Actor Salman Khan will roll out his digital collectibles in the form of non-fungible tokens (NFT) through BollyCoin, an ethereum-based marketplace.
Launched by producer/director Atul Agnihotri, the NFT platform will allow fans to mint clips and stills from films, iconic dialogues, posters, unseen footage, social media content and merchandise from celebrities.
Salman Khan has associated with the platform through Salman Khan Static NFTs. The platform has partnered with several Bollywood production houses such as Salman Khan Films, Arbaaz Khan Production, Sohail Khan Production, and Nikhil Namit’s Reel Life Productions
BollyCoin is slated to launch in December 2021, and plans to form similar partnerships with more production houses, the company said in a statement.
The NFT Marketplace will also consist of loyalty programs, a native token called BollyCoin token, and a presale & auction for Private investors that will go live sometime in late October.
With Bollywood celebrities like Amitabh Bachchan and Sunny Leone entering the fray, the global NFT momentum has suddenly caught the attention of the commoners on the street in the country. Recently, actor Kunal Kapoor also invested in white-label SaaS-based NFT Marketplace, NFTically.
Other celebrities who have ventured into NFTs include comedian Ellen Degeneres, rapper Snoop Dogg, singers Lewis Capaldi and Shawn Mendes, actresses Lindsay Lohan and Paris Hilton, Twitter CEO Jack Dorsey, cricketers VVS Laxman and Zaheer Khan.
Talking about the NFT Marketplaces (a place where users can buy and sell NFTs) during The Crypto Summit hosted by Inc42, Melvin Thambi, an NFT artist and cofounder of NFTMalayali, stated that the NFT phenomenon has helped him connect with other artists around the world much faster than Facebook-owned Instagram that only resulted in likes.
An NFT (Non-Fungible Token) is a digital asset that represents real-world objects like art, music, in-game items and videos. It can be bought and sold online, frequently with cryptocurrency.
It is generally encoded with the same underlying software as many cryptos – Blockchain. Once an NFT is sold, the creator receives an amount in cryptocurrency, and s/he also gets a commission on each subsequent sale of the NFT.
Unlike cryptocurrencies, which can be exchanged with one another, each NFT is unique and hence cannot be exchanged with another item. Moreover, cryptocurrencies such as Bitcoin can be broken down into smaller units. But NFTs cannot be broken down in the same way but exist as a whole.
The Blockchain phenomenon has already recorded around $2.5 Bn in sales globally by H1 CY21. On October 13 alone, 10K+ NFTs transactions worth $39 Mn been recorded.
Currently, NFT use cases include digital art, digital collectibles, gaming, e-ticketing, digitisation of real estate on the blockchain, equity financing in the form of private rounds, records’ maintenance and certifications.
Amid the rising adoption of NFTs, to enhance the liquidity of the marketplaces, Strip Finance, recently raised a seed and private round of INR 11 Cr.