Decoding India’s great NFT rush and famous link

When Collins Dictionary announced the ‘non-paid token’ (NFT) word of the year in 2021, people’s interest in learning more about the concept increased exponentially. India was familiar with NFTs and their relevance when the country’s biggest star Amitabh Bachchan’s NFTs were launched and sold for more than 7 crore. The collection was bought by fans and included his autographed posters, his father’s famous poem. Madhushala and several other works. Two NFTs of Bachchan’s latest movie jhund, priced at rupees 2.15 lakh each. Earlier this year, NFTs of sports drama starring Ranveer Singh 83 It was sold for 10 thousand liras. In 2021, actor Salman Khan started his own NFTs. dabangg sherry. Southern superstars like Rajinikanth and Kamal Haasan have also jumped into the NFT majority to have their own tokens. Another new Bollywood project kicking off its NFT, Radhe Shyam, the movie starring Prabhas and Pooja Hegde. ngageN, an invitation-only platform for brands and creators to list their unique assets for potential buyers, has launched NFTs for the movie. Limited edition collections have only been printed once.

Fans and followers can buy these tokens and brag about their relationship with the movie on their digital wall. They can also transfer these assets to their MetaMask (a software cryptocurrency wallet) and sell them on OpenSea (American online NFT marketplace). These NFTs can only be purchased from ngageN/UV Creations (a film production house),” says a spokesperson for the company. Prices for Radhe Shyam collections on the platform ranged from Rs 999 to Rs 50,000. They recently ended at Hotel Clarks Amer in Jaipur. eren Jaipur Literary Festival was special as it not only returns with a hybrid avatar but also has its own NFT collection of the year. The event’s producer Teamwork Arts has launched a new NFT collection on the last day of the festival. It included 15 moments to celebrate the festival’s 15th edition. Moments included Amitabh Bachchan, 14th Dalai Lama, Aamir Khan, former president of India APJ Abdul Kalam, late actor Rishi Kapoor and Shatrughan Sinha. Limited edition NFTs hosted on NFT marketplace abris.io. Teamwork Arts’ International audiences are delighted to hear that the festival has made an NFT drop, says Sanjoy Roy, general manager of .

Shining on the silver screen

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For celebrities in the entertainment industry, NFTs are proving to be an extension of their identity as they monetize their brand value. The fact that fans are fascinated by limited-edition collections and blockbusters from iconic names from the entertainment industry proves there is ample potential for a start in this industry. In fact, for big brands and names in the movie industry, NFT is another chance to make money. Last year, singer Ritviz released two 21-song albums with collaborator and visual artist Santanu Hazarika, along with one-of-a-kind artworks. Launched on the WazirX NFT Marketplace for $388.5, NFT was sold out 37 seconds after going live. NFTs are apparently becoming a growing industry worldwide. Several Hollywood artists and celebrities are now launching their own collections. Popular football player Cristiano Ronaldo has invested in cricket NFT company FanCraze through his company CR7. Rapper Snoop Dogg’s NFT collection earned more than $100,000 in just 48 hours last year. Entrepreneur and socialite Paris Hilton’s NFTs sold for $1.1 million in 2021. Lindsay Lohan’s coins are priced at $50,000… and the list goes on.

The demand for celebrity collectibles is so high and the business scope is so strong that a Los Angeles-based start-up Ethernity is building a blockchain network to allow celebrities and athletes to launch their NFTs. The last NFT boom didn’t happen suddenly, it was a gradual development. The founders of GuardianLink, which first started out as a blockchain research and development firm in 2016, began to realize the potential of the market and think about products in 2020. Ramkumar Subramaniam, co-founder and CEO of GuardianLink, who has raided the NFTs of Kalpana Chawla and Amitabh Bachchan, shares that their transition is longer because they have the talent and resources and simply have to adapt with what’s on the market. Also behind Asia’s first invited metaverse wedding as NFT, GuardianLink is getting more inquiries for other events to celebrate in the metaverse with their NFT. Ramkumar says they are open to partnering with others and providing NFTs for them and are developing their own metadatabase with another partner. “We want people to engage with the metaverse, and we don’t want to just walk around in it,” he says. According to its co-founder, GuardianLink plans to make its platform accessible to several artists and creators in order to be able to sell their own NFTs in the next one to two years. They will also be launching their apps soon.

