Shemaroo, near foundation to launch Web3 innovation cell, explore blockchain uses for India’s media industry

Shemaroo Entertainment, counted among India's most well-known media brands, is interested in exploring the ways blockchain industry can modernise India's large and diverse media and entertainment sector.

In this direction, the Mumbai-based company announced a partnership with Near Foundation, that manages the eco-friendly Near blockchain, on Tuesday, May 2.

The aim of this partnership is to bring immutability, transparency, as well as decentralisation to India's entertainment and media sphere.

Blockchain technology has left both the government of India as well as the industry players here intrigued about its potential use cases.

As part of their deal, Shemaroo will launch a Web3 innovation cell supported by Near blockchain's infrastructure and smart contract capabilities.

This is not the first time, however, that Shemaroo has dabbled in the Web3 space in India.

In February this year, the entertainment brand partnered with Polygon to launch an NFT marketplace called Virtasy.io. 

This platform will be Bollywood themed and will connect fans with their favourite artists, actors, as well as movies.