Mumbai: Indian personalities from the world of Bollywood and cricket are increasingly launching digital memorabilia through non-fungible clues( NFT ), hoping to rake in thousands of dollars by cashing in on growing interest in such assets. NFTs are a type of digital asset which implement blockchain to record the ownership of components such as images, videos and other collectibles. Their roaring popularity has mystified numerous but the explosive increment registers no signal of abating. Bollywood wizards such as Amitabh Bachchan and Salman Khan are planning to launch NFTs soon. While Bachchan’s NFTs will include autographed signs of his movies, Khan has been building excitement on his Twitter account by telling his 43 million followers about the projected NFT launch. “NFTs are right now alien to Bollywood but I am sure they( film star) will see this as another platform where they can use their existing content and generate income, ” said Ayaan Agnihotri of Bollycoin, an NFT marketplace for Bollywood resources. Agnihotri said that within days of launch this month, his pulpit sold 8 million of the 20 million accessible so-called “BollyCoins”, crypto signs that can be used to buy NFTs when they are launched. One BollyCoin is worth 10 U.S. cents. But its still early days for fame NFTs in India. Indian cricketer Dinesh Karthik is auctioning a digital prowes reel https :// bit.ly/ 3m28fNc from a cricket competition where he stumbled a match-winning six on the last ball for around 5 ethereums, a digital money, merit around $20,000. But he has yet to receive any bids. “NFT has picked up a lot in the West in the last one year with now iconic minutes from basketball being bought by supporters digitally, which gave us the idea, ” Karthik told Reuters. Others have had success. One of India’s top clothes designer, Manish Malhotra, recently sold NFTs of digital sketches of some of his most famous innovations for $4,000 a piece. Malhotra’s website registers one can purchase some of his bridal wear outfits at a lower premium range of $2,500 – $3,500. The rise of NFTs has baffled many who say it utters little sense to deplete large sums of coin on items that don’t physically exist and can simply be viewed online. Still, world-wide sales volumes of NFTs have galloped to $10.7 billion in the third quarter of 2021, making an eightfold increase from the previous one-quarter, data from market tracker DappRadar showed.. Vishakha Singh, vice president for NFTs at Indian crypto exchange WazirX, said luminary participation in the segment is set to create excitement in the space. This, she said, “is great for the ecosystem. This will help us in garnering more awareness towards this new game changing macrocosm of digital assets, ” Singh said.
Read more: economictimes.indiatimes.com