NFTs have penetrated Hollywood and Sports in a big way. I have seen the rise of Socios.com and related football club tokens last year. Similarly, the pop stars in the global West have been busy cashing out on NFT craze. The one entertainment sector which has the potential to make the NFT market go parabolic has now joined the trend.
Bollywood's Megastar Amitabh Bachchan is releasing his rare art NFT collectibles starting today. He signed a deal with Beyondlife.club to release his record collection of poems, signed posters, autographs and other collectibles.
https://m.media-amazon.com/images/M/MV5BNTk1OTUxMzIzMV5BMl5BanBnXkFtZTcwMzMxMjI0Nw@@.V1.jpg
The megastar is the first Indian celebrity to release NFTs and this could hit the chord with Indian market. There are many passionate followers in India who worship their idols and the NFT market could cash on that passion. The company behind this NFT launch is already in talks with other superstars from India. The market will go crazy if this new tech meets the demands of fans. However, the marketing should be on the point to educate people about NFTs and why they are valuable.
Price
Collectibles are always expensive. So is the case for Amitabh NFTs. Among three undergoing bids, the price ranges from $9.5K to $30K. There are other options for buyers a lootbox can be purchased which will contain signed posters and other collectibles.
Blockchain
According to the website, Polygon network is the blockchain they are using for this NFT project. They believe the cheaper transaction fees and efficient transaction that Polygon demonstrates are the reason to select this blockchain.
To buy these NFTs, users are required to fund their wallet that are generated by the website. Users do not hold private keys of these wallets. I created an account in the website to see how this works. A regular registration process will require to access a wallet address generated once you sign up. Users can fund the wallet using banks, a third party app and by transferring USDT using ETH, POLYGON and BSC networks. A minimum of 100 USDT is required to fund the website wallet.
There are so many issues with the payment system and ownership but it is a step towards the mass adoption of NFTs in India. With the tech-savvy population that is inclined in open source application and blockchain tech, India can be the hub of NFTs given its entertainment legacy. Bollywood and regional superstars can be the catalyst required to boost the blockchain and NFT education.
So, who do you want to get into NFTs next? Shah Rukh Khan?