The Near Foundation, the organization behind Near Protocol, has teamed up with Shemaroo Entertainment Ltd, an India-based media and entertainment giant with a 60-year track record, to launch a Web3 innovation cell. The partnership’s overarching goal is to investigate how blockchain technology may benefit the entertainment sector.
A win-win for Near Protocol and Shemaroo
Shemaroo will benefit from being able to create original digital material like NFTs and metaverse experiences by leveraging Near Foundation’s infrastructure and content archive. With a focus on decentralisation, transparency, and immutability, Shemaroo will employ Near’s scalable infrastructure and smart contract capabilities to create novel solutions and services for its consumers. According to Shimaroo, blockchain technology has opened up new avenues of opportunities to generate fresh streams of income for the entertainment and media sector.
Shimaroo CEO Hiren Gada says that now that Near is a Blockchain Operating System (BOS), it’s a lot easier for the company to embrace Web3 and speed up project delivery. As a result of the partnership, Shemaroo can explore potential applications of blockchain technology beyond the realms of content distribution, rights management, and user participation.
Near gains tremendous exposure in a key market thanks to this agreement. The partnership is a major milestone for the foundation, putting it one step closer to its objective of attracting 1 billion people to Web3 thanks to Shemaroo’s massive subscriber base and millions of daily views on their channels.
Shemaroo has a long and illustrious history in Indian film industry, and its wide distribution will help bring Near’s work to a new audience. Furthermore, the company now operates in over 30 countries and has a library of more than 3,700 Indian language movie titles. With Near’s backing, India’s leading entertainment company will have a solid and infinitely scalable basis on which to implement Web3 innovations and improve the user experience.