Regional movies, actors, YouTubers tap NFT opportunity
PremiumCelebrities are taking to NFTs owing to the instant connection they provide with young, tech-savvy audiences and its revenue potential
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NEW DELHI : The rage for non-fungible tokens (NFTs) has taken India’s entertainment and social media industry by storm with a host of Bollywood and regional stars lining up to sell their digital collectibles.
On Monday, Amitabh Bachchan went live with his NFT auction with three sets of collections on beyondlife.club. While the mega star was the first from the film fraternity to announce an NFT sale event, Salman Khan joined the bandwagon with the “Aa raha hoon main, NFTs leke... Stay tuned, bhai log!" post in his signature style as the Bhai of Bollywood.
However, Bachchan was not the first Indian celebrity to go live with the NFT auction.
Malayalam movie star Dulquer Salmaan signed an agreement with Abu Dhabi-based technology company Ammbr to hold an NFT sale last month for his film Kurup. Salmaan, who also co-produced the film, put on block the film’s poster signed by both director Srinath Rajendran and Salmaan, besides videos with embedded music and digital artwork.
Rapper Raftaar, singer Mika Singh, and YouTuber Amit Badana have also tied up with NFT marketplaces.
NFTs are unique digital signatures stored on a blockchain ledger, which represent real objects such as artwork, music, videos, online games, and collectibles. NFTs are bought by collectors and investors and can be bought and sold in the secondary market. The creator of the NFT has the option of either putting a unique piece on the block or sell the NFT to a limited number of collectors. The unique digital assets command a higher value.
“Celebrities and actors are major brand owners and have gained popularity over the years through their work, be it movies or music. They have used social media to connect and interact directly with fans for a while. Now, blockchains have emerged as a form of evolution of the internet," said Keyur Patel, co-founder and chairman, Guardian Link and co-founder, Beyondlife.club.
Patel and co-founder Arun Pandey said Bachchan’s collections will include a recording of Harivansh Rai’s Madhushala recited by the actor and some costumes, songs and vintage hand-painted posters signed by him. “Most actors are using NFTs to put out rare and precious collectibles that may not be known to fans and which they may not want to be seen on regular social media," Patel said.
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Vinay Bhutani, partner, Economic Laws Practice, said a celebrity can auction or sell almost anything—from video clips and pictures, to art, music, and paintings as an NFT. “The attraction for such items and their increasing monetary value can be linked with their uniqueness, since they represent a one-of-a-kind token that is solely owned by a person, who in some cases may also own the copyright to the same, depending on the smart contract at the time of sale." “Another reason celebrities are enjoying NFTs is because the smart contract between buyers and sellers can be coded so that any future sale of the NFT confers royalties upon them as a percentage of the future sale amount, many times in perpetuity."
Bhutani said the firm has seen traction within its advisory team on NFTs and structuring of NFT platforms. “The excitement over NFTs comes from owning a digital product which is rare and one-of-a-kind," said Sumit Ghosh, CEO and co-founder, Chingari, which launched NFT marketplace with Salman Khan as brand ambassador.
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