Bollywood stars, Indian celebrities launch NFTs amid world craze By Reuters


© Reuters. FILE PHOTO: Bollywood actor Amitabh Bachchan walks to the wedding ceremony of Isha Ambani, daughter of chairman of Reliance Industries Mukesh Ambani, in Mumbai, India, Dec. 13, 2018. REUTERS / Francis Mascarenhas / File Photo

By Nupur Anand and Shilpa Jamkhandikar

MUMBAI (Reuters) – Indian celebrities from the world of Bollywood and cricket are increasingly introducing digital memorabilia through non-fungible tokens (NFT) in hopes of raking in thousands of dollars from growing interest in such assets.

NFTs are a type of digital asset that blockchain uses to record ownership of items such as pictures, videos, and other collectibles. Its stormy popularity has taken many by surprise, but its explosive growth shows no sign of subsiding.

Bollywood superstars like Amitabh Bachchan and Salman Khan plan to launch NFTs soon. While Bachchan’s NFTs will include signed posters of his films, Khan has caused a stir on his Twitter (NYSE 🙂 account by telling his 43 million followers about the planned NFT launch.

“NFTs are alien to Bollywood right now, but I’m sure they (movie stars) will see this as just another platform to leverage their existing content and generate income,” said Ayaan Agnihotri of Bollycoin, an NFT marketplace for Bollywood assets.

Agnihotri said that within days of its launch this month, its platform sold 8 million of the 20 million available so-called “BollyCoins”, crypto tokens that can be used to purchase NFTs when they hit the market. A BollyCoin is worth 10 US cents.

But it’s still a start for prominent NFTs in India.

Indian cricketer Dinesh Karthik is auctioning a digital art roll https: // from a cricket match in which he hit a winning six on the last ball for around 5 Ethereums, a digital currency worth around $ 20,000. But he has not yet received any bids.

“NFT has caught up a lot in the West over the past year as iconic basketball moments are now being bought digitally by fans, which gave us the idea,” Karthik told Reuters.

Others have succeeded. One of India’s top fashion designers, Manish Malhotra, recently sold NFTs containing digital sketches of some of his most famous creations for $ 4,000 a piece. Malhotra’s website reveals that some of his bridal outfits can be purchased at a lower price range of $ 2,500 to $ 3,500.

The rise of NFTs has baffled many who say there is little point in spending large sums of money on items that do not physically exist and can easily be viewed online.

Still, the global sales volume of NFTs rose to $ 10.7 billion in the third quarter of 2021.

Vishakha Singh, vice president of NFTs at Indian crypto exchange WazirX, said celebrity participation in the segment will create a stir in the space.

This, she said, “is great for the ecosystem. This will help us raise awareness of this new, breakthrough world of digital assets, ”said Singh.

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