A.R. Rahman and the HBAR Foundation will work to create content for the new NFT platform
A.R. Rahman will release his first-ever NFT drop as part of the event, with a part of the proceeds going to charity
The HBAR Foundation launched a collaboration with Indian Oscar-winning composer A.R. Rahman on Thursday to generate content for an NFT (Non-Fungible) platform to assist India's independent music ecosystem.
"The HBAR Foundation is proud to support innovative projects across the globe, and our strategic partnership with A.R. Rahman provides tremendous value to the HBAR ecosystem with its focus on the large and vibrant music community in India," said Shayne Higdon, Executive Director & CEO at the HBAR Foundation.
NFTs are digital files that act as digital signatures, allowing the owner of images, movies, and other internet assets to be verified. Auction houses are selling some of the most prized NFTs for millions of dollars.
The HBAR Foundation has announced that it will fund the creation and growth of the NFT platform, which is set to start in the first quarter of 2022.
A.R. Rahman will release his first-ever NFT drop as part of the event, with a percentage of the proceeds going to charity.
"We're excited to partner with HBAR Foundation to create content, as well as support and mentor the new NFT platform, which in turn will bring more opportunities to the Indian music community," he said.
"The new platform will enable independent musical artists to release content as NFTs, interact with fans, engage with their communities and help monetize their creations." A.R. Rahman added.
The HBAR Foundation noted that Hedera Hashgraph was chosen for NFT offers from an increasing number of organisations because the blockchain platform features the industry's most decentralised and transparent governance architecture, overseen by the Hedera Governing Council, ensuring network resilience.
Hedera also features 10,000 transactions per second, cheap and predictable transaction costs, real-time settlement, and low and predictable energy usage because to its eco-friendly proof-of-stake consensus, according to the company.
A.R. Rahman is the most recent addition to an ever-growing roster of Indian celebrities who are supporting the NFTs. Superstar Amitabh Bachchan has previously released his own art NFTs, while Salman Khan has pledged to release his own NFTs in the near future. Manish Malhotra, Sunny Leone, Vishal Malhotra, Salim-Sulaiman Merchant, Ritviz, and Nucleya are all participating in the NFT space.
