10/08/2021 An upcoming NFT marketplace for creators, collectors

NFTs are digital assets that have existed for years, but the last few months have given a fresh lease of life to cryptocurrency and crypto-art.

New Delhi: As the art world begins to open up and go digital at the same time, art-tech organisation Jumbish has announced the launch of an exclusively art-based NFT (non-fungible token) marketplace that platforms both upcoming and established artists and creators, and connects them with collectors in an online blockchain-powered marketplace, it said. 

NFTs are digital assets that have existed for years, but the last few months have given a fresh lease of life to cryptocurrency and crypto-art. Artists conversant with technology have been able to drive the NFT surge through digital art, however, it is a misconception that NFT marketplaces are only for digital art. 

Combined with Jumbish's JDAT technology that authenticates provenance for physical artworks, the NFT marketplace will allow stakeholders to buy and sell art with a unique identity, said Jumbish in a statement. Moreover, the Jumbish NFT Marketplace will enable sale and purchases of NFTs in all currencies. 

"While all the existing NFT platforms charge exorbitant gas fees, creators will spend only $1 (Rs 70) per artwork on the Jumbish NFT platform. The new platform is built using a layer-two blockchain architecture, and will go a step ahead of competition with their low energy impact and considerably low gas fee to support the upcoming artists in the arts ecosystem in the country." 

"The currently available NFT platform works on an architecture which demands a heavy consumption of energy to mint a NFT and so the gas fees are high too. Newer blockchain solutions are making the gas fees significantly lower and will make it easier for the artists to reach out to the art connoisseurs of the world," says Shankar Mridha, CEO, Jumbish. 

According to visual artist Madhuri Badhuri, whose works will be sold on the NFT Marketplace, we have been practicing the conventional and successful approaches in fine arts which have "their own benefits and challenges". 

"However, the pandemic has altogether changed the way artworks are showcased. With the advent of NFT in the art world it has introduced better and safer ways to connect with art connoisseurs globally. Issues which were beyond human abilities like differentiating an original artwork with its duplicate counterpart, maintenance of record over generations and even ensuring royalties for Artists, seems to have been getting some real solutions," she says. 

"For the serious art collectors, a short-term trading approach will not be so lucrative. For the short term, it only remains as a trading instrument and the true aesthetics, thought behind a painting, is lost in this process. At Jumbish, we will encourage both serious art collection as well as briefly holding and selling an artwork if it's getting popular," says Mridha. 

The platform says that it is directly approaching senior Indian and South Asian artists -- "something that will also set the Jumbish NFT Marketplace apart". It is currently open for pre-registration.


Interesting NFTs
The Scion
A young figure caught in a moment of distraction, aware only ephemerally of his unconscious being, as it engages in psychological and psychedelic layer spaces. His right arm casually cradles a moray eel; the figure is comfortable but not truly aware of the potentials for danger in such negligence. His shirt reads “Bello” in Pokemon style font, harkening back to a childhood straddling the millennial threshold. To his right side, out of the unconscious deep, shrouded alien heads propagate as a fractal totem, each new iteration a more sophisticated rendering of emotional masking over the cold mystery of the greys. As the scion of the Budgie-Sattva, the young man, in his distraction, is also simultaneously aware of higher levels of self discovery. To his left a psychological topology sets beneath the oracle side of an 8 ball ,hovering; its message a purest concept of acceptance. The “Scion” lettering is in 80’s HeMan style bold declaration. The lower right side of the painting is like a hybrid of melon, feathers, and seeds. The crystals in the background bring light; conducted, refracted, reflected, and dispersed, to balance the dark shadow of the figure’s physical body. The aura of the scion succeeds in layers to point, with a finger, and the crown chakra, toward a center of a mandala existing as nigh pure application of strokes, in essence painterly abstraction, but also revealing hints of the Aura of migraine, and the bi-hemispherical nature of the brain–noting concerns of the possibility of inherited mental disease. Yet the flourish of chakra as it sets against that center is robust, active, coherent, and reveling against all fear. Fundamentally, the piece speaks to the activation of one’s potential to begin to “Know Thyself”, and find greater awareness out of the enigmas of the mind–as an inculcated seed given to the rich soil of one’s own birthright.
Alex in Wonderland
A figure, Alex, stands mostly naked in the midst of a physical and psychological maelstrom. He is clad only in nostalgic 80’s era socks, on a tenuous island between active waters and a variety of shark denizens. Sharks on the right side of the image are all beached, including a shark with a quartz crystal snout, an orange shark wrapped in a life buoy, and a shark further in the distance wearing an 80’s style shirt with the number “88”. On the left side is the largest shark, wearing bright glossy red lipstick and brandishing prominent teeth with braces. She is cordoned off from the figure by a roped float divider, and within her thought bubble is a warning symbol. Behind the figure, hovering in the air, are Grey aliens emerging from the distance, out of a series of elliptical UFO shaped interdimensional membranes. The Greys take on the visual form of spermazoa ostensibly impregnating the interdimensional thresholds. As is typical, these Greys inhabit a zone just behind the unconscious topology of Alex’s dissociative mind. Though Alex’s bottom half is representative, his top half mutates into a psychological cornucopia. In a manner akin to “Auto-Erotic Sphinx”, a predecessor work, the figure has self suctioned—an act of sensual infatuation, enjoyment, and exploration. Upward exists the figure’s primary conscious eye, adorned with a revolutionary beret emblazoned with a Bitcoin badge. The figure’s summit features the nose of a fighter jet facing off against video game Bullet Bills, one of whom is marked by a communist North Korean star. A cropped section of a UFO observes the contest. Alex’s mind branches both left and right. To the left is more singular embodied consciousness, manifesting two eyes and a Ganesh trunk grasping crayons. The right branch dissociates upward diagonally, emerging into an array of eyes, faces, teeth, tail, a unicorn horn, and much more—all of which participate in expressing his unconscious being; a democracy of psychic factions representing thought impressions and associations. All illumination and darkness– fernal, infernal, high consciousness and corporeal underbelly–reside in this realm. In the distance are relatively languid, light clouds, and against the firmament hovers a colossal distant eye peering over the scene and far beyond. This painting possesses underlying genetic traits with previous works such as “Auto-Erotic Sphinx with Toys”, “Dionysus”, and “Fuku-Shiva”. The work serves also as a nod to an earlier period of art inspiration during late teens and early twenties— born out of the nakedness, vulnerability, curiosity, and wonder inherent to coming of age and all subsequent psychedelic revelation.
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