The initiative has been launched by Elemential’s CEO Raunaq Vaisoha, Kavan Antani co-founder and CEO, IndieFolio Network; and founder of Career Cupid, Akriti Khosla.
A group of entrepreneurs have come together to launch an NFT marketplace called ‘Fable’. Indian start-ups are joining hands to do their bit in the battle against the second wave of Coronavirus. Some are making arrangements for temporary COVID- medical care facilities. While others are doing their bit to supply oxygen concentrators and cylinders.
The initiative has been launched by Elemential’s CEO Raunaq Vaisoha, Kavan Antani co-founder and CEO, IndieFolio Network; and founder of Career Cupid, Akriti Khosla.
An NFT is a token-based cryptocurrency that is non-fungible in nature, that is, it cannot be replicated or replaced by another same or identical item. It is immune to duplication after purchase, making it a safe haven for buyers. As long as there is a buyer for it, any digital asset can be an NFT.
Fable will capitalize on the designs made by artists and craftsmen who have willingly volunteered to be a part of the initiative. Their work will be up for auction on the platform. The entrepreneurs based have combined entrepreneurship, skilling, and blockchain to make a difference in trying times. However, there will be a small “gas fee” for every transaction, which will be paid by users for using the computing energy. The fee varies from each transaction depending on the number of transactions and network activity. Upcoming developments in virtual reality will allow NFT based artists to interact in an entirely novel way with their online artistic creations.
Source: Business World
