The Polygon blockchain has struck another significant partnership in India, and this time it’s benefiting cinema fans in the country. Shemaroo Entertainment has partnered with Polygon to launch an NFT marketplace dedicated to the Indian Bollywood film industry. Shemaroo announced the development on Thursday February 9th. The entertainment and media company has decided to name its upcoming NFT marketplace Virtasy.io and it will be launched in the coming days.
Polygon is a green and energy efficient blockchain created by a team of Indian developers including Sandeep Nailwal and Anurag Arjun. Since NFT marketplaces appear to see constant interaction and transaction processes, basing them on green blockchains tends to lower the overall operational and maintenance costs associated with buying and selling NFTs.
“By leveraging Polygon’s next-generation scaling platform, Shemaroo is able to offer its users access to cost-effective and lightning-fast transactions while maintaining Ethereum’s robust inherent security and decentralization. Additionally, thanks to its carbon neutral status, the Polygon network is also highly sustainable – with plans to go fully carbon negative in the near future,” the entertainment company said in a statement.
Founded in 1962, the company aims to connect Bollywood enthusiasts with digital collectibles inspired by celebrities and movie characters.
“To anticipate how Web3 will impact the entertainment industry and be future-proof, Shemaroo has mapped out its roadmap in this area, and the launch of Virtasy is an important step in that direction,” said Hiren Gada, CEO of Shemaroo Entertainment in a statement.
Previously, Bollywood has expressed interest in the NFT arena after actors like Amitabh Bachchan, Salman Khan and Sunny Leone released their collections of digital collectibles.
Shemaroo himself has been dabbling in the Web3 arena lately. For example, it launched a Metaverse theatrical experience in Decentraland last year.
Meanwhile, Polygon has lately become a popular choice in the NFT space alongside Ethereum and Solana.
Starbucks, Warner Music, and Walt Disney are other brands that have partnered with Polygon for their respective NFT projects.
“Polygon Labs remains committed to transforming the NFT space and making it easily accessible for the thriving entertainment and arts sector in India. We are excited to now be associated with Shemaroo, a name synonymous with Bollywood,” said Kelly DiGregorio, vice president and global head of entertainment at Polygon Studios.
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