Big work

NFT’s popularity started out of curiosity, but its presence is felt everywhere today. In January, Indian gaming tech group Quadrific Media’s 12th edition of India Online Poker Championship (IOPC) was announced with a new development: winners in NFTs launched by Spartan Poker. In March, Chennai-based GuardianLink, the world’s first NFT cricket game, attracts gaming and cricket enthusiasts and can turn their time and effort into money. At the same time, online travel company MakeMyTrip has also dropped its NFT collection on NFT marketplace ngageN. Named Virtual Vacations is a limited edition immersive NFT collection featuring top Indian travel destinations including Goa, Rajasthan, Odisha, Meghalaya, Ladakh, Jammu and Kashmir, Andaman and Himachal Pradesh. This was almost similar to the virtual tour opportunities provided by websites and museums during the pandemic. Last year, designer Raghavendra Rathore took his personal art and turned it into NFTs via blockchain technology for art. The collection was launched in limited edition on WazirX NFT Marketplace in conjunction with FDCI x Lakme Fashion Week. “The importance of blockchain is something we should all realize sooner or later as it will become an inclusive part of our lives in the near future. “We need to design products and services that absorb and absorb this breakthrough technology,” says Rathore. About development, Vishakha Singh, co-founder and Vice President of WazirX NFT Marketplace, says designers globally and in India are starting to understand how NFTs can be used to interact with the larger community and believes India has a promising NFT . market for creators and collectors, and this partnership will prove fruitful for both parties. Video-sharing mobile app Chingari’s NFT initiative plans to boost the economy of content creators by helping them earn money through NFT. For this, they launched GARI, social tokens powered by the Solana blockchain that functions as in-app currency and gives creators management power in the app.

According to the FICCI-EY media and entertainment report ‘2022 Tuning into Consumer’ published in March this year, the online gaming segment is expected to reach Rs 153 billion by 2024 with a CAGR of 15%, making it the fourth largest segment in the world. The Indian Monitoring and Evaluation sector driven by NFTs, metadatabase and innovations in esports. Investors and business people are aware of the NFT craze and are positive about their future prospects. Therefore, there is no doubt that heavy investments are flowing in this direction. Yuga Labs, the NFT-startup behind the ‘Bored Ape Yacht Club’ collection of NFTs, has recently risen to a valuation of $4 billion after a round of new funding. The company stands behind its popular collection of profile pictures featuring cartoon monkeys. Going beyond entertainment, the broadcasting industry is also tapping into the business potential of NFTs. In February of this year, author Anirudh Suri’s book The Great Tech Game: Shaping Geopolitics and the Destinies of Nations, published by HarperCollins India, became the first book to feature limited-edition NFT trading cards. Each card in the series is a unique keepsake, digitally hand-signed and numbered by author Suri, who is also the creator of NFTs.

NFT marketplaces

What attracts fans and investors to the NFT market is its uniqueness and non-exchangeability as it cannot be exchanged for any other NFT, making its holder the only real owner of the token in the digital space. According to a recent study by NFT data company Nonfungible.com, NFT trading witnessed a 21000% increase in 2021, growing from $82 million in 2020 to $17.6 billion in 2021. The report also shows that collectible and gaming NFTs remain the most popular categories. trade.Subramaniam tells GuardianLink that more Bollywood celebrities, athletes and other notable NFTs are also on the cards and will launch on marketplaces like BeyondLife.com. He also shares that entertainment, sports and gaming are also major markets for NFTs. “There is a great affinity for cricket in India. So we can think about participation in many ways,” he adds. It’s only a matter of time before every cricketer and IPL team has their own NFT. To begin with, Royal Challengers Bangalore (RCB) has announced that it will step into a collaboration and metadatabase with a partner to develop RCB NFTs. Rajesh Menon, RCB vice president and chairman, said, “Our effort is to make RCB a truly global lifestyle brand. This expansion in our portfolio of business is the right step in the futuristic vision with the launch of Hustle by RCB, a live and on-demand online fitness product, plant-based meat and team kit, athletics and more. We are very excited to unveil the future of the RCB brand world.”

Famous NFTs, including Amitabh Bachchan’s NFTs, are often released in limited numbers. According to Subramaniam, this arouses curiosity among fans and increases demand. He shares, “As NFTs, we recreate moments or specific events. They are limited, and therefore demand is higher. People can resell them too.” And rightly so, when Amitabh Bachchan’s NFTs were released in November last year, the price of each It was $10 and the resale value has risen to $2500. Similarly, NFT invitations for Asia’s first metaverse wedding sold for $10 and are currently priced at $4400. So buying and selling NFT is not just a hobby for fans, it’s also high end it is a good investment option for those looking for returns.It looks like the NFT craze is here to stay.

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