Bollywood Superstars and Cricketers launch NFTs

Bollywood Superstars Amitabh Bachchan and Salman have revealed their plans to launch NFTs soon. Although Bachchan’s NFTs will include autographed posters of his movies, Khan seems rather more too excited for his NFTs launch.

Bollywood currently holds a seat as one of the world’s most popular movie industries and houses quite a good number of Superstars and Celebrities. Bollywood celebrities have shown significant interest and are increasingly launching digital memorabilia through non-fungible tokens (NFT), hoping to rake in thousands of dollars by cashing in on growing interest in such assets. Although these interests are not limited to their movie stars. Popular cricketers also seem to have grown fond of these tokens and are popularising them using their influences. 

Ayaan Agnihotri of Bollycoin- an NFT marketplace for Bollywood assets said in a statement: 

       “NFTs are right now alien to Bollywood but I am sure they (film stars) will see this as another platform where they can use their existing content and generate revenue.” 

He also added that-

    “Within days of launch this month, his platform sold 8 million of the 20 million available so-called “BollyCoins”, crypto tokens that can be used to buy NFTs when they are launched. One BollyCoin is worth 10 U.S. cents.”

Subsequently,  Indian cricketer, Dinesh Karthik is auctioning a digital art reel from a cricket match where he hit a match-winning six on the last ball for around 5 ethereums, worth around $20,000. But he has yet to receive any bids.

NFT’s Rise in India 

Even amidst the global crisis, the NFT ecosystem has experienced continual participation by various celebrity figures, multimillion-dollar companies and nations around the world. The rise of NFTs has baffled many who say it makes little sense to spend large sums of money on items that don’t physically exist and can simply be viewed online.

Vishakha Singh, vice president for NFTs at Indian crypto exchange WazirX, said:

    “Celebrity participation in the segment is set to create excitement in the space,  and is great for the ecosystem. This will help us in garnering more awareness towards this new game-changing world of digital assets,” 

“NFT has picked up a lot in the West in the last one year with now-iconic moments from basketball being bought by fans digitally, which gave us the idea,” Karthik told Reuters.

Others have had success. One of India’s top fashion designers, Manish Malhotra, recently sold NFTs of digital sketches of some of his most famous creations for $4,000 apiece. Malhotra’s website shows one can purchase some of his bridal wear outfits at a lower price range of $2,500-$3,500.

Data from market tracker DappRadar showed that NFTs global sales volumes have galloped to $10.7 billion in the third quarter of 2021, making an eightfold increase from the previous quarter.

We’re very much certain to see a bigger advancement in the continuous use-case of NFTs. There is an infinite possibility as to how large the NFT ecosystem would grow in the next couple of months. We’re on the lookout.

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