Sports drama 83 on NFT sold for ₹10 lakh in 1 hour

Filmmakers, actors and singers in India have reached out to various NFT markets to cash in on the NFT craze and launch collectibles featuring film scenes, posters, songs and dialogues. 83K NFTs have been mined on the Polygon blockchain platform. These include autographed physical cricket memorabilia, video moments, digital avatars, and unseen posters and images.

According to Social Swag, the new NFTs have generated a lot of interest in Tier-1 and Tier-2 cities. Atharva Sabnis, Chief Executive Officer, NFT Labs said, “While we were primarily expecting purchases from metros, cities such as Jabalpur, Kanpur, Nagpur, Thiruvananthapuram and Solapur took the lead in embracing the buzzing culture of NFTs.” social swag.

Social Swag isn’t the first company to take advantage of Bollywood’s virality. In November, Bollywood legend Amitabh Bachchan’s NFT collection was auctioned by a platform called BeyondLife Club, fetching $966,000. The collection included poems by Bachchan’s father, called the Madhushala NFT Collection, which sold for $756,000 alone, and posters from the 1975 film Sholay.

Actors Salman Khan, Rajinikanth, and Sunny Leone and singer Sonu Nigam are among the prominent actors whose films and songs NFT have released in the last few months.

Some actors have gone a step further and are building their own Metaverse platform, where they can use digital avatars to interact directly with fans and sell their NFTs. For example, NFT platform Fantico is making a metaverse game with a digital avatar of actor-turned-politician Kamal Haasan.

NFTs are digital assets with unique identification codes and can be mined, bought and transferred using the blockchain. Essentially, they are unique blockchain tokens, similar to cryptocurrency, that can be linked to any digital file including artwork, images, videos and used to establish proof of ownership. Unlike crypto, NFTs are not “replaceable”, meaning that one token cannot replace another on the blockchain.

According to NFT market tracker DappRadar, the total value of global NFT sales increased from $94.9 million in 2020 to $25 billion in 2021.

Last month, actor Salman Khan-backed NFT platform Bollycoin in partnership with NFT marketplace NFTly dropped the first in a series of large NFT collectibles from the actor’s 2010 film Dabangg.

Apart from the film industry, the NFT craze has affected the cricket fraternity as well. Several former and current Indian cricketers including Sunil Gavaskar, Yuvraj Singh and Rohit Sharma have released the NFT collection of their most memorable moments and milestones.

According to Google search trends of 2021, NFTs were searched more on search engines than crypto for the first time. Sabnis said that India has always been crazy about cricket and Bollywood. “With NFTs, for the first time, people can own a piece of history – a possibility that no one could have imagined prior to Web 3.0,” he said.