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<ul><li>Ikigai Law’s Anirudh Rastogi represented Indian crypto exchanges in the <keyword id="6354977" type="General" weightage="20" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> case, which led to the Reserve Bank of India’s <keyword id="6441508" type="General" weightage="20" keywordseo="crypto-ban" source="Orion">crypto ban</keyword> getting quashed.</li><li>According to him, the ideal case would be for the government to create a self-regulatory organization (SRO) to oversee the crypto industry in India.</li><li>However, the matter could go to court if the government’s upcoming crypto bill is too restrictive.</li></ul>India’s upcoming crypto bill has been wrapped in speculation since last week, when the government announced it would be introducing the <a href="https://www.businessinsider.in/investment/news/heres-a-quick-look-at-how-the-evolution-of-cryptocurrencies-has-played-out-in-india/slidelist/87902549.cms">long-awaited</a> piece of legislation during the ongoing session of <keyword id="6354721" type="General" weightage="20" keywordseo="parliament" source="Orion">Parliament</keyword>. The industry as a whole is hoping that the government will find the right balance so as to not restrict innovation and provide legitimacy to the sector. The lawyer behind getting India’s 2018 crypto ban quashed, Anirudh Rastogi, believes an overly restrictive stance could lead to another battle in the Supreme Court. Rastogi represented Indian crypto exchanges for Internet and Mobile Association of India (IAMAI), whose members include WazirX, CoinDCX and others, in the appeal at the Supreme Court against the 2018 ban on cryptocurrencies issued by the Reserve Bank of India (RBI). Short of blanket ban, these are some of the wishes that he has from the crypto ban: <ol><li>A self-regulatory organisation to oversee the crypto industry</li><li>Sunset clauses for stringent laws</li><li>A sandbox setup for crypto businesses to develop their use cases</li><li>Allowance of gas fees payments using cryptocurrencies</li></ol>“A blanket ban on payments would be a good reason to go to court. If I can’t make gas payments, that’s the end of a lot of businesses — how do you operate an exchange, for instance, which is built on an Ethereum or Bitcoin network without paying gas fees. This could be challenged as a violation of a person’s ‘right to trade’,” he told Business Insider. <cmsannotation type="cmsannotation" annotationid="What’s the big deal about gas fees?" comment="subhead" text="What’s the big deal about gas fees?">What’s the big deal about gas fees?</cmsannotation> Gas fees, simply put, are transaction fees. These payments are made by users to compensate the network for the computing energy required to process and validate transactions. And, they’re done during cryptocurrencies. If there’s a blanket ban on cryptocurrencies and their use as payments, developers based out of India will face issues developing solutions based on blockchain technology. “If the government bans use of cryptocurrency for payments, the right exceptions within that are important… Licensing for cryptocurrency based cross-border remittances would be desirable since it can make remittances significantly cheaper and faster. So allowing limited payments activity would actually be good,” Rastogi explained. <cmsannotation type="cmsannotation" annotationid="Rastogi’s wish list for India’s crypto bill" comment="subhead" text="Rastogi’s wish list for India’s crypto bill">Rastogi’s wish list for India’s crypto bill</cmsannotation> “I wish our government had taken a slightly more methodical approach towards crafting this regulation,” Rastogi said in conversation with WazirX’s head of public policy, government affairs and content, Aritra Sarkhel, during Business Insider’s webinar. According to him, it’s not a surprise that the Indian government is not looking to recognise Bitcoin as a currency. “That has been a consistent stance taken by the government, right from Arun Jaitley’s 2018 Budget speed,” he said. At the same time, fears persist. An overly restrictive regime could also pose a problem. “Over regulating a new, emerging technology