Fools With Dreams Music NFT Record label (FWD) has made significant strides in the Web3 music industry, particularly in India. Starting with their Genesis Music NFT track, FWD has minted 48 captivating Music NFTs, with 31 of them sold to enthusiastic collectors. They became one of the top three creators in the Indian NFT marketplace and achieved the highest music NFT sales in India.
However, the closure of the WazirX NFT Marketplace, where FWD initially launched their NFTs, posed a challenge. Although their NFTs are now available on other marketplaces, there is no secondary value for collectors, and royalty payments for secondary sales are absent. This unfortunate situation left FWD disheartened.
In response, FWD has decided to migrate their Music NFTs to Objkt.com, a Tezos smart chain-based marketplace where they have already been selling their NFTs. The migration process involves minting the NFTs on Objkt.com while preserving the original minting date and blockchain transaction data. FWD requests the original collectors to offer the same USD equivalent value they paid during the primary market purchase. Collectors can transfer the original BNB NFT tokens back to FWD using the WazirX NFT archive or Opensea. FWD will retain these tokens as proof of previous transactions and accept the offer on Objkt.com. A 2.5% platform fee on Objkt.com will be incurred during the migration, but FWD will promptly refund the remaining full amount to each collector.
For collectors who choose not to migrate, FWD will respect their decision and still mint their NFTs on Objkt.com for showcasing in FWD’s Objkt portfolio, exclusively reserved for them.
FWD chose the Tezos blockchain and Objkt.com as their new home due to the Tezos community’s appeal and Objkt.com’s remarkable features, including multi-editions with multi-listings. Tezos’s affordable transaction fees enable FWD to create multiple editions of their tracks and reach a wider audience. They are also developing tutorials in Indian languages to facilitate onboarding for enthusiastic collectors from India.
Overall, FWD’s migration to Objkt.com signifies their determination to overcome challenges and embrace change, ensuring continued support for their community as they move forward in their journey.
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