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

© Reuters. FILE PHOTO: Bollywood actor Amitabh Bachchan leaves after attending the marriage ceremony of Isha Ambani, the daughter of the Chairman of Reliance Industries Mukesh Ambani, in Mumbai, India, December 13, 2018. REUTERS/Francis Mascarenhas/File Photograph

By Nupur Anand and Shilpa Jamkhandikar

MUMBAI (Reuters) – Indian celebrities from the world of Bollywood and cricket are more and more launching digital memorabilia by means of non-fungible tokens (NFT), hoping to rake in hundreds of {dollars} by cashing in on rising curiosity in such belongings.

NFTs are a kind of digital asset which use blockchain to report the possession of things similar to pictures, movies and different collectibles. Their roaring reputation has baffled many however the explosive progress reveals no signal of abating.

Bollywood superstars similar to Amitabh Bachchan https://www.beyondlife.membership and Salman Khan are planning to launch NFTs quickly. Whereas Bachchan’s NFTs will embrace autographed posters of his films, Khan has been constructing pleasure on his Twitter (NYSE:) account by telling his 43 million followers in regards to the deliberate NFT launch.

“NFTs are proper now alien to Bollywood however I’m positive they (movie stars) will see this as one other platform the place they’ll use their current content material and generate income,” mentioned Ayaan Agnihotri of Bollycoin, an NFT market for Bollywood belongings.

Agnihotri mentioned that inside days of launch this month, his platform bought 8 million of the 20 million out there so-called “BollyCoins”, crypto tokens that can be utilized to purchase NFTs when they’re launched. One BollyCoin is price 10 U.S. cents.

However its nonetheless early days for superstar NFTs in India.

Indian cricketer Dinesh Karthik is auctioning a digital artwork reel https:// from a cricket match the place he hit a match-winning six on the final ball for round 5 ethereums, a digital forex, price round $20,000. However he has but to obtain any bids.

“NFT has picked up lots within the West within the final one yr with now iconic moments from basketball being purchased by followers digitally, which gave us the thought,” Karthik advised Reuters.

Others have had success. Certainly one of India’s prime vogue designers, Manish Malhotra, just lately bought NFTs of digital sketches of a few of his most well-known creations for $4,000 a chunk. Malhotra’s web site reveals one can buy a few of his bridal put on outfits at a cheaper price vary of $2,500-$3,500.

The rise of NFTs has baffled many who say it makes little sense to spend massive sums of cash on objects that do not bodily exist and may merely be considered on-line.

Nonetheless, international gross sales volumes of NFTs have galloped to $10.7 billion within the third quarter of 2021, making an eightfold improve from the earlier quarter, information from market tracker DappRadar confirmed..

Vishakha Singh, vp for NFTs at Indian crypto trade WazirX, mentioned superstar participation within the phase is ready to create pleasure within the area.

This, she mentioned, “is nice for the ecosystem. It will assist us in garnering extra consciousness in the direction of this new sport altering world of digital belongings,” Singh mentioned.

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