Bollywood stars, Indian celebrities launch NFTs amid global craze

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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

  • Bollywood actors, sportspersons amongst these launching NFTs
  • Specialists say the entry of celebrities will assist NFT market
  • Gross sales volumes of NFTs have galloped to $10.7 billion within the Q3

MUMBAI, Oct 24 (Reuters) – Indian celebrities from the world of Bollywood and cricket are more and more launching digital memorabilia by non-fungible tokens (NFT), hoping to rake in 1000’s of {dollars} by cashing in on rising curiosity in such property.

NFTs are a kind of digital asset which use blockchain to file the possession of things comparable to pictures, movies and different collectibles. Their roaring recognition has baffled many however the explosive development exhibits no signal of abating.

Bollywood superstars comparable to and 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 account by telling his 43 million followers in regards to the deliberate NFT launch.

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

Agnihotri stated that inside days of launch this month, his platform bought 8 million of the 20 million obtainable 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 from a cricket match the place he hit a match-winning six on the final ball for round 5 ethereums, a digital foreign money, price round $20,000. However he has but to obtain any bids.

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

Others have had success. Certainly one of India’s high vogue designers, Manish Malhotra, not too long ago bought NFTs of digital sketches of a few of his most well-known creations for $4,000 a chunk. Malhotra’s web site exhibits one should purchase a few of his bridal put on outfits at a lower cost vary of $2,500-$3,500.

The rise of NFTs has baffled many who say it makes little sense to spend giant sums of cash on gadgets 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, knowledge from market tracker DappRadar confirmed. .

Vishakha Singh, vice chairman for NFTs at Indian crypto alternate WazirX, stated superstar participation within the phase is about to create pleasure within the house.

This, she stated, “is nice for the ecosystem. This can assist us in garnering extra consciousness in direction of this new recreation altering world of digital property,” Singh stated.

Reporting by Nupur Anand and Shilpa Jamkhandikar; Modifying by Aditya Kalra and Kim Coghill


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