could be deeply problematic because it’s a rapidly evolving space. And, for the government to keep pace with that and in terms of legislation is obviously going to be difficult,” said Rastogi. Instead, he proposes that the government should lay out broad principles but not micro-manage. Other industries, like over-the-top (OTT) services and e-commerce, self-regulated themselves for a good couple of years — and the same allowance should be given to the crypto sector in India. <div type="ExtQuote" text="My ideal case would be for the government to create an SRO [self regulatory organisation], which could then lay down further guidelines on two or three specific issues — one would be investor protection and advertising." auname="Anirudh Rastogi, the founder and managing partner at Ikigai Law, told Business Insider"></div> If the government does introduce more stringent regulation it should come with a ‘sunset clause’. Simply put, the strictest parts of the law should be accompanied by an expiry date, at which point they should be reevaluated. Alternatively, the government could even set up a sandbox environment for cryptocurrency experiments. “The RBI sandbox in place today specifically bans cryptocurrency businesses, which is bizarre. Sandboxes are meant to be created exactly for these types of businesses, which are cutting-edge, less understood and have regulatory concerns — that’s why you create a sandbox,” explained Rastogi. <cmsannotation type="cmsannotation" annotationid="Questions remain unanswered" comment="subhead" text="Questions remain unanswered">Questions remain unanswered</cmsannotation> According to <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword>, India’s Finance Minister, Bitcoin will not be given the status of a currency. But she did not elucidate on whether or not payments in cryptocurrencies for blockchain operations would still be permitted. The question around whether or not cryptocurrency trade would still be permitted in the country also hangs in the balance until an official draft of the bill is brought in for public review. The silver lining is that Sitharaman clarified that the upcoming bill is most definitely different from its previous iterations. However, it is still pending approval from the Cabinet before it can be introduced into the lower house of Parliament — the Lok Sabha — for discussion. <div type="ExtQuote" text="As my colleague Priyam likes to say, if this bill was a digital asset it would be more volatile than Bitcoin or Ethereum or anything else trading out there." auname="Anirudh Rastogi, the founder and managing partner at Ikigai Law, told Business Insider"></div> Here’s the full conversation with Anirudh Rastogi and WazirX’s head of governance affairs, public policy and content, Aritra Sarkhel: <div type="twitter" handle="BiIndia" handlename="Business Insider India🇮🇳" image="http://pbs.twimg.com/profile_images/1232926719016718336/sfffJHNV_normal.jpg" favoritecount="2" retweetcount="1" status="#LIVE | Two days of #WinterSession in Parliament, two sets of comments from Finance Minister #NirmalaSitharaman —… https://t.co/CQLDkL4pIC" createdat="1638275419000" id="1465659453877805056"></div> Disclosure: This conversation is part of a series on Business Insider, sponsored by WazirX. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/coindcx-clarifies-that-it-has-no-immediate-plans-to-launch-an-ipo/articleshow/87979346.cms">CoinDCX clarifies that it has no ‘immediate’ plans to launch an IPO</a> <a href="https://www.businessinsider.in/cryptocurrency/news/india-crypto-bill-gets-a-revamp-but-its-still-a-work-in-progress-says-finance-minister-nirmala-sitharaman/articleshow/88001952.cms">Indian government confirms that its new crypto bill is not the same as the old one</a> <a href="https://www.businessinsider.in/investment/news/bitcoin-mining-is-bring-immersion-cooling-back-in-vogue/articleshow/87998756.cms">Immersion cooling has been around for over a decade, but it’s coming back in vogue thanks to Bitcoin mining</a>

The lawyer behind getting India’s 2018 crypto ban quashed hasn’t ruled out going to court again

He was America's flashiest watch dealer. Then the feds caught up with him. 

