The HBAR Foundation on Thursday announced a partnership with Indian Oscar-winning music composer A.R. Rahman to create content for an NFT (Non-Fungible) platform that will support India's independent music community.
"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 serve as digital signatures to certify the owner of photos, videos and other online media. Some of the most valuable NFTs are being sold for millions of dollars at auction houses.
The HBAR Foundation has stated that it will provide a grant and organisational support for the development and growth of the NFT platform, scheduled to launch in the first quarter of 2022.
As part of the launch, A.R. Rahman will release his first-ever NFT drop, with portions 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.
Glad 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. ☺️🌻👍https://t.co/1bpZmqwAJ0@MyQyuki #NFTs
Glad 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. ☺️🌻👍https://t.co/1bpZmqwAJ0@MyQyuki #NFTs— A.R.Rahman (@arrahman) January 6, 2022
"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.
HBAR Foundation has explained that from a growing number of organisations, Hedera Hashgraph has been selected for NFT offerings, as the blockchain platform has the industry's most decentralised and transparent governance model, led by the Hedera Governing Council, ensuring reliability of the network.
It added that Hedera offers 10,000 transactions per second, boasts of low and predictable transaction fees, real-time settlement, and sustainable energy consumption due to its eco-friendly proof-of-stake consensus.
A.R. Rahman is the latest addition to an ever-growing list of Indian celebrities who are getting involved with the NFTs. Superstar Amitabh Bachchan has already launched his own art NFTs, while Salman Khan has also promised the launch of his own NFTs soon. Designer Manish Malhotra, actor Sunny Leone, Vishal Malhotra, music producers Salim-Sulaiman Merchant, Ritviz and Nucleya are all getting involved in the NFT space.
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