Shemaroo Taps Polygon for New Officially Licensed Movie NFT Marketplace

Shemaroo Entertainment Ltd, India's major media and entertainment company with 60 years of rich history in Indian cinema and Polygon Labs, the development and growth team for the decentralized Polygon protocol, has teamed up to launchVirtasy.io, a new cutting-edge non-fungible token (NFT) marketplace where Bollywood aficionados can gain access to an exclusive community. In partnership with Polygon Labs, Shemaroo aims to democratise cinema by bringing Bollywood and art onto its marketplace, connecting fans with their favourite IPs through the power of blockchain technology.

At launch, Shemaroo’s Virtasy marketplace will list NFTs related to iconic Bollywood films, such as images, movie clips and 3D, metaverse-ready avatars. Owners of these NFTs will be able to take their favourite Bollywood characters into the metaverse, be a part of memorable cinematic journeys, and build a collection of their own precious moments in an imperishable art form. Virtasy’s community-centric platform enables its users to become collectors who can also earn and receive exciting monetary rewards along with added community engagements.

“Since its inception, Shemaroo has fostered the culture of innovation and technology that has enabled the brand to stay ahead and cater to the evolving needs of the consumers,” said Hiren Gada, CEO of Shemaroo Entertainment.  “Pre-empting how web 3.0 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. I am confident that by leveraging the full suite of Polygon’s innovative solutions, tools, and frameworks, we will intertwine cutting-edge modern technology with the vast popularity of iconic Bollywood movies and reach fans all around the world.”

“Polygon Labs remains committed to transforming the NFT space and making it easily accessible to the thriving entertainment and art sector in India. We are delighted to now be associated with Shemaroo, a name synonymous with Bollywood. Together, I am confident we will be able to connect NFTs to a loyal and enthusiastic audience,” Kelly DiGregorio, VP & Global Head of Entertainment at Polygon Studios.

By leveraging Polygon’s next-gen scaling platform, Shemaroo will be able to offer its users access to cost-efficient and lightning-fast transactions while retaining Ethereum’s robust inherent security and decentralisation. Further, the Polygon network is also highly sustainable thanks to its carbon-neutral status — with plans to go fully carbon-negative in the near future.

Shemaroo has also partnered with other established industry players to bring Virtasy to the public. Notably, the entertainment veteran has partnered up with Seracle, a Web 3.0 full- stack infrastructure company, building decentralised applications globally.Virtasy.io will initially be open to the public during an early access period. Users will be able to register on the website with their email in order to stay updated on the launch of NFT minting, which will begin shortly.