Mumbai: Cryptocurrencies have entered Bollywood with a bang with endorsements from megastars like Amitabh Bachchan, Salman Khan, and Ranveer Singh.
After launching his non-fungible tokens (NFT), Bollywood superstar Amitabh Bachchan has joined Coin DCX as its first brand ambassador, while Salman Khan has launched his NFT and many more celebrities will launch their NFTs soon.
Sumit Gupta, Co-founder, and CEO – CoinDCX said, “We are honored to have Mr. Bachchan as our brand ambassador. Being a crypto investor himself and having launched his own NFT (non-fungible token) recently, Mr. Bachchan is well-versed in the crypto space. His knowledge will prove valuable in building trust and credibility amongst new users. We are certain that his association with CoinDCX will help bring greater visibility to the world of crypto and develop a strong brand recall for us.”
Amitabh Bachchan was the first Bollywood actor to launch his own NFTs with BeyondLife.club last month.
In an advertisement for CoinSwitch, Ranveer Singh, star of some of the top blockbusters, delivers a rap in Hindi about just how simple crypto trading can be.
What are NFTs?
“Non-fungible” more or less means that it’s unique and can’t be replaced with something else.
An NFT is a crypto asset representing an intangible digital item such as images, videos, collectibles, or in-game items. The digital holdings with unique identifying codes can be bought or sold like any other form of an item but don’t have their own tangible existence. Owners of NFTs are listed on the blockchain and trade them as a stand-in for the digital asset it represents.
Most NFTs are part of the Ethereum blockchain, a cryptocurrency, like bitcoin or dogecoin, but its blockchain also supports these NFTs, which store extra information that makes them work differently from, say, an ETH coin. It is worth noting that other blockchains can implement their own versions of NFTs.
As crypto-mania accelerates, the sales volumes of non-fungible tokens (NFTs) climbed to $10.7 billion in the third quarter of 2021, a rise by more than eightfold from the previous quarter, according to a report by market tracker DappRadar.
Global successful NFTs
- In March, a piece of digital art was sold for $69.3 million at Christie’s, setting a new high for a unique but burgeoning genre of art known as NFTs, and putting the artist known as Beeple in the world formerly occupied solely by artists who created actual work.
- Elon Musk, the CEO of Tesla, got in on the NFT craze by selling a song about non-fungible tokens as a non-fungible token.
- Jack Dorsey, the CEO of Twitter, sold his first tweet as an NFT for $2.9 million, which he donated to charity.
- At an auction, an NFT artwork created by humanoid robot Sophia in partnership with 31-year-old Italian digital artist Andrea Bonaceto employing artificial intelligence fetched over $700,000, making it the first sale of digital artwork.
- The “Charlie bit my finger” video, which was one of YouTube’s first and most popular viral videos, was taken down after its makers auctioned it off as an NFT for $760,000, making it the latest meme to be sold on the blockchain as part of the lucrative NFT frenzy.
- According to reports, 51 buyers competed in an auction in June for an NFT of the original source code for the World Wide Web, which went for $5.4 million in a Sotheby’s online auction.
- Andy Murray, a Scottish tennis player, is the latest to cash in on the non-fungible tokens (NFTs) craze, with a crypto craze commemorating his Wimbledon 2013 victory fetching $177,777 at auction, according to platform WENEW hosting the sale in July.
With celebrities endorsing cryptocurrencies and launching their NFTs, the crypto craze is catching up in India, with more than millions of Salman Khan’s BOLLY tokens sold within hours of launch.
According to Bollycoin, the sales numbers swept the Indian NFT and cryptocurrency industry, resulting in the sale of over 1 million BOLLY tokens in just over three hours. The craze continued, with nearly 2 million tokens sold out in less than 7 hours. The frenzy persisted as the public consumed more than 3 million BOLLY coins in just over 24 hours.
Cashaa CEO and Founder Kumar Gaurav believe that Bollywood endorsements will boost the crypto market in India. “Amitabh Bacchan and Salman Khan have crores of fans in India, and they follow what their stars do. I expect the crypto market in India to exceed Rs 1 lakh crore from the level of Rs 30,000 crore now,” Kumar told ABP News
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