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NFTs takeoff in Bollywood with Zee Studios being the latest to offer digital collectibles

The Indian film studio offering an NFT could mean that more brands and celebrities will follow suit.

Zee Studios dropped a non-fungible token (NFT) of a signed movie poster in collaboration with NFTically, according to a CoinDesk report. The drop was rolled out on Polygon, a scaling protocol for Ethereum-compatible blockchain networks built in India, the report added. 

The NFT will be a part of the ‘Zee Studios collection’. Shariq Patel, Chief Business Officer, Zee Studios, explained that the film studio will provide NFTs derived from various films in its repository. 

NFT sales grew by 400 percent in February this year as compared to January. The exponential growth has led to many brands jumping on the NFT bandwagon to offer digital collectibles. Several people believe it to be the next step in the world of art collecting while others believe that it’s a fad that will die down eventually. It remains to be seen whether the studio is contemplating NFTs as a strategic investment or simply piggybacking off the NFT hype. MediaNama reached out to Zee Studios for comment and this report will be updated when we receive a response. 

Bollywood’s brush with NFTs

The announcement by Zee Studios comes on the heels of Bollywood figures’ plans to launch their own NFTs:

  • Sunny Leone announced the launch of her NFT collection recently through Silicon Valley-based Mintdropz. Leone has set up a website to share her collection which includes costumes and animation designed by artists the world over, as per Inc42.
  • Amitabh Bachchan will also roll out his own NFT collection on BeyondLife.club. The collection will consist of poems written by the actor, a narration of Madhushala with backstories, autographed posters, and other souvenirs. A countdown of fifty-six days has been set on the website after which people will be able to place their bids.

What is an NFT? 

A non-fungible token is a digital token that is unique and does not have a substitute online. For example, one-of-a-kind artwork or a collector’s item. It is powered by the same blockchain technology on which cryptocurrencies were developed till now.

NFTs can include almost any digital asset. Images, videos, tweets, songs, virtual spaces in games, blockchain domains, etc. are some of the things which have been sold as NFTs. 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.

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NFT marketplaces like OpenSea, Rarible, SuperRare, Mintable, NBA TopShot, and Valuables, have reaped the fruits of growing popularity. Most of these platforms require you to have a cryptocurrency wallet and make transactions using Ethereum. 

Rise of NFT marketplaces in India

India has plunged headfirst into 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. 
  • NFTically commenced operations shortly after WazirX’s announcement, Business Insider reported. It is a B2B SaaS platform that allows entities to launch their own NFT store without needing technical knowledge.
  • Wall.app, the third marketplace, was also in the offing, the report added. 

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