Indian mythology makes it to NFT space with MetaMasters launch

World's largest cryptocurrency exchange Binance on Monday launched its first ever Indian NFT collection inspired by Indian mythology and Southeast Asian, Japanese and Chinese folklore.

The Indian NFT Collection, MetaMasters, whose unique selling proposition is bringing good fortune '888 times more money, wealth & profits for its collectors' will be available for the 30 million global users of Binance.

MetaMasters are powerful celestial beings that travel through the fabric of space and time to bring good fortune to its collectors. The first in the series would be MetaMaster MahaDev, according to the description on Binance.

The floor price of the NFT has been set at USD 387.92 and 3,564 items have been listed for sale on Binance.

MetaMasters have been created by Europe-based storyteller and NFT asset creator Sourav Roy and Singapore-based Tech entrepreneur and NFT artist Sandeep Bhatia.

The series is being launched to mark the auspicious period between Chinese New Year, which starts from the first week of February, to Maha Shivratri, which falls in the first week of March.

Talking about the concept behind MetaMasters, Roy said the era of functionless, boring NFTs are gone and collectors want value for their money and functionality along with a unique utility for their NFTS.

'Everybody is tired of the same type of pixelated, zero-utility NFTs. How many more crazy cats, roaring lions, punching penguins and pesky parakeets do you want to see in the name of art?

That's why we focussed on a unique blend of storytelling from India, China, Vietnam, Philippines and Turkey to create MetaMasters and launched MetaMasters. MetaMaster MahaDev as the first in the series," Roy said.

NFT buyers and collectors across the world collect NFTs for their uniqueness and rarity. The more unique and rare it is, the more its holding value is and subsequently, its demand in the secondary sales market as well.

NFTs, or non-fungible tokens, are unique digital assets with verified ownership rights and the details are stored on a blockchain.

NFTs are revolutionising the arts, music, and sports industries by enabling the commercialization of digital assets.

Many celebrities off late have started creating and selling NFT artwork to their admirers.

The global sales value of Non Fungible Tokens soared past USD 4 billion in December 2021.

While the cryptomarkets have displayed volatility with the rise and fall of Bitcoin and other cryptocurrencies, NFTs have been booming on the other hand.

'The hallmark of a good NFT is that it should have a unique functionality, utility, purpose and collection value. That also means the return on investment in the secondary market is a sure-shot winner, said Singapore-based co-creator of MetaMasters Sandeep Singh.