Immensely talented music director and bankable star G V Prakash is for the first time going to auction his songs on Binance app. The move is being hailed as the first of its kind in the digital world!
This is the first time, not just in Tamil Nadu but in India, that an artiste is auctioning his works on the NFT Market place.
G V Prakash is auctioning six songs and has set their starting price at five Ethereum.
To better understand G V Prakash’s masterstroke, one would have to gain a proper understanding of the NFT concept.
The concept works on blockchain technology just like how cryptocurrency does.
As the transactions in systems using the Block Chain technology are secure and transparent, they make the services of intermediary entities such as banks redundant.
Although both NFT and cryptocurrency work Blockchain technology, they are slightly different from one another.
You can give one bitcoin and buy another bitcoin. But, you cannot buy one NFT by giving another NFT.
NFT was first introduced in 2017 in an online game called Crypto Kitties. The kittens that appear in the online game were purchased and that is how NFT came into being.
Nowadays, buying land in the real world is losing traction. What is in vogue is the tendency to buy land in the virtual world(virtual reality)!
This is what GV Prakash is now attempting. He is auctioning off his works in the virtual world.