Indian Actors And Cricket Players Launching Their Own NFTs

More and more celebrated and famous Indian filmstars from Bollywood as well as celebrities from the sports of cricket are launching their won non-fungible tokens (NFT) for making digital collectibles and memorabilia, expecting to profit thousands of dollars by capitalising on rising interest of people in the digital asset class.

Created based on the technology of blockchain, NFTs are a sort of digital asset that allow its owners to track ownership of digital goods such as photographs, films, and other collectibles. Many experts have been perplexed by the meteoric rise of NFTs as its popularity shows no signs of slowing down.

NFTs will be launched soon by Bollywood celebs like legendary actor Amitabh Bachchan and Salman Khan. Bachchan’s NFTs will have autographed movie posters of his films. Khan on the other hand has been building excitement on his Twitter account by asking his followers on the platform, who are 43 million in number, about the planned NFT launch.

“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,” said Ayaan Agnihotri of Bollycoin, an NFT marketplace for Bollywood assets.

Agnihotri claims that his site sold 8 million of the 20 million available so called “BollyCoins”, which are crypto tokens that may be used to purchase NFTs whenever they are released, within days of its launch earlier this month. A BollyCoin is worth ten cents in the United States.

In India, however, celebrity NFTs are still in their infancy.

Dinesh Karthik, an Indian cricketer, is auctioning a digital art reel from a cricket match in which he had hit a match-winning six on the last ball for roughly 5 ethereums ($20,000), a digital currency. However, he has yet to receive any offers.

“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.

Burt some others have succeeded in selling their NFTs.

NFTs of digital designs of some of his most famous outfits were sold by Manish Malhotra, one of India’s most prominent fashion designers, for $4,000 apiece. designs of some of his most famous outfits, according to Malhotra’s website.

Many people are perplexed by the rise of NFTs, and such people argue that spend enormous sums of money on products that don’t exist actually makes no sense. It needs to be noted that NFTs can only be viewed online.

Despite such arguments, global NFT sales soared to $10.7 billion in terms of volume in the third quarter of the current year, which was an eightfold growth compared to the value in the previous quarter, according to statistics from market tracker DappRadar.

There will be more excitement in this space because of the participation of celebrities, said Vishakha Singh, vice president for NFTs at Indian crypto exchange WazirX.

She said that this “is great for the ecosystem. This will help us in garnering more awareness towards this new game changing world of digital assets.”

(Adapted from FXEmpire.com)



Categories: Creativity, Economy & Finance, Entrepreneurship, Strategy

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