After hearing about blockchain, Tamil artist Kaber Vasuki decided to learn more about it. Despite the apparent simplicity of digital currency, the underlying technology implies much more than just that.
In Chennai, one of the singer’s original demos was sold as an NFT (non-fungible token in cryptocurrency) for 50 ETH, which was worth approximately Rs 1.5 crore, a recent analysis shows. Tamil artist sells first NFT in the world. Having to make money is a necessary part of being an independent musician. Tamil songwriters have to work in the film industry to make a living. In spite of working in a few Tamil films, I haven’t had much success in the film industry with the kind of songs I write. I am not a commercial artist, but my music can be enjoyed by niche audiences. What is the best way for me to raise money so that I can make music? I became fascinated with blockchain technology as a result of this thought. Kaber says that, after realizing its value, he auctioned an NFT of one of his songs, which was eventually purchased by Metakovan, the Singapore-based founder of Metapurse Fund, who purchased the famous $69 million Beeple NFT.
In the opinion of the singer, all financial institutions around the world have proven that they are not infallible. A major reason for her investment in cryptocurrency was that. A blockchain is a distributed ledger that is controlled by thousands of computers around the world, rather than one government. The ledger will also be encrypted so no one can edit it. Meanwhile, the entire process is automated and all transactions are transparent. People have started using cryptocurrency in places where fiat money is not dependable. Technology now enables us to create an international financial system in which value can be transferred frictionlessly across borders without a government or corporation controlling it. As a result, blockchains are very powerful,” he explains.
In cryptocurrency, a non-fungible token (NFT) is a digital certificate of ownership that is stored on a distributed ledger.
“This is a unique digital certificate: I have sold a phone recording of the song Vasanam. The NFT is a digital record showing I created the music file. The buyer acquires both the music file and the NFT confirming the transfer of the file,” the composer notes..Kaber Vasuki
Besides funding an independent album, Azhagu Puratchi, in 2014, Kaber Vasuki has also contributed lyrics, vocals, and music to films like Aelay, Metro Maalai, and Dhaarala Prabhu. On behalf of the Metapurse Fund, a NFT Fund and Production Studio, Metakovan bought Kaber Vasuki’s NFT entitled Vasanam – Kaber Vasuki (2012 demo) for $69 million. Kaser Vasuki began his career at the end of 2008 by recording lo-fi demos and uploading them to YouTube. His first solo EP is set to be released at the end of 2021, marking his transition to a solo artist.