Sunburn Collaborates with WazirX to Launch Sunburn NFTs
by EVENTFAQS Bureau Entertainment | July 19, 2021 | News
Sunburn WazirX Sunburn NFTs
Percept Live has inked a collaboration with crypto exchange and NFT Marketplace WazirX to launch Sunburn NFTs (Non-Fungible Tokens) starting 23 July 2021, in a series of open editions themed around music and art.
NFTs are unique cryptographic tokens that exist on a blockchain and cannot be replicated. They can be used to represent items ranging from artwork to real estate. Tokenising such tangible assets allows efficiency and reduces probability of fraud, opine experts. Unlike crypto currencies, NFTs are not a medium of transaction but a unique token for each asset.
Crypto exchange WazirX launched what was billed as South Asia’s ﬁrst NFTmarketplace in June 2021 with 15 creators from multiple categories including digital artists, muralist photographers, canvas artists, space 3D artists, street artists, and visual artists to sell their work. Globally, celebrities such as Snoop Dogg and Paris Hilton have used NFT to release their artwork.
Sunburn NFTs can be purchased on WazirX using native WRX tokens. An official statement added that these music NFT collectors will also receive 25percent WRX back in their wallets for every NFT purchase of up to 1000 WRX.
The first Sunburn NFTs on WazirX will feature a lineup of artistes as well as stage images from the Sunburn festival/Goa over the years, and also the visual arts of Sunburn Ball.
Vishakha Singh, VP, Advisor, NFT Marketplace at WazirX, said, "NFTs are revolutionising the music industry by creating new possibilities and experiences for both artistes and collectors. Prior to the pandemic, artistes relied heavily on touring to break even, but with live music continuing to face an uncertain future, the potential of NFTs hold a huge appeal. As the NFT community grows, we have understood the landscape better, especially when it comes to music, art and culture. Thus, partnering with Asia's biggest music festival is a step to showcase the unique creations by these independent artistes while also reaching out to a wider target audience of music aficionados. We are excited to launch an array of Sunburn assets as NFT to the audience and grow the NFT community in India."
Karan Singh, Chief Operating Officer, Percept Live, said, "The music industry is in a rapid state of flux and evolution. We see NFTs and digitisation of our business as a giant leap forward and a mainstay to engage with our new age fans. Pioneering this in the music domain, we are tremendously thrilled to partner with WazirX to launch our collection of NFTs. As an organisation, we have always strived to forge innovative partnerships which can be beneficial for all our stakeholders and especially our fans."
Starting 23 July 2021, the non-fungible tokens will be released in a series of open editions themed around music and art.