Bollywood celebrities and Indian cricketers are increasingly launching digital memorabilia through non-fungible tokens (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 use blockchain to record the ownership of items such as images, videos and other collectibles. Their roaring popularity has baffled many but the explosive growth shows no sign of abating.
Bollywood superstars such as Amitabh Bachchan and Salman Khan are planning to launch NFTs soon. While Bachchan’s NFTs will include autographed posters of his movies, Khan has been building excitement on his Twitter account by telling his 43 million followers about the planned NFT launch.
But its still early days for celebrity NFTs in India.
Indian cricketer Dinesh Karthik is auctioning from a cricket match where he hit a match-winning six on the last ball for around 5 ethereums, a digital currency, worth around $20,000. But he has yet to receive any bids.
Others have had success. One of India’s top fashion designers, Manish Malhotra, recently sold NFTs of digital sketches of some of his most famous creations for $4,000 a piece. Malhotra’s website shows one can purchase some of his bridal wear outfits at a lower price range of $2,500-$3,500.
The rise of NFTs has baffled many who say it makes little sense to spend large sums of money on items that don’t physically exist and can simply be viewed online.
Still, global sales volumes of NFTs have galloped to $10.7 billion in the third quarter of 2021, making an eightfold increase from the previous quarter, data from market tracker DappRadar showed.
Categories: Alternative Investment Funds