Bollywood rocks Amitabh Bachchans 10 NFT retails at 2500 Is

Sports moments can be made into an NFT for the fans. Rario, the world’s first officially licensed cricket digital collectibles platform has recently added the Indian fast-ball spearhead, Bhuvneshwar Kumar to its growing list of cricketing superstars to have signed an exclusive contract with them. Kumar joined the likes of Virender Sehwag, Zaheer Khan, Smriti Mandhana, Rishabh Pant, Rashid Khan, Jason Holder, Quinton De Kock, M Siraj, Ruturaj Gaikwad, Shafali Verma as player partners of the platform.

Another trending area for the use of NFTs is gaming. Gamers have purchased in-game virtual goods such as character skins and weapons for a while now. “NFTs add an element of rarity to these goods by making them more valuable. This is exemplified by Axie Infinity, a Pokémon-style game in which each character, or Axie, is minted as an NFT possessing unique attributes that differentiate it from others,” says the Esya Centre and IAMAI report.

Fashion industry is no less. Leading designer Manish Malhotra auctioned sketches of a few iconic outfits designed by him as NFTs in collaboration with the Lakmé Fashion Week on the WazirX NFT platform. The synergy between NFTs and fashion is unsurprising, says the IAMAI report, given that uniqueness and rarity are aspects essential to both. On a grander scale, in September Dolce & Gabbana sold its inaugural collection of NFTs representing both digital and physical items. Adidas partnered with the Bored Ape Yacht Club (BAYC) and other notable NFT influencers to launch its collection of NFTs comprising physical and digital objects in December as part of its Into the Metaverse collection. It was also revealed that Nike holds a patent for CryptoKicks, which enables the tokenisation of shoes and authenticates their ownership.

NFTs hold tremendous potential to revolutionise the real estate market. A property can be minted as an NFT which is then fractionalised or split up into several smaller parcels that retail investors can purchase. Tickets to concerts and events can be converted into NFTs. As per the IAMAI report, it will help to resolve common issues with physical tickets, such as black marketing and duplication.

NFTs are playing an increasingly important role in decentralised finance or DeFi as well. “Virtual and digital assets enable trustless and global peer to peer transactions. As a result, users can transact with each other without the involvement of an intermediary or trusted third party, like a bank,” says the IAMAI report.

Bollywood NFT Buzz! Should you invest?

Currently, the Bollywood tokens are on a boom. Apart from the mind boggling success of the ’83’ movie NFT sale, we have recently witnessed an NFT auction of Bollywood star Amitabh Bachchan’s NFT collection, it fetched 1 million dollars. While this is big for the Indian market, overseas the NFTs have broken many milestones. However, Amit Nayak, CEO and co-founder of SahiCoin, says considering the popularity of these stars and the current trend of NFTs in India, we can evaluate Bollywood NFTs as an investment option for fans.

A voice, meme, shorts/reels, and video can become valuable, says Thakral of BuyUcoin, in the future and may double/triple the investment based on the actor(s) fame and content, depending on an original content producer from Bollywood.

The value appreciation of Bollywood NFTs will vary depending on the performer and the buyer’s interest in the same. Additionally, adds Thakral, the owner can adjust the value and sell it at a different price, resulting in loyalty defined by the owner, which presently ranges from 10% to 20%.

Industry veterans are optimistic on the growth of NFTs. “NFTs are in an early stage in India and we believe that there is still some gap between the supply and demand of NFTs in the country. However, we expect a significant increase in the near future bearing in mind the large crypto user-base and adoption rising in the country,” says Nayak of SahiCoin.

However, in case the demand or assumed value of an NFT drops down, the price of the token would fall in line. There is no guarantee of appreciation in value. One should not look at Bollywood NFTs or NFTs in the entertainment space specifically, to meet the financial goals.

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