Former Indian cricketer and member of the 2011 World Cup-winning squad Yuvraj Singh is the latest entrant to the growing community of celebrities from cricket and Bollywood launching their non-fungible token (NFT) collections. Celebrating his 40th birthday on Sunday, the cricketer, who smashed six sixes in an over by England’s Stuart Broad in the 2007 T20 World Cup, said he will launch his NFT collection this Christmas on the NFT marketplace Colexion in which he had invested recently.
“Being there from ball 1 to the time I decided to hang up my jersey, the fans have always been with me. Thank u for cheering in my highs & giving strength in my lows. On my b’day I’m proud to announce a special gift for u-Yuvraj Singh NFT Collection in partnership with @colexionNFT,” Singh tweeted. Colexion had earlier collaborated with Pankaj Advani, Glenn Maxwell, and Brendon McCullum as well.
A number of celebrities had turned to launching their digital memorabilia to tap into the growing craze around NFTs and rake in profits such as Amitabh Bachchan, Salman Khan, Dinesh Karthik, Manish Malhotra, Rishabh Pant, Sunny Leone, Zaheer Khan, Sunