India's entertainment company, Shemaroo, to launch NFT marketplace on Polygon

Shemaroo, India’s premier media and entertainment company, will launch its NFT marketplace Virtasy.io on Polygon.

The marketplace will offer NFTs from iconic Bollywood films, including images, movie clips, and 3D avatars that are metaverse-ready.

In a statement, the platform will allow NFT owners to take their favorite Bollywood characters into the metaverse, join memorable cinematic journeys, and build collections of their precious moments.

Virtasy’s community-focused platform will also allow users to earn and receive rewards and engage with the community.

Since NFT marketplaces experience continuous engagement and transactional processes, developing them on green blockchains like Polygon reduces the overall operating and maintenance costs related to buying and selling NFTs.

According to Hiren Gada, CEO of Shemaroo Entertainment, by leveraging Polygon’s next-gen scaling platform, Shemaroo intends to provide users with cost-efficient and fast transactions while retaining Ethereum’s robust security and decentralization.

The NFT marketplace will initially be available during an early access period.

“Pre-empting how Web3 is going to impact the entertainment industry and to be future-ready, Shemaroo has chalked out its roadmap in this space, and the launch of Virtasy is a major step in that direction.”

Hiren Gada, CEO of Shemaroo Entertainment, said Shemaroo has been making moves in the Web3 arena, having launched a metaverse cinema experience in Decentraland last year.

The company partnered with Seracle, a Web 3.0 full-stack infrastructure company, to bring Virtasy to the public.

Polygon and NFT space

Meanwhile, Polygon has been gaining traction in the NFT space alongside Ethereum and Solana. Big brands like Starbucks, Warner Music, and Walt Disney have partnered with Polygon for their NFT projects.

According to Kelly DiGregorio, vice president and global head of entertainment at Polygon Studios, Polygon Labs is unwavering in its commitment to transforming the NFT space and making it readily available to the flourishing entertainment and art industry in India.