<ul class="summary-list"><li><keyword id="11901075" type="UNKNOWN" weightage="60" keywordseo="nfts" source="Orion">NFTs</keyword> are stored on a crypto-style blockchain but can also be displayed physically, <keyword id="12461340" type="UNKNOWN" weightage="60" keywordseo="gallery" source="Orion">gallery</keyword> style.</li><li>The Dream <keyword id="11895191" type="UNKNOWN" weightage="60" keywordseo="hollywood" source="Orion">Hollywood</keyword> hotel and The Crypt Gallery have opened a physical NFT exhibit to the public.</li></ul><a href="https://www.businessinsider.com/nft-meaning">Non-fungible tokens</a> - or NFTs - are a new concept taking the <keyword id="11931454" type="UNKNOWN" weightage="60" keywordseo="art" source="Orion">art</keyword> and tech worlds by storm. Many fans and followers are wondering whether these digital assets, which are stored on a crypto-style blockchain, are the future of art or just a passing phase.With <a href="https://www.businessinsider.com/nft-celebrities-grimes-mark-cuban-lindsay-lohan-gronk-shawn-mendes-2021-3">celebrities</a> such as Lindsay Lohan and <a href="https://markets.businessinsider.com/news/currencies/nft-sales-soaring-crypto-market-growth-rarible-alex-salnikov-2021-8">Katy Perry</a> - along with <a href="https://markets.businessinsider.com/news/currencies/spongebob-south-park-star-trek-nft-viacomcbs-recur-partnership-2021-10">companies such as ViacomCBS</a> - joining in on the craze, it's already become big business. In August alone, <a href="https://markets.businessinsider.com/news/currencies/nft-opensea-digital-art-bitcoin-cardano-ethereum-meme-crypto-2021-09">$3 billion worth</a> of NFTs were sold on OpenSea, the world's largest NFT venue, <a href="https://www.bloomberg.com/news/articles/2021-09-02/day-trading-army-goes-all-in-on-nfts-as-meme-stock-mania-ebbs">Bloomberg</a> reported.While the ins and outs of how to buy and sell NFTs might still be foreign to the average consumer, some art enthusiasts believe that this forward-thinking platform could eventually offer greater accessibility within the art world by allowing new artists a chance to break into the industry."Art can feel very closed off and elitist," said Kevin Fegans, a brand marketing and communications executive in Los Angeles and a self-proclaimed fashion and art enthusiast. The NFT market, he said, feels more accessible. "It's all new artists. It's a great way to support emerging talent," he added.Fegans recently visited the <a href="https://www.dreamhotels.com/hollywood">Dream Hollywood</a> hotel's new NFT art exhibition - one of the first exhibits of its kind in a hospitality setting.<div type="image" title="the NFT exhibit in Dream Hollywood Hotel" height="3024" width="4032" msid="87496522" hostid="261"></div>"This was the first NFT gallery I've heard of," Fegans said. "I've been fascinated, and I think everyone is."The idea is gaining momentum. A few months ago, a <a href="https://www.businessinsider.com/new-york-gallery-display-nft-art-crypto-art-2021-3">New York City gallery</a> was the first to display NFTs physically. Now, such exhibits are popping up in major cities such as <a href="https://www.forbes.com/sites/davidphelan/2021/09/17/new-london-art-exhibition-shows-nfts-in-holographic-form/?sh=376ac0b6d747">London</a> and <a href="https://www.bizjournals.com/chicago/inno/stories/inno-insights/2021/08/30/nft-chicago-artists.html">Chicago</a>, and even at <a href="https://news.artnet.com/market/nfts-art-basel-2011438">Art Basel</a>.The Dream Hollywood exhibition, coordinated in partnership with <a href="https://www.thecryptgallerynyc.com/home">The Crypt Gallery</a>, is set to be available to the public for free through 2022 in the hotel's lobby, which would allow people to learn about and see NFTs up close without paying a cent."For NFT connoisseurs, avid art collectors, and even the newest fans of the medium, this exhibition is both provocative and informative," said Vaughn Davis, the general manager at Dream Hollywood. "When a tech-forward, physical gallery space merges with powerhouse digital collectors like <a href="https://twitter.com/Kingofmidtown1">King of Midtown</a> and <a href="https://www.instagram.com/33nft/">33</a>, magic happens."The exhibit was curated by Athanasios Polihronopoylos, known as the King of Midtown, an NFT art collector in New York turned innovator and founder of The Crypt Gallery. The exhibit features the works of well-known digital artists such as Chad Knight, Yo Brilly, Lefty Out There, NessGraphics, Tillavision, Lana Denina, Brendan North, Jason Seife, and Robbie Trevino.One of the catalysts for the gallery, Polihronopoylos said, was the lifting of COVID-19 restrictions. With people spending less time on their screens and discovering the digital world of NFTs, he wanted to continue the concept's momentum.<div type="image" title="The Crypt Gallery and Dream Hollywood Hotel's NFT exhibit" height="2268" width="3023" msid="87496523" hostid="261"></div>"I was thinking ahead in terms of what things would look like as we begin to globally reopen," he said. "I was always concerned about pullback from our screens. I thought artists could lose momentum, marketplaces would lose momentum - collectors like myself who have invested hundreds of thousands of dollars into the space."He believed that having a physical presence for NFTs would not only help propel buyer participation but also help connect NFTs with a more mainstream audience. With the fast progression of the NFT industry and NFTs' global audience, the hospitality space provided the perfect avenue to reach a large group of people, Polihronopoylos said."As soon as you walk into the lobby, you're immersed in all the different videos," Fegans said. "There's so much. There's all of these beautiful images moving around on display. One panel has probably 40 to 50 artworks within it. I'd say miniature size, but really, really cool."<div type="image" title="Dream Hollywood Hotel's NFT exhibit" height="2274" width="3024" msid="87496525" hostid="261"></div>Fegans said he'd heard about NFTs before, but he didn't know much about them before visiting the exhibit - which he found comfortably busy for a Tuesday afternoon - for a 30-minute look. But, he said, since attending, he feels like he sees NFTs everywhere, with many brands talking about them through social media and email marketing."I feel like this is kind of the zeitgeist of the art world, where it's something that's been buzzing about, but you're like, 'What is it really?'" he said. "That's what it feels like culturally."He said the exhibit seemed to expect this and made an effort to not only impress exhibit attendees with art but also educate them on the workings of NFTs with educational vignettes in the form of video monitors - installations alongside the exhibits that educate and inform guests on the NFTs, the gallery, and the featured artists."It was kind of like art for dummies," Fegans said. "It was kind of assumed that you knew nothing about it, so there was a 'who, what, when, where, why.' I thought it was a really great experience that way. They did a great job of curating that experience."The partnership between Dream Hollywood and The Crypt Gallery is expected to grow, with a plan in place to launch a new exhibit in New York City.

The Dream Hollywood hotel opened an NFT art gallery in its lobby. Here's a look at what it's like.

<ul><li>From concert tickets, learning the language, albums, and photo books, to online or in-person meet-and-greets, K-pop fans leave no stone unturned in immersing themselves in their idols’ culture.</li><li>Now, with <keyword id="10879114" type="General" weightage="20" keywordseo="Non-fungible-Tokens" source="Orion">Non-fungible Tokens</keyword> (NFTs), owning a special item is always going to be attractive to all dedicated fans.</li><li>K-pop fans, brand experts and NFT marketplaces tell us all you need to know about the oncoming wave of K-pop NFTs.