Vahdam, a digitally native Indian wellness brand operating majorly in the tea space, recently became the first significant Indian tea brand to jump into the NFT space, auctioning 10 limited-edition pieces of animated artwork as NFTs (Non-fungible tokens).
Purchasing these NFTs will get the users the right to a 1080×1080-pixel 35-second video file on the trading NFT marketplace platform, OpenSea starting at 0.015 ETH (approx. $48.03) and can only be purchased using cryptocurrency, along with gaining access to exclusive unlockable content which is a $100 e-gift voucher. The collection also includes Tesla founder Elon Musk sipping on Vahdam tea.
The NFT, namely “Vahdam India’s Ticket to Mars” is an exclusive virtual token that intends to take the purchaser on a one-of-its-kind intergalactic expedition while they sip their favorite tea. To date, the company has raised over 290 crores in various funding series.
“NFTs are game-changers because they restore scarcity in the digital space. We saw this as a great way for our customers to connect with us and for them to have a unique experience. NFTs are on the rise, the interest in NFTs is only increasing,” said Bala Sarda, Founder & CEO.
Statistics suggest that the market cap of NFTs has multiplied ten times between 2018 and 2020, with sales surging to 2.5 billion dollars just in the first half of 2021. The uniqueness of NFTs, when it comes to their ownership and value, implies that, much like physical paintings and collectibles, their worth can see a massive appreciation over time.
(Except for the headline, this story has not been edited by The Finance World staff and is published from a syndicated feed.)
