Bollywood megastar Amitabh Bachchan is set to joining the global bandwagon around non-fungible tokens (NFTs). The legendary actor will launch his own NFT collection through the NFT platform Beyondlife.club — launched by celebs and sports marketing and management firm Rhiti Entertainment and NFT exchange platform GuardianLink.io. “I have joined Rhiti Entertainment Pte Ltd – Singapore and will be launching NFT’s soon on the platform,” Amitabh Bachchan said on the partnership. The upcoming first set of limited edition NFTs will include “golden verses of ‘Madhushala’ narrated musically by Amitabhji with back stories, personally signed posters highlighting the biggest milestones of Amitabhji’s career, and rare digital cherishables from the past and the present,” according to Beyondlife.club.
Globally, celebs are cashing in on NFTs. Paris Hilton, Lindsay Lohan, rock band Kings of Leon, skateboarder Tony Hawk, Snoop Dogg, rapper Azealia Banks, Scottish singer Lewis Capaldi, and more had reportedly already launched their NFTs.
“NFTs are capable of transforming the creative arts industry in a way that will benefit all the stakeholders of the industry. NFTs convert creative artworks into digital assets which can be traded over a highly secure blockchain network. NFTs also enable the artists to sell their work virtually without having to conduct a physical auction and the fact that NFTs cannot be duplicated, makes the artwork very unique and creates a higher monetary value. In India, NFTs are still in a nascent stage but with a global icon like Amitabh Bachchan endorsing NFTs, we can expect a massive surge in NFT adoption in India,” Jay Hao, CEO, OKEx.com — a crypto exchange told Financial Express Online.
Also read: Now Cuba to recognise and regulate cryptos such as bitcoin; central bank cites ‘socioeconomic interest’
“It’s astounding to see how suddenly NFT is a hot favorite amongst artists across the world to create financial value for their content. The opportunities and the growth possibilities that are present within this space is beyond imagination. Artists are latching up to this technology to create a value around their life and work, which was almost dormant earlier,” “Arun Pandey, MD & Chairman, Rhiti Group said in a statement.
For the uninitiated, every NFT is unique and cannot be traded unlike cryptocurrencies, which are identical to each other, and can enable commercial transactions. For instance, one Bitcoin is equal to another Bitcoin or Re 1 is equal to another Re 1 but NFTs cannot be a medium of transactions because of their uniqueness. In June this year, Binance-owned crypto exchange WazirX had launched South Asia’s ﬁrst NFT marketplace for artists, creators, and collectors across India and abroad to create and trade unique digital assets that represent art, music, videos, collectibles, in-game articles among others.