</li></ul>It was in 2012 that Korean Singer Park Jae-sang’s (PSY) song ‘Gangnam Style’ took the world by storm, became the <a href="https://www.usatoday.com/story/entertainment/music/2019/12/20/youtube-most-viewed-music-videos-from-gangnam-style-to-despacito/2702463001/">most </a>streamed song on YouTube and what followed was the birth of the South Korean Wave or Hallyu in India. <div type="image" title="Gangnam style gif" msid="90628215" hostid="261"></div> This global phenomenon was later driven by music, movies, and dramas, which further rose to popularity in India during the <a href="https://www.aljazeera.com/economy/2021/9/15/k-craze-korean-dramas-and-culture-are-taking-india-by-storm">lockdown</a>. For most fans, the affair with South Korean culture began with Korean popular music (K-pop) and its biggest bands such as Bangtan Sonyeondan (BTS), Blackpink, MonsterX, iKon, Big Bang, Twice, and Red Velvet. Slowly, the fondness expanded to the food they ate, the language they spoke, the make-up and jewellery they wore, and a highly enthusiastic, loyal and active fandom was born. As per research and analytics firm <a href="https://www.statista.com/statistics/956032/south-korea-kpop-popularity-in-india/">Statista’s </a>recently conducted survey in India between the ages of 15 and 59 years who had experienced South Korean cultural content, K-pop was considered to be very popular by 34.4% of respondents. Statista’s another <a href="https://www.statista.com/topics/5098/music-industry-in-south-korea/#:~:text=All%20in%20all%2C%20the%20South,to%20become%20a%20global%20phenomenon.">report </a>on Korean culture said that the South Korean music industry achieved an all-time high sales revenue of over ₩6.8 trillion in 2019, as well as an export value of over $756 million, <a href="https://www.washingtonpost.com/business/2020/01/30/bts-kpop-bighitentertainment/">which accounts for a sizeable 0.3% contribution to South Korea’s GDP</a>. The same survey found that the <a href="https://www.statista.com/statistics/937260/south-korea-reasons-for-kpop-popularity-worldwide/">main reason for its popularity</a> were the catchy rhythms and choruses. Indian digital content creator, Radhika Bangia, who often dresses up as her favourite Korean characters on Instagram, is followed by 1.6 million people. Her bio, “Crash landing on K-dramas”, explicitly declares her love for the Korean culture to the world. It was her Korean best friend in New Zealand who introduced her to K-pop. Bangia got really hooked on to the music when Boy With Luv, a BTS song, came out and in the world of K-drama, it was Boys Over Flowers for her. She says that she has been surprised at the speed which K-Pop and K-drama have grown in India. “K-Pop/K-Drama is mainly a love-it or hate-it affair (even though it’s so catchy I’m not sure how you can hate it). It’s so much fun to meet and interact with other K-Pop/K-Drama fans and see their enthusiasm for it,” says Bangia in an emailed reply to Business Insider. Why Indian advertisers need to take K-pop fandom more seriously Fans of K-drama and K-pop have created various groups on Facebook, <a href="https://www.reddit.com/r/kpop/">Reddit</a>, Telegram, Clubhouse, where they bond over their shared love for South Korean culture. Their loyalty for their favourite stars is most apparent in the <a href="https://www.d8aspring.com/eye-on-asia/the-power-of-k-pop-groups-in-endorsement-deals">rise </a>of K-Pop Twitter fancams, record-breaking YouTube streams, and sold-out concerts and merchandise. As per Southeast Asian e-commerce aggregator, iPrice Group, a devoted member of the BTS army across Southeast Asian countries, must have <a href="https://iprice.ph/trends/insights/how-much-money-do-kpop-fans-spend-on-their-idols/">spent </a>an average of $1,422, which is equivalent to buying an iPhone 12 Pro. This average purchase includes at least 15 studio albums, five concerts and numerous merchandise. <div type="image" title="k-pop" msid="90628210" hostid="261"></div> Fans of K-pop across South Asian countries and globe, do not shy away from spending money to support their idols. It is a quality that brands look for in their ambassadors -- the ability to start a conversation among a huge fan following and their social currency. BTS followers are also one of the major representatives of the <a href="https://www.bloomberg.com/news/features/2020-10-28/bts-k-pop-stans-are-fighting-qanon-and-maga-on-social-media?utm_campaign=socialflow-organic&amp;utm_medium=social&amp;utm_source=twitter&amp;cmpid=socialflow-twitter-businessweek&amp;utm_content=businessweek">online “stan” culture,</a> where super fans use different online channels, especially social media, to continuously promote and defend their idols. According to <a href="https://www.rollingstone.com/music/music-news/bts-twitter-account-mentions-fans-1128480/">Twitter</a>, BTS has been the most-tweeted-about band on Twitter for four consecutive years. However, in India, only multinational food chain McDonald’s has tried to leverage on this huge stan culture. Last year in April, McDonald’s launched the BTS Meal across 11 countries in Asia, including India. The internet <a href="https://www.campaignasia.com/article/bts-campaign-in-asia-has-been-phenomenal-mcdonalds-asia-marketer/469926">exploded </a>with messages from ARMY, fans of BTS, and McDonald’s. Apart from that, we have only seen international collaborations such as Samsung, Coke and Hyundai with BTS. Telling us why Indian brands have failed to jump in the whirl of Hallyu, Lloyd Mathias, business strategist and marketing expert, says, “Indian brands have yet to tap into the immense potential of K-Pop as a marketing tool, partially because of the inability of marketers to fully comprehend the phenomenon and more specifically as Indian brands will have to enter into specific licensing arrangements with them. For global brands like Coke and McDonald’s and Korean brands like Hyundai and Samsung, this clearly poses no problems.” K-drama fan Bangia was thrilled at the idea of two cultures coming together. “I would personally love to see some Indian brands collaborating with BTS or BlackPink. I think the mixing of cultures would be cool to see!” While Indian fans are getting their dose with international collaborations and the merchandise available online, the unconditional love that ARMY and various K-pop fans extend, offer an immense potential for brands in bringing in new consumers. Anjali Malthankar, national strategy director at digital advertising agency Tonic Worldwide, says, “Indian brands are treating K-pop as topical content, but there is a big opportunity for Indian brands to ride the wave and appeal to the K-pop fanbase. What fans in India would want, is to be as close to the K-pop stars as possible, and to have access to them. In fact, that’s what K-pop has cracked on social media. They know what their fans want and the whole model is about giving power to the fans to make their favorite stars more popular. I feel, a live concert, physical or virtual/experiential can be a big platform for Indian brands to participate.” On the other hand, founder and chief executive officer (CEO) of blockchain analytics company bitsCrunch, Vijay Pravin Maharajan points out that it would be unfair to say that Indian brands have failed to capitalise on its popularity as there are so many different opportunities for brands to draw in audiences. “It is important to remember that, like South Korea, India is home to a thriving local entertainment industry and is a melting pot for entertainment worldwide. Even among those who were favourable to K-pop, there are certainly other genres and industries they engage with. It is highly unlikely that the average Indian K-pop fan engages exclusively with the genre. Indian brands are likely to go with local entertainment and artists, of which there is an almost continuous supply,” says Maharajan. Can NFTs be a place where fans get their due? Any fan is not just a spectator or silent admirer of art, they are active stakeholders who go out of their way to support their idols. From concert tickets, learning the language, buying albums, and creating photo books, to online or in-person meet-and-greets, K-pop and K-drama fans leave no stone unturned in <a href="https://homegrown.co.in/article/803152/merchandise-events-more-a-guide-to-everything-k-pop-in-india">immersing </a>themselves in their idols’ culture. And Non-fungible tokens (NFTs) are pushed toward heavily engaged fandom. Apart from <a href="https://www.verizon.com/business/small-business-essentials/resources/beliebers-why-care-231604811/">Beliebers</a>, <a href="https://fandomwire.com/popular-actors-who-are-bigger-potterheads-than-you/">Potterheads</a>, <a href="https://www.diggitmagazine.com/articles/taylor-swift-and-story-swifties-fandom">Swifties </a>and fans who form a beeline diligently in front of Amitabh Bachchan and Shahrukh Khan’s bungalows in Mumbai, K-pop and K-drama lovers are amongst the biggest communities. With K-pop NFTs, fans can own a special collectible item that would stay with them forever, even transfer onto different clouds. It would get them an opportunity to support their artist directly, flaunt their fandom and become a part of the larger community. So, can K-pop NFTs be the next big wave in the growth of Korean culture in India? Brand guru Mathias says yes. “I believe NFT can help take this to the next level given that many can now ‘own’ part of the phenomenon in the metaverse.” Korean culture has successfully built a sense of connectivity and relativity with the Indian masses, owing to the commonality of culture in terms of food habits, manners, and behaviour. With NFTs, fans of these two cultures can support their favourite artists. Ramkumar Subramaniam, CEO and cofounder of no-code NFT platform GuardianLink, says, “With the rise of NFTs aided by the popularity digital currency and assets have garnered, especially in the entertainment and art fields, even the globally famous South-Korean band, BTS, entered the red-hot NFT space in November. Given that India is rapidly adopting NFTs as a way of building connect with their favourite artists, NFTs are anticipated to be the next big thing fuelling Korean culture’s penetration in India.” Sai Krishna VK, founder of visual tech company Scapic, who is also known for his content around crypto and investment, says, “NFTs intrinsically capture value that fandom has always had, the only difference is that this value is now a direct relationship and with ownership too, in some cases. Industries like K-pop will be among the biggest to benefit from this as the chance to interact, engage and be closer to the stars you idolise is the sort of technology product that was simply not possible before this.” The initial buzz around the world of NFT was by crypto investors. They finally found a medium to spend their digital money on. Now, from <a href="https://timesofindia.indiatimes.com/entertainment/telugu/movies/news/prabhas-posters-from-radhe-shyam-to-be-available-as-nfts/articleshow/90054402.cms">Prabhas </a>fans to K-pop, NFTs are attracting more diverse audiences and fandoms. Finfluencer Neha Nagar has been talking about the growth of NFT and crypto in India. She thinks that the introduction of K-pop NFTs to India will give a push to both Korean culture and NFT’s adoption. “K-pop fans are a very strong community, now every K-pop fan will be forced to think about NFTs, which will lead some of them to actually buy those NFTs for the sake of love for their k-pop stars. K-pop fans already have spent on merchandise and tickets to support their stars. Owning k-pop, NFTs will now be called ‘a proof of being a k-pop fan,’ especially genZ will get more attracted to NFTs now, which will push the NFT craze to next level. This is going to be quite exciting!” Maharajan of bitsCrunch says, “With the growing popularity of K-pop in India, moving the production of music videos to the digital realm may be the way of the future.” While K-pop fans are voicing their <a href="https://www.theatlantic.com/technology/archive/2021/12/nft-kpop-environmental-problems/621091/">concerns </a>over carbon-torching NFT, various <a href="https://www.businessinsider.in/cryptocurrency/news/binance-and-the-record-label-behind-k-pop-sensation-blackpink-will-work-on-creating-eco-friendly-nfts/articleshow/89435868.cms">labels </a>have started working on launching greener NFTs. Bangia is optimistic that K-pop fans will accept NFTs that support their favorite artists, “but my personal hope is that we can find a way to minimise the amount of energy that blockchain requires,” she adds. K-pop has been able to make international inroads in recent years and now with the arrival of various K-pop NFTs, the future of hallyu in India looks <a href="https://youtu.be/gdZLi9oWNZg">Dynamite</a>!

NFTs may finally leverage India's fandom for Korean drama and music, which Indian brands have failed to cash in on

<ul class="summary-list"><li><keyword id="6354947" type="General" weightage="60" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> can be at the heart of the transition towards renewable energy, Foundry boss Mike Colyer said.</li><li>He said <keyword id="1660859" type="PERSON" weightage="60" keywordseo="bitcoin-Mining" source="Orion">bitcoin mining</keyword> can help renewable projects manage oversupply and support more investment.</li><li>Many remain unconvinced, with Bank of America attacking bitcoin's energy use this week.</li></ul>Bitcoin mining can help the development of renewable energy technologies by allowing a quicker return on green investments, according to the head of one of North America's biggest <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">crypto miners</a>. Mike Colyer, chief executive of <a href="https://dcg.co/">Foundry</a>, a sister company of major bitcoin player Grayscale, told Insider he thinks <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> can be "a bridge between our current energy production and this future world of renewable energy production." His argument is the boom in green-energy creation has led to oversupply in many areas, which can be difficult to manage and costly for renewables firms. Colyer said locating bitcoin mines near renewable energy projects can help deal with this oversupply, in turn helping the development of green technology. "It allows for a faster payback on those solar projects or wind projects, which means more of them can be built faster in regions where before it was not attractive, because they would produce too much energy for the grid in that area," he said. Other miners <a href="https://www.businessinsider.com/bitcoin-mining-energy-cost-environmental-sustainable-consumption-network-profitability-crypto-2021-3">have echoed this argument</a>, although the secretive nature of the industry means it is difficult to gauge the rate of change. And many remain unconvinced. As the <a href="https://www.businessinsider.com/bitcoin-price-analysis-february-recap-record-setting-cryptocurrency-2021-2#:~:text=February%20was%20a%20record%2Dbreaking,the%20world's%20most%20popular%20cryptocurrency.ncy.">bitcoin price has soared this year</a>, arguments over its intense energy use have heated up, with climate concerns <a href="https://markets.businessinsider.com/currencies/news/bitcoin-btc-energy-use-worry-big-investors-fahad-kamal-kleinwort-2021-2-1030131653">making some investors wary</a> of the world's biggest <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">cryptocurrency</a>. Bank of America analysts on Wednesday <a href="https://www.businessinsider.com/bitcoin-uses-more-energy-than-american-airlines-bank-of-america-2021-3">said in a note</a> that bitcoin is "not good news for the environment," estimating that it uses almost the same amount of electricity as the Netherlands. "Bitcoin's estimated energy consumption has grown over 200% in the past two years, creating large environmental risks," the analysts, including commodities strategist Francisco Blanch, wrote. They noted that most mining is done in China, where coal is dominant. Bitcoin is <a href="https://www.businessinsider.com/what-is-bitcoin">"mined"</a> when computers are hooked up to the cryptocurrency's network to verify transactions. As a reward for this work, which involves solving puzzles, miners can sometimes receive small amounts of bitcoin. Huge amounts of computing power are now dedicated to mining bitcoin, with more drawn in as the price skyrockets. Yet Colyer said bitcoin mining is increasingly using renewable energy as green power becomes cheaper. His mining company Foundry is owned by Grayscale-owner Digital Currency Group, and also provides equipment financing and advice. "The bitcoin algorithm is relentless in its drive for efficiency and cost reduction," he said. "It's built in, there's no stopping it. Every miner in the world is constantly looking for ways to take cost out of the production of bitcoin. And the most cost-effective energy [in North America] is renewable energy." A <a href="https://www.jbs.cam.ac.uk/faculty-research/centres/alternative-finance/publications/3rd-global-cryptoasset-benchmarking-study/">report from Cambridge University</a> in September last year estimated 39% of proof-of-work mining is powered by renewable energy, primarily hydroelectric. Michel Rauchs, an affiliate of the Cambridge Centre for Alternative Finance, told Insider it is difficult to come up with an accurate assessment of how "green" bitcoin is. He said within China the renewable share of mining changes throughout the year due to "seasonal migration patterns" that see miners move towards hydroelectric plants during the wet season. "So it really depends at what point of time... you're looking at this," he said. The Bank of America analysts argued bitcoin's energy consumption is only going to worsen due to the system's structure, which makes mining more difficult over time. "The rising complexity of the system creates ultimately a vicious environmental cycle of rising prices, rising hashpower, rising energy consumption and, ultimately, rising CO2 emissions," they wrote. Colyer said Foundry is working on a number of ways to make mining greener. "We're focused on the newer technology, like immersion mining where the machines are actually put in a coolant and they don't use air cooling... We work with the flare gas guys that are chasing the flare gas emissions." However, many investors are worried about how long it might take to make bitcoin green. Bank of America said: "As renewable energy production increases over the next 20 years, quantum computers reduce energy usage, and new, more efficient crypto assets continue to emerge, the cryptocurrency space could eventually find ways to reduce its carbon footprint. "But a rapid surge in adoption of bitcoin presents a major risk, and thus drives bitcoin's low environmental score."

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