India’s premier media and entertainment firm, Shemaroo, has joined forces with Polygon Labs to introduce Virtasy.io, its NFT marketplace, exclusively on the Polygon network. Upon its debut, the marketplace will feature NFTs from legendary Bollywood films, including pictures, film clips, and 3D avatars prepared for the metaverse.
Bollywood Enters The Metaverse With New Partnership
According to the statement, the platform will enable NFT holders to bring their beloved Bollywood characters into the metaverse. Also, they would be allowed to participate in unforgettable film experiences and assemble collections of their cherished moments.
“ShemarooEnt is introducing Virtasy on the Polygon network, an NFT marketplace for officially licensed Bollywood NFTs. Fans will be able to access 3D avatars, pictures, and clips from legendary Bollywood films to bring into the metaverse,” Polygon tweeted.
The Virtasy platform, centered on community engagement, will enable users to earn rewards and actively participate in the community. Hiren Gada, Shemaroo Entertainment CEO, has stated that the company intends to offer users transactions that are cost-effective and fast.
It uses Polygon’s cutting-edge scaling platform while preserving the robust security and decentralization inherent in the Ethereum network. Before now, Shemaroo has dipped its toes in the Web3 world.
The company’s CEO noted that the entertainment company introduced a metaverse cinema in Decentraland in 2022. The CEO said, “To be prepared for the future and anticipate the impact of Web3 on the entertainment industry. Shemaroo has outlined its plan for this space and the launch of Virtasy represents a significant move towards this goal.”
Furthermore, the firm has joined forces with Seracle, a Web3 full-stack infrastructure company, to make Virtasy accessible to the general public. In the past, the Indian film industry, Bollywood, has shown curiosity in the NFT sphere.
There has been the launch of digital collectibles by prominent actors like Salman Khan, Amitabh Bachchan, and Sunny Leone.
Polygon Gaining Massive Traction Alongside Solana And Ethereum
On the other hand, Polygon has become the favored option in the NFT realm alongside Solana and Ethereum, with NFT platforms flocking to the blockchain network.
Meanwhile, NFT marketplaces usually experience persistent activity and transactional activity. Therefore, basing them on environmentally friendly blockchains could lower the total operational and maintenance expenses associated with purchasing and selling NFTs.
Major brands such as Starbucks, Walt Disney, and Warner Music have partnered with Polygon for various NFT initiatives. Kelly DiGregorio, Global Head of Entertainment and Vice President at Polygon Studios, states that Polygon Labs is steadfast in its mission to revolutionize the NFT sector.
He noted that the company’s vision is to make NFTs accessible to India’s booming entertainment and art industries.