As per a report by CoinGecko, the NFT market is estimated to grow by more than $800 billion in the next two years. According to the report, roughly 72% of the respondents in the Asia and Pacific region already have at least one NFT, with more than half having five or more.
For the uninitiated, NFTs are simply certificates of ownership minted over a blockchain that represent a digital or a real-world asset, like an artwork, a collectible, a piece of music, or memorabilia. Since Beeple’s artwork sold for $69 million at a Christie’s auction, NFTs have become a rage among the internet masses. The NFT industry is billions of dollars worth currently and will grow, given the umpteen possibilities the NFT technology possesses.
Iconic brands like Nike, Louis Vuitton, Tanishq, Coca-Cola, Pepsi, McDonald’s, Samsung, Lamborghini, and many others have released their NFT collections to expand their marketing and brand promotion to the digital realm while at the same time creating customer engagement.
Celebrities and influencers haven’t been far behind in the NFT race. Global names like Lindsay Lohan, Shawn Medes, Eminem, Madonna, etc., have dropped their NFT collections for their fans. NFTs have changed the way how we look at ownership and digital marketing. Unsurprisingly, the NFT world has been expanding like never before, and Indian celebrities haven’t been left untouched by the NFT fever.
Vishakha Singh, vice president at WazirX Marketplace, believes that celebrity participation in the NFT segment will help in creating greater excitement and adoption among the Indian masses. She said, ” (this) is great for the ecosystem. This will help us in garnering more awareness towards this new game-changing world of digital assets.”
Let’s look at some of the bigwigs from the entertainment and fashion industry in India:
Amitabh Bachchan, the legendary Bollywood actor, joined the NFT bandwagon in November 2021. He launched Madhushala, his father’s renowned poetry recitation, as part of his NFT collection, which included autographed Sholay posters and other memorabilia connected to the film. The collection was auctioned for Rs. 7.18 crores through an NFT marketplace.
The Dabangg star launched his NFT collection based on his movie Dabangg. He launched the NFT series, which had 200 NFTs, of which 42 were movie scenes. Salman Khan announced on Twitter about his NFT series on 25th December 2021, and the collection went live on 30th December 2021. Fans could buy NFTs using ETH or MATIC tokens.
Superstar Rajinikanth launched his NFT collectibles based on his 2007 Tamil action film Shivaji The Boss in July 2021, collaborating with Singapore-based NFT marketplace Diginoor.io. The prices ranged from $99 to $1500 and were sold out pretty quickly.
Kamal Haasan, a well-known South Superstar, and politician has partnered with celebrity NFT platform Fantico to auction his movie NFT collectibles. The dates of the release of the NFT collection have not been disclosed yet.
Kamal Hassan will launch around 100 to 1000 NFTs based on movie posters, souvenirs, avatars, etc. Fantico plans to develop a metaverse game where each avatar has its world. Participants and fans will have the opportunity to engage with the avatar, purchase memorabilia, and even attend meet-and-greet sessions.
Manish Malhotra, India’s leading fashion designer, is the country’s first in his sector to enter the crypto realm. Manish Malhotra launched five NFTs based on sketches and runway GIFs of his couture that were worn by Deepika Padukone, Kareena Kapoor, Lisa Ray, and Alia Bhatt in October 2021. The collection was sold on the WazirX marketplace, and the NFT, which was based on one of his outfits’ sketches worn by Kareena Kapoor, was called Illuminous Showstopper and fetched the highest price of 3,000 WRX.
Sunny Leone becomes the first Indian actress to release her own NFT collection – Misfitz, by Sunny Leone. The collection was marked by quirky motifs, loud characters, and eclectic vibes. The collection had around 9600 NFTs and was sold out pretty quickly in November of 2021.
The NFTs and Bollywood’s union is solely led by the actor’s fan following and influence.
Ever since the introduction of digitalization in 2020, NFTs have had the opportunity to flourish and find their niche in India. However, NFTs gained momentum when Indian celebrity moguls, athletes, musicians, actors, humanitarians, and others, started taking an interest in them and went ahead and launched their own collections. The NFT fever and fervor aren’t yet subsiding, and we will soon see many more known names and personalities joining the list.
Suppose you are interested in buying and selling NFTs or even minting them; the WazirX NFT marketplace presents a great opportunity to do so at affordable fees, and the trust and security associated with the brand is the icing on the cake.Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.