Home Bollywood Have Bollywood NFTs lost their glamour during the cryptocrash?

Have Bollywood NFTs lost their glamour during the cryptocrash?

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  • NFT trading activity has fallen from $3.9 billion in February 2022 to less than $1 billion in March 2022.
  • Amitabh Bacchan’s BeyondLife.Club, Salman Khan’s Chill Bull NFT and Vishal Malhotra’s NFT-funded film Ilm are making headlines in 2022.
  • Blue-chip celebrity NFTs are more suitable for investment than star NFTs that provide one-time use cases.

We’ve come a long way from Bollywood actors looking like real stars, out of reach, in a galaxy out of reach for the average person. Thanks to social media and digital technology, we may now face an “abundance problem.”

With blockchain-based digital collectible NFTs, fans can now access digital avatars of Bollywood celebrities and even attend their movie premieres.

Last year, many Indian celebrities launched their NFTs, or non-fungible tokens, a unique way to sell art online. It can be a poem, a song, a movie dialogue, or even a movie premiere.

However, interest in NFTs has fallen sharply since last year. NFT trading activity fell by three-quarters from $3.9 billion in February to less than $1 billion in March. How has Bollywood NFTs fared after this crash?

Fiat vs Crypto

NFTs can be purchased using fiat currencies (such as conventional currencies such as INR) or cryptocurrencies. NFTs purchased with fiat currencies are less affected by market crashes.For example, Guardian Link, a platform for managing Amitabh Bachchan NFT platform BeyondLife.Club was one of the first companies to offer NFTs in fiat currency. Amitabh NFT sold for $1 million in 2021.

“Over 12,000 NFTs were sold within 45 seconds of going live. Guardian Link also provides credibility checks for these celebrity NFTs, so they can neither be copied nor sold anywhere else,” said Arjun Reddy, CTO at Guardian Link .

For NFTs purchased with digital currency, the situation is a bit more complicated.

Utility and engagement drive NFT value

The performance of an NFT depends on a number of factors – the utility of the NFT, star power, star engagement and the credibility of the platform. If NFTs don’t provide customers with a durable use case, they’re unlikely to be popular.

’83’ – a film starring Ranveer Singh – sold all digital collectibles in January within an hour of the launch of ‘Social Swag’, a platform for clients to learn directly from celebrities, while Not an NFT platform.

Actor Salman Khan released the “Chill Bull NFT Series” – based on his 2019 film “Dabbang 3” – in July through the star’s NFT platform Bollycoin. However, these NFTs still have zero utility and there is no mention of them on the official website. Business Insider has yet to hear back from Bollycoin at the time of publication.

“Art should always be backed by enduring utility. Celebrities often launch their NFTs and silence the radio. But if NFT buyers want to sell NFTs of Bollywood digital avatars, can they do it? They should have An active NFT community,” said Sandesh Suvarna, VP of NFT Marketing at WazirX.

Vishal Malhotra, creator of Asia’s first NFT-funded film “Ilm,” which means knowledge; and the first actor to launch NFTs in India, did just that.

“Ilm – the world’s first NFT-funded film has been certified by the Indian Censorship Board. Even during a bear market, more than 50% of film NFT tokens have been sold. The bear market brought NFTs into the mainstream, reducing their Price. A Sholay Movie NFT has classic value for Bollywood fans and always has incremental resale value,” Malhotra said.

Malhotra added that fans with an “Ilm” NFT pass will have lifetime access to all of his future movie premieres.

Blue Chips and Star Power

The general consensus is that “blue chip NFTs” — those backed by big names, venture capitalists, and large organizations — still lead to good buys.

Rario, a blue-chip NFT platform with over 20,000 users worldwide. They work with cricketers such as Rishabh Pant, Ruturaj Gaikwad and Dinesh Karthik and are supported by the top cricket leagues around the world.

“Esports is growing fast. Cricket fans want to connect with their favorite players. At Rario, you can access their tournaments, merchandise, and even host your own virtual tournament. We partner with the world’s biggest cricketers,” Chief Rario Executive Ankit Wadhwa said.

The star power of a mega-celebrity like Amitabh Bachchan, coupled with the backing of a well-known decentralized exchange like Guardian Link, seems like a winning combination to own a lucrative NFT.

Amitabh Bachchan’s NFT ‘BigB Punks #1633’ sold for $10 a piece last November and is currently selling for $1500 a piece.

celebrity engagement

One of the most important factors in determining the value and demand of celebrity NFTs is the level of engagement of the celebrity.

Dhruv Saxena, chief strategy officer of Singapore-based NFT celebrity platform Fantico, deals with NFTs of Indian movie stars such as Vikram, Kamal Hassan, Madhavan and lyricist Javed Akhar. He believes that there is indeed an investor overlap between cryptocurrencies and NFTs, so buyers are more cautious.

“This is very typical after any ‘bull’ day. Value can only be created by the creators or their fans. While fans will continue to love what they do, creators (artists, influencers, actors, music home or athletes) will use this new medium to create more supply,” Saxena added.



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