Dubai: IBC Capital chairman Khurram Shroff has announced the launch of a collection from calligraphist Afaque Hussain, valued at $39 million, on the Toronto-based curated digital arts NFT marketplace, Artifya. This is the first-ever Arabic calligraphy collection to be tokenized as NFTs, and Khurram plans to make the artwork available to mosques across North America, in commemoration of the holy month of Ramadan.
A member of Artifiya’s board of directors, Khurram Shroff is also a co-founder of the Ethereum GeneSys Blockchain. As a result of being backed by Ethereum GeneSys, Artifya is able to offer greater code flexibility, and the lowest transaction fees, among similar marketplaces, creating positives for both artists and collectors. The NFT market has been making significant gains globally, with gamers and collectors investing hundreds of millions of dollars, in Blockchain-secured digital collectibles. By lowering the cost associated with the creation and exchange of NFTs, Ethereum GeneSys is playing a critical role in the expansion of this emerging ecosystem.
“We are witnessing a boom in NFTs, and the creation of a digital marketplace that is bringing together artists, musicians, gamers, and collectors, globally", said Khurram Shroff. “It’s particularly exciting to be involved in the launch of the first-ever digitally tokenized Arabic calligraphy collection, especially as the NFTs are being created just in time to commemorate Ramadan Kareem”.
Khurram’s sentiments are shared by the artist and calligraphist whose creations are being offered as NFTs, in this unique launch. “As an artist, it's very gratifying to see the latest chapter in the history of an ancient artform being showcased using cutting edge technology”, said Afaque Hussain. “Arabic calligraphy is inextricably linked with Islamic theology and spiritual expression, so I’m delighted that the digitized versions of my artwork will be shared with mosques across North America, during the holy month of Ramadan”.
Blockchain-authenticated NFTs are creating a mechanism for artists to unlock the value in their creations, and Artifya is at the forefront of this movement, by transparently monetizing artwork and making it globally accessible. In addition to lowering costs associated with digitally tokenizing collectibles, Artifya is also able to ‘age’ NFTs, with the help of Ethereum GeneSys, to mimic changes in the value of physical artwork, with time.
“For those of us who have been proponents of Blockchain since its inception, the growth in NFTs is another validation of this decentralized and empowering technology. As supporters of artistic expression around the world, Artifya will continue to expand the number of artists it features, with many more collections to be tokenized in the near future”, Khurram concluded.