IBC Capital chairman Khurram Shroff has announced the launch of a collection from calligrapher Afaque Hussain, valued at US$39 million, on the Toronto-based curated digital arts non-fungible token (NFT) marketplace, Artifya. This is the first-ever Arabic calligraphy collection to be tokenized as NFTs.
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| Source: Artifiya. Khurram Shroff, Artifya board member and IBC Capital Chairman with calligraphy artworks. |
Shroff is a member of the Artifiya board of directors and 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 compared to similar marketplaces.
"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 Shroff.
"It's particularly exciting to be involved in the launch of the first-ever digitally tokenised Arabic calligraphy collection, especially as the NFTs are being created just in time to commemorate (Ramadhan)."
Blockchain-authenticated NFTs are creating a mechanism for artists to unlock the value in their creations, and Artifya is transparently monetising artwork and making it globally accessible as part of the movement. In addition to lowering costs associated with digitally tokenising 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.
"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 Hussain, who noted that Arabic calligraphy is inextricably linked with Islamic theology and spiritual expression.
"For those of us who have been proponents of Blockchain since its inception, the growth in NFTs is another validation of this decentralised 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 tokenised in the near future", Shroff said.
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Exactly 10,000 NFTs of calligraphy of the phrase "Ramadan Kareem" by Hussain, titled Worthy: Allah, are currently available for free at Artifiya.