Table of Contents
The trading of NFT has grown significantly from 2018 to 2020. It has continued to skyrocket even this year. As per a reliable recent report, it is reported that nearly $2 billion have been spent on NFTs (Non-Fungible Tokens) in the first half of 2021. NFTs space is growing immensely in India and this is why Bollywood stars like Amitabh Bachchan and Salman Khan are holding the chance to get into the NFT space with their digital collectibles. Are you an NFT enthusiast as well as a fan of Amitabh Bachchan? This blog is for you!
A brief explanation of NFT and how does it work
In general, a fungible asset is a unit that can be interchangeable, whereas a non-fungible asset indicates a non-interchangeable and unique one. Yes, Non-Fungible Token (NFT) has unique identifying codes. It can be anything like real-time things, including art, music, videos, and in-game items. It cannot be replaced yet traded.
NFTs are usually created and stored on a network named Etherum. Apart from this network, NFTs also support other blockchains like Flow. Regardless of it, the owner of the NFT collection can be tracked and verified. The NFT enthusiast can purchase these and they can add these items to their digital collections.
Various categories of NFTs
In simpler terms, anything can be NFT. As of now in the market, digital assets can be the following.
Despite this, here’s a list of well-known entries of NFTs.
- Event tickets
- Real-world assets
- Virtual items
- Domain names
Still, there is yet to discover more types in the NFT marketplace. Well, this marketplace is open for anyone. On passing days, new items are to be included in the list as mentioned above upon the arrival of new NFT investors.
NFT in India! Bollywood celebrities to join.
According to OpenSea (an NFT marketplace), the sales of NFT have increased from $8 million in January 2021 to $95.2 million in February 2021. Furthermore, it is expected that it will continue to grow in the upcoming years without a doubt.
However, Indians see this as a wonderful opportunity to jump into the ever-flourishing market. As already mentioned, the NFT space is open to all. Captivating this chance, Amitabh Bachchan is yet to launch his NFT collections. This further increases the craze of NFTs in India, with an expectation of tech-savvy NFTs to buy these collections. Not only him, but Salman Khan also made an announcement that he ought to launch NFTs with BollyCoin.
Unquestionably, Amitabh Bachchan is the first Indian Bollywood actor to roll out his NFT collections. It is to be live on a Beyondlife.club platform on November 01, 2021. It is a joint venture, a partnership between Guardian Link and Rhiti Entertainment.
Amitabh Bachchan’s Collections comprises of
Amitabh Bachchan’s collections are distinctive, which will inspire NFT fans to purchase and add these to their digital collectibles. Here we go, what his collections consist of.
- Madhushala – Poetry (BigB’s Dad’s Poetry in Bachchan’s voice)
- Vintage Posters (Hand-painted& autographed AB posters)
- BigB Punks & NFT art (Generated pastel NFT art of AB)
What’s so special about the NFT auction of Amitabh Bachchan? These collections are limited edition. Are you one of the big fans of Amitabh and want to proceed with NFT trading? Here’s a chance to do so. The inclusion of “Loot Box” is distinguishable, which will raise the chance to win an art piece from the collections.
Drop wallet? The main focus of launching drop wallets is to support various forms of digital payment transaction gateways. It will include debit cards, UPI, credit cards, and cryptocurrencies. Beyondlife.club supports drop wallet so that NFT fans can choose from a wide range of options.
Should you buy NFT?
The interest in buying NFTs has been fueled in recent years. Arry Yu says, “ Since NFTs are new, it may be worth investing a small percentage of the amount to try it out.” As we know that the craze of NFT in India has been a few months and so it is a little tedious to predict how it would go in the foreseeable days as it would be more solely based on NFT fans showing interest in investing. However, the price of it will fundamentally depend on the demand.
The craze for NFT continues to thrive in India?
India has joined the NFT race in recent times and so it is impossible to accurately predict its future scope as of now. Still, some experts say that just like cryptocurrencies, NFTs will also have a huge impact. In addition to this, NFTs have the potential to revolutionize the art world to a greater extent. Looking forward, the future of NFTs will be as bright as cryptocurrencies in India. Nevertheless, newbie NFT celebrities are making their fans jump into the digital space. Eventually, it will be a great advantage for both of them.