Q] Viacom18 is the first media house to enter the NFT space, what was the idea behind this launch?
We were in touch with the consumers, especially with the younger audience and realized that our consumers were very intrigued by crypto blockchain and the NFT space. We have a lot of legacy artwork that are very unique and fairly appreciated by our people. So the whole idea was to let our fans be given a part of our legacy artwork.
Q] Recently, Finance Minister Nirmala Sitharaman announced bringing digital assets under 30% tax rate bracket. How will this affect your newly launched NFTs?
To be very honest, the way we look at this move is that this (NFTs) is at a very nascent stage but is growing rapidly. The Indian policy makers have been always ahead of the curve in terms of these spaces. So, I think it is always good especially for a space which is new and emerging. It is too early to say how it pans out. The curiosity regarding the NFTs has increased in the market, especially for the youth.
Q] How did the team finalize on the name of marketplace as ‘Fully Faltoo’ and why was Valentine’s Day chosen to launch the NFTs?
Fully Faltoo is a legacy property for us. The team wanted to create a tongue in cheek quirky name for the marketplace. So, we zeroed in on the name, Fully Faltoo which was one of our popular quirky shows a few years ago. It was widely enjoyed and appreciated by the audiences and thus we wanted to revive it in 2022. We launched the NFTs on 14th February, as it was a great day especially for our young and curious target group. We have been working on the launch since past eight months.
Q] How does Viacom18 plan to issue these NFTs in the market?
From a collectible standpoint, the loot will have 3000 pieces and the rare part will have 13 pieces. The pricing of the loot is fairly competitive. The idea is to get more and more people exposed to the space of NFTs in India. We want more people to make an entry into this NFT world.
Q] What will the strategy be to attract people to your NFTs?
We have planned an extensive campaign to spread awareness. The creative team has simplified the entire campaign with the content. We will target specific platforms to connect with the community and explain the concept of NFTs to our audience. We have figured out engaging and fun audio-visual content and will do specific targeting on select platforms where this community and our TG is on. The large chunk is dedicated to educating the consumer and spreading awareness about the NFTs and the entire space.
Q] NFTs and other digital assets are confusing for a large number of Indian user base. How will Viacom18 spread awareness regarding NFTs, especially among the youth?
We have designed our campaign in a very simpler format by giving primary importance to explaining what these NFTs are. We have made a funky campaign ‘Fully Faltoo, Fully Valuable’, the digital art pieces communicate with the person who has come to take it. The content focus is generally to spread awareness. Even during the launch, the whole idea was to educate the audience on NFTs. We will be continuing with the advocacy campaign further too.
Q] In January 2022, the sale of NFTs passed the $7 billion mark. How much trade is Viacom18 expecting in 2022 for Fully Faltoo?
Honestly speaking, we are in the early days in this space. Our approach is to allow users an opportunity to engage with the brand. Only time will tell what kind of trade volume we can expect. We want to be the gateway for many people in the world of NFTs and that will be an achievement for us.