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Celebrity Artists in India too are Earning Triple through Blockchain powered NFTs
- Written by Aparajita Dey
It is evident that Blockchain technology has a disruptive presence in global technology. The fact that the system of Blockchain, which was primarily used to enable Bitcoin transactions, is now being implemented in other domains of the digital ecosystem, is a testimony to the fact that Blockchain is going to be a force to reckon with.
In India alone, 56% of Indian businesses are moving towards blockchain technology, weaving it deep into the fabric of their transactions. Most of the adoption seems to be coming from the banking and financial sector, but the fact that the Indian Government itself is making use of this technology for land title registry, vehicle lifecycle management, farm insurance, and electronic health record management, spells out a golden future of blockchain technology, especially in the industry that needs it the most…. The Indian creative industry.
Yes! Blockchain technology is applicable even in the creative industry. With its cryptographic hashing and use of NFTs, blockchain can be used by creators to leverage their creations to their full monetary value. In other words, with this technology, creators can get paid every time their content is used by some other creator, without worrying about platforms eating up part of the earnings.
What are NFTs?
In simplest terms, an NFT is a digital art that holds a certain amount of value, and can be owned and collected by a person. Think of a digital drawing, or a GIF perhaps, that is one of a kind, and only you own it. You may not be able to hang it on a wall, but only you will have the original piece on your hard drive.
The picture above is also an NFT, a one-of-a-kind digital art piece. In due time, it will become a valuable piece of art. When it increases in value, you shall be able to sell it for its price in value, just like any other sale and purchase of historic artwork.
How big is the NFT market going?
Answering this question is like answering the Bigfoot question- is it or is it not really there? No one can say.
Some people think that NFT is the future of art collection, and it is going to get bigger. While others say that NFT has had its big boom already and is now over. It depends on which expert you ask.
What we can say for sure, is that NFT sale and collection is completely legitimate and people are actually buying and selling, for sure, including famous people.
In 2021, Musician Grimes sold around $6 million worth of digital artworks in an auction on Nifty Gateway. One of the main pieces of her collection (out of ten), fetched around $389,000 alone.
In another instance, the Founder of Twitter, Jack dorsey, sold one of his tweets for just under 3 million.
William Shatner has sold Shatner-themed trading cards (one of it is an X-ray of his teeth).
Someone bought the digital artwork of a cat named Dragon, with chestnut coloured eyes, and body of the color of cottoncandy, for $172,000.
Are there examples of Indian celebrities who have dabbled in NFT?
Many Indian celebrities are buying and selling NFTs now, including Bollywood Actors. Here are some examples of Big-League Bollywood celebs who have traded in NFTs.
- 1. Amitabha Bachchan
Amitabha Bachchan sold his father Harivansh Rai Bachchan’s poem 'Madhushala' in his own recorded voice as NFT Collectibles in November 2021. Another part of that same collection was his signed poster of Sholay.
- 2. Salman Khan
In October 2021, the Dabangg actor teamed up with Bollycoin, a Bollywood NFT marketplace, to launch his NFT collection. Through Bollycoin, he launched 200 NFTs based on his hit film Dabangg, 42 out of which were scenes from the film.
- 3. Rajnikanth
In July 2021, Rajinikanth launched NFTs based on his 2007 Tamil action blockbuster film ‘Shivaji The Boss’. For this he partnered with Singapore-based NFT Marketplace Diginoor.io
This NFT collection featured 17 NFTs, which were immediately sold out.
- 4. Kamal Haasan
Influenced by Amitabha Bachchan, South superstar Kamal Haasan, too, launched his NFT collection.
Kamal Haasan launched his NFTs through celebrity NFT platform Fantico. His NFT collection features 100 to 1000 NFTs based on movie posters, souvenirs, avatars of his film and persona.