Indian Celebrities from the World of Bollywood And Cricket is increasingly launching digital memorabilia via non-fungible tokens (NFTs), hoping to cash in on the growing interest in such assets to earn thousands of dollars. NFTs are a type of digital asset that uses blockchain to record the ownership of images, videos and other collectibles. His roaring popularity has taken many by surprise but the explosive growth shows no signs of waning.
Bollywood superstar like Amitabh Bachchan And Salman Khan Planning to start NFT soon. While Bachchan’s NFTs will include autographed posters of his films, Khan is creating excitement on his Twitter account about the planned NFT launch by telling his 43 million followers “NFTs are foreign to Bollywood right now but I am sure they (film stars) will see this as another platform where they can use their existing content and generate revenue,” said Ayan Agnihotri of Bollycoin, an NFT marketplace for Bollywood assets.
Agnihotri said that within days of its launch this month, his platform sold 8 million of the available so-called “Ballycoins”, crypto tokens that can be used to launch NFTs. One Bollycoin costs 10 US cents.
But it is still early days for Celebrity NFTs in India.
Indian cricketer Dinesh Karthik is auctioning off a digital art reel from a cricket match where he won a match on the last ball with about 5 Ethereum, a digital currency, worth around $20,000 (approximately Rs 15,00,000). Hit six. But he hasn’t received any bids yet.
“NFT has gained a lot in the West over the past year and now the iconic moments of basketball are being bought digitally by fans, which gave us the idea,” Karthik told Reuters.
Others have had success. Manish Malhotra, one of India’s top fashion designers, recently sold NFTs of digital sketches of some of his most celebrated creations for $4,000 a piece. Malhotra’s website reveals that one can buy some of her bridal wear outfits for as low as $2,500-$3,500.
The rise of NFTs has baffled many who say that there is no point in spending large sums of money on items that do not physically exist and can only be viewed online.
Still, NFTs’ global sales volume grew to $10.7 billion in the third quarter of 2021, up eight times compared to the previous quarter, data from market tracker DappRadar showed.
Vishakha Singh, Vice President of NFT at Indian Crypto Exchange wazirxCelebrity participation in this segment is set to create excitement in the segment.
This, she said, “is great for the ecosystem. It will help us gain greater awareness of this new game-changing world of digital assets.”
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