With the development of blockchain and cryptocurrencies, including Bitcoin, Polkadot, Dogecoin, Ethereum, etc., celebrities in various sectors continuously consider investing in NFTs.
More Bollywood celebrities are seizing the opportunity to explore the non-fungible token (NFT) community in India. In particular, more celebrities have joined the community following the exceptional response to Bollywood’s Amitabh Bachchan’s digital collectibles.
An NFT constitutes data units kept on a digitized ledger referred to as a blockchain which accredits a digital asset as unique and thus irreplaceable. Nowadays, NFTs are used to represent intellectual properties, photos, audio content, and other forms of digital assets.
As many as 30 stars from various sectors, including Bollywood, music, and cricket, have expressed their interest in inaugurating their digital collectibles by the end of the year on Colexion, the NFT marketplace. Some of these stars include cricketers Dwayne Bravo and Varun Chakravarthy, Bollywood and TV celebrities Aamir Ali and Tanuj Virwani, and music artists duo Salim-Sulaiman.
“Initially, the campaign will oversee interactive trump cards of all 30 TV, cricket, and Bollywood stars inaugurated. Thirty individual cards for each star will be available and will be offered at $30 for a single combo pack that comprises five NFTs of any of these stars,” notes Colexion CEO and founder.
Introduced by Colexion, the interactive trump cards will comprise photos and celebrities’ 2D and 3D models. Some experts, including Aggarwal, are optimistic about the NFT market in India, and they predict it to be a $1 billion industry soon.
Despite NFTs being new in India, the response toward Bachchan’s digital collectibles demonstrated the potential digital assets have in India. During an auction by BeyondLife.club, Bachchan’s NFTs comprising his father’s ‘Madhushala’ poetry book and autographed posters, the celebrity made close to $966,000.
Digital assets of Bollywood star Rajinikanth have also attracted buyers’ attention. The seventeen NFTs of the movie ‘Sivaji.’ The NFT market platform, Diginoor.io, sold out the assets at a price range of $99-1,500. The digital assets exchange marketplace will be giving out additional NFTs from the movie on the celebrity’s birthday on December 12.
From the turn of events, Bollywood and cricket lovers have a lot to anticipate in NFTs, particularly with marketplaces attracting more celebrities while exploring new aspects. For instance, Colexion intends to inaugurate a virtual museum. Through the virtual museum, fans will get the opportunity to learn about the journey of their favorite superstars and familiarize themselves with their historical events and commendable accomplishments.
The virtual museum platform will be available for free in the first 100 days, and users will incur a monthly fee of $2 afterward.
Non-fungible tokens, which are increasingly being embraced and adopted by celebrities in India and worldwide, have experienced significant growth in sales. As indicated by DappRadar, worldwide sales volumes of non-fungible tokens shot to $10.7 billion during the 3rd quarter of 2021. This was an octagonal increment from the preceding quarter.
Presently, India accounts for close to 5% of the worldwide NFT market. Still, experts anticipate the market to grow further as they predict that 30% of the individuals dealing in cryptocurrencies will join NFT communities soon.
