will feature the world’s largest NFT sold till date, the first on-chain, physically backed NFT, first to use decentralized identity verification, first to incorporate HiDE (High Density Embedding) technology that makes forgery of your digital assets impossible. In addition, every NFT is enabled with DRM (Digital Rights Management) Keys that enables NFT owners to sell, rent or license their art. RubiX is also the most sustainable blockchain in the market today, requiring zero carbon emissions for the creating, transfer and mining of NFTs; reducing carbon footprint. By embracing NFT, this artist who started his journey from humble beginnings, has proved he is truly contemporary. By adopting a progressive approach and breaking free from the traditional, he liberated his art from the shackles of the Galleries. A proud moment for India indeed! Says Kanthraj of his art, “I choose my colour palette after much deliberation because I understand the subtle psychological effects that colours have on a human mind. I believe that a painting is similar to a movie, but the entire story of about 3 hours and all the drama associated with it is condensed into one single powerful image. I do my best to make paintings as life-like and real as possible so that any viewer is visually captivated to them and can relate to them easily.” While explaining the differentiating facts of the Kanthraj NFT auction to be hosted by RubiX, Dr. Nithin Palavalli, Chief Executive Officer said, “We’re incorporating several layers of security that no other blockchain platform has ever done, and these features couldn''t be done on Ethereum or any other public blockchain. Incorporating this level of technology eliminates forgeries, proves true ownership and provenance of a digital asset and preserves and protects rights to an asset, whether it''s physical or digital.” Payments will be accepted in 10 different cryptocurrencies: BTC, ETH, USDT, BNB, ADA/Cardano, Polkadot, USDC, XRP, LTC and BCH. Pre-bid to Kanthraj’s NFT auctions at https://rubixmarket.com. To learn more about RubiX, visit www.rubix.network. PWR PWR

Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI
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