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Bollywood And Its NFT Craze
The NFT market in India is getting crowded with Bollywood celebrities. Non-Fungible Tokens are disrupting the art world.
For the unaware, NFTs are unique, one-of-a-kind digital tokens that are built on a blockchain. Moreover, NFTs can be anything digital from music, art, video clips, tweets, articles, etc.
In recent times, NFT creators like Larva Labs have popularized this form of digital collectibles. Furthermore, celebrities around the world are getting into the NFT world. Hence, it is no surprise that Bollywood, too, is catching up on the trend.
Recent Bollywood Movies Cashing In On NFT
Recently, the makers of the movie Jhund announced their association with an NFT platform Superstar Xchange. The movie stars Amitabh Bachchan in leading roles.
According to reports, the makers are launching two gold edition NFTs representing the two movie posters of Jhund. Additionally, the NFT price is set at $2,824.26 each.
Moreover, Superstar Xchange plans to launch more NFTs related to Jhund. Savita Raj Hiremath, co-founder of Superstar Xchange, has said that they have associations with other Bollywood ventures. Additionally, the platform will expand to other film industries in India as well.
Another recent Bollywood movie that ventured into the NFT market is 83. The movie starring Ranveer Singh launched its own digital collectibles with its NFT partner Social Swag. The digital collectibles included video moments, unseen posters and images, digital avatars, etc.
Evidently, within hours of the NFT drop, 83 saw sales worth INR 10 lakhs. Apart from moviemakers, Bollywood celebrities are launching their own personal NFTs as well. Actors like Kamal Haasan, Salman Khan, Sonu Nigam, Amitabh Bachchan have all launched their digital memorabilia via NFTs.
Also Read: SEC Targets NFT Creators and Marketplaces Over ICO-type Sales
More Players And Movies Eyeing The NFT Market
According to NFT market insiders, film-based digital collectibles are all set to rise. Many Indian NFT marketplaces believe that movie NFTs will be the trend in the coming months. With pre-theatrical NFT releases, movie marketers will adopt trends to keep the buzz afloat.
As per co-founder at Guardianlink.io, Ramkumar Subramaniam, movie NFTs are finding strong traction in India. Last year, Subramaniam launched Amitabh Bachchan's NFT that sold for more than INR 7 crores.
Inspired by this trend, many more NFT platforms are eyeing the Indian market. Companies like Fantico are launching Bollywood NFTs paired with physical assets like Akshay Kumar's Versace jacket from the movie Dhadkan and Javed Akhtar's handwritten lyrics of Hawa Hawai from Mr. India.
Additionally, the company is even offering NFTs from original theatrical artwork. For instance, they launched an NFT consisting of the artwork from Mughal-E-Azam.
Also, NFT marketplace Diginoor.io offered digital collectibles consisting of Rajnikanth's three blockbuster films. This included Sivaji, Chandramukhi, and Kabali. Evidently, the first 17 NFTs of Sivaji sold within the price range of $99-1,500.
Bolstered by the Rajnikant NFT response, Diginoor has added more than 5,000 Indian movie titles to their pipeline and is partnering with production houses like Reliance Entertainment.
Crypto traders believe that NFTs will be on the up and up in the coming future. Moreover, Movie NFTs will become a profitable sector.