An NFT (non-fungible token) collection of one of the foremost Bollywood actors, Amitabh Bachchan, will be rolled out by BeyondLife.club, according to an Inc42 report. The report added the collection will consist of poems written by the actor, a narration of Madhushala with backstories, autographed posters, and other souvenirs.
A countdown of sixty-four days and ten hours has been set on the website after which people will be able to place their bids. The NFT platform BeyondLife.club is a partnership between Rhiti Entertainment and NFT exchange platform, GuardianLink.io, as per Inc42. Bachchan is an early adopter of cryptocurrency given that he earned crores of rupees in 2017 from his Bitcoin investment in 2015.
NFTs have witnessed a frenzied interest this year. In February alone, NFT sales grew by 400 percent from the previous month. The exponential growth has led to many brands jumping on the NFT bandwagon to offer digital artwork. It is of note that Bachchan will be the first among Bollywood celebrities to launch his own NFT collection.
What is an NFT?
A non-fungible token is a digital token that is unique and does not have a substitute sold online. For example, one-of-a-kind artwork or a collector’s item. It is also powered by the blockchain technology on which cryptocurrencies have been created till now.
NFTs can include almost any digital asset. Some of the things which have been sold as NFTs include images, videos, tweets, songs, virtual spaces in games, blockchain domains, among other assets.
NFTs have been instrumental in helping artists monetise their work without having to sell through galleries or auctions. Artists still own the copyright over their work and can earn money in perpetuity on resales of the NFT.
Digital art is freely available but NFT’s scarcity is what lends its value. Most of these platforms require you to have a cryptocurrency wallet and make transactions using Ethereum.
NFT marketplaces like OpenSea, Rarible, SuperRare, Mintable, NBA TopShot, and Valuables, have reaped the fruits of growing popularity. The total value of NFT sales has zoomed past $2.5 billion in the first half of 2021, according to a Reuters report.
India’s brush with NFT
India has not fallen behind when it comes to partaking in the NFT craze. Twitter revealed that the volume of conversations around NFTs grew by 43% between April and June this year.
WazirX, an Indian crypto exchange owned by Binance, started India’s first NFT marketplace in June this year. Inc42 said that the marketplace will see the participation of artists like Vimal Chandran, Tyler, Sneha Chakraborty, Ishita Banerjee, Arjun Menon, and others.
Celebrities who have explored NFTs this year
Since the start of this year, hundreds of celebrities have dabbled in NFTs but some of the most prominent names include:
- Twitter CEO Jack Dorsey sold his first tweet as an NFT for $2.9 million dollars earlier this year.
- Rapper Snoop Dogg released an NFT collection called “A Journey with the Dogg”
- Canadian musician Grimes has sold around $6 million worth of digital artworks. It is considered that Grimes is one of the bestselling NFT creators to date.
- Eminem sold NFTs including comic books, trading cards, action figures, and original music for around $1.8 million.
- Paris Hilton is one of the early adopters of crypto who released her first NFT back in August 2020. She made $1.1million when she launched a collection with designer Blake Kathryn.
- Musician Steve Aoki collaborated with Antoni Tudisco to produce his NFT with a clip of his music and a dancing blue-and-purple figure. It is one of the most expensive pieces of crypto art ever sold at $888,888.88.
- Everything You Need To Know About The Non-Fungible-Token Craze
- Mark Cuban invests in Bengaluru-based blockchain firm Polygon
- WazirX server crashes as trading volumes surge 2,000%, token up 1,000%
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