Through this partnership, Shemaroo will extend entertainment for consumers in Web 3.0 with offerings ranging from IP-backed non-fungible tokens (NFTs) to entertainment in the Metaverse, bridging the traditional fandom with the Web 3.0 ecosystem.
“As an entertainment company, we have a large repository of IP across Bollywood, regional and devotional content. We are looking at blockchain as a tool to bring immersive experiences for the audience and ownership of content through NFTs,” said Rahul Mishra, head-Web 3.0 initiatives,
The company is currently finalising its revenue model for NFT-based offerings, which will be launched in six to eight weeks.
“We're not just going to be making something that you can keep on your phones or your laptop, we will make sure that the NFTs have a certain use case in the Metaverse. We will also create better community engagement and other attributes attached to owning the NFT…,” he added.
The offerings will be a range of authentic, exclusive, and intellectual property-backed NFTs of movies under Shemaroo production in the form of static images, videos, and 3D avatars that will have metaverse portability.
The company will also work on use cases around blockchain based content distribution. It is currently engaged with law firms to iron out IP-ownership fine print.
“The project with Shemaroo is not just for collectors. It is more for attracting investors as well as gamers in the space which is booming right now,” said Shrikant Bhalerao, cofounder and chief executive, Seracle.
