Despite reports about the decline of the Non-fungible token (NFT) market, SOCIAL has opened an exclusive physical gallery for NFT art in New BEL Road, Bengaluru.
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According to the cafe chain, the latest outlet, launched on January 14, is the first phase of their induction into the Web3 space. It would have a monthly curation of artwork. The inaugural display, curated by digital artist Angad B Sodhi,istitled ‘Welcome to Web 3’. Featuring works of Bengaluru-based NFT artists including Prasad Bhat, Dr Wafu, AB Verse, and more, it has been on display since January 23.
Mayank Bhatt, Chief Executive Officer, Impresario Handmade Restaurants, underplays fears about the decline of the NFt market. “The NFT crash does not impact us in any way, as our decision to launch the NFT gallery was not commercially, but community-driven.”
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Angad reckons this is the “real beginning for the NFT space” in India. “While Web2 was the beginning of the creator economy, a major problem was that the creator did not own what they were putting up on the platform. Now with web3, the creator not only owns the assets but can also include royalty clauses, which is a game-changer.”
Bengaluru, he believes, is the most prominent city when it comes to Web3. “Most of the startups in web3 ecosystem in India have been nurtured in Bangalore, thereby making it an obvious choice for anyone in the NFT space. It has the largest population with a basic understanding of what NFT and Web3 is.”
About the inaugural curation, which will be on for the next four weeks, Angad says he wanted to tell a story through it. “We wanted people from the same city to see their fellow community members, who have built a name for themselves in the NFT space and gained popularity, display their art. Since this was a brand-new concept, us bringing in local artists created a sense of community belonging.”
Customers can view the artwork on digital screens and also purchase the ones they like. The outlet has been conceptualised as a meeting place for artists, creators, and entrepreneurs. Apart from the space for art, the outlet also offers food and beverage.