Bollywood-based NFT platform BollyCoin will launch its NFT marketplace on December 30. The launch will feature a collection of NFTs from the Dabangg franchise, which is a series of movies produced by Arbaaz Khan Productions featuring Salman Khan as an actor.
Salman Khan had announced his plans to release an NFT collection earlier this year. We had recently published an in-depth special feature about the NFT mania gripping the country and the celebrities at the forefront of it. You can read it here.
The Ethereum-based marketplace started by Bollywood actor, producer and director Atul Agnihotri will allow fans to invest, and trade clips and stills from films, iconic dialogues, posters, unseen footage, social media content and merchandise from celebrities in the form of NFTs.
Last month, BollyCoin had closed its presale round for its cryptocurrency after selling 20 Mn tokens worth $2 Mn. It is now listed on decentralised exchanges UniSwap and QuickSwap.
“We’re excited and curious to see the audience’s response to the Dabangg NFT collection. It was one of the most requested films from our community, so we really hope to do it justice. The character and the franchise are undeniably iconic, so it’s definitely an exciting way to kick off our project,” said Kyle Lopes, cofounder of BollyCoin.
According to IBEF, the Indian media and entertainment industry was worth INR 1.38 Tn ($18 Bn) and is estimated to be worth INR 1.79 Tn in 2021. It is projected to grow further to INR 2.23 Tn by 2023, growing at a CAGR of 17%.
In 2024, television is expected to account for 40% of the media market followed by print (13%), digital advertising (12%), cinema (9%) and OTT platforms and the gaming industry (8%).
According to BrokerChooser, India has the largest number of crypto owners among all countries in the world, numbering more than 100 Mn.