Social in New Bel Road | Photo Credit: Special Arrangement
Despite reports about a slump in the non-fungible token (NFT) market, Social has opened an exclusive physical gallery for NFT art at New BEL Road, Bengaluru.
According to the cafe chain, the latest outlet launched on January 14 is the first step in its foray into the Web3 space. There will be monthly curation of artwork. The inaugural performance, curated by digital artist Angad B Sodhi, Is Titled ‘Welcome to Web 3’. Featuring works from Bengaluru-based NFT artists including Prasad Bhat, Dr Wafu, AB Versus, it has been on display since January 23.
Mayank Bhatt, CEO, Impresario Handmade Restaurants, downplays the fear of a fall in the NFT market. “The NFT crash does not affect us in any way, as our decision to launch NFT Gallery was community driven, not commercially driven.”
Angad believes that this is the “real beginning for the NFT space” in India. “While Web2 was the start of the creator economy, a major problem was that the creator did not own what they were putting on the platform. Now with Web3, the creator not only owns the asset, but can also include royalty clauses. Which is a game-changer.
They believe that Bengaluru is the foremost city when it comes to Web3. “Most startups in the Web3 ecosystem in India have been nurtured in Bangalore, making it an obvious choice for anyone in the NFT space. It has the largest population with a basic understanding of what NFTs and Web3 are.”
About the inaugural season, which will run 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 made a name and gained popularity in the NFT space, showcase their art. Since this was a completely new concept, we decided to bring in local artists. Created a sense of belonging to the community.
Customers can view the artwork on a digital screen and also buy items of their choice. The outlet is envisioned as a meeting place for artists, creators and entrepreneurs. In addition to space for art, the outlet also provides food and drink.