February 28, 2022
By Tiasha Chatterjee
Paresh Maiti, a leading contemporary artist in India took the first step in entering the NFT World. He has called to launch a rare collection of art NFTs on the WazirX NFT marketplace. It is expected to drop on March 4.
Vishakha Singh, the VP of WazirX NFT Marketplace, said that they started the art category including traditional illustrators, illustrators, digital artists, before moving to the music and fashion industries.
“NFTs live on blockchain and blockchain technology which is the basis of Web 3.0 which is built on the participation of Blocks of people,” she said. This means it is a community-based decentralized technology. So it is the individual actors who have pioneered the Blockchain or NFT revolution. It was important for WazirX NFT Marketplace to bring these NFT artists under one roof and build a strong community, Singh said.
Maiti, the first mainstream artist to hit the NFT highway, says: “So this is contrary to a lot of popular beliefs, but going digital can help to reach a whole new segment of art lovers and collectors around the world. Viewers are not aware of traditional auctions and how art is sold in the traditional sense maybe. “Objects and forms in digital art can be dynamic and move and create a unique experience.”
On March 4, a total of 5 abstract arts by Paresh Maiti will go on the Wazir X NFT marketplace, using Binance as the network and the minted currency will be BNB. The NFT and physical asset Tigger will cost $110,000, whereas only the NFT asset will cost $5000.
As for the mechanics for a creator, Singh explained: “The creator drops the NFTs or an NFT collection, prices it at X amount, and sells it via either a fixed model or the auction model. Once the collector collects the NFTs, the creator earns 95% of the revenue and the rest of the 5% goes to the platform as transaction fees.”
“If the collector sells these NFTs in the secondary market at a profit, the creator gets a royalty percentage that he or she may have set during the minting of the NFT. This means if the creator has set a 15% royalty, then once a collector sells the NFT in the secondary market, the creator will get 15% of that value and so on from the subsequent sales as well.”
Maiti will not be the only artist to go to NFT. Aparajita Jain, the founder of Terrain, a New Delhi-based NFT marketplace, said that by April she will be holding an NFT auction involving Jitish Kallat and other top artists.
About the author
Tiasha Chatterjee is a content writer with a great curiosity to learn about new things. Combining this curiosity with her interest in the English language, she loves to write about different subjects, including blockchain. When not writing, you’ll find her surrounded by her cats, soaking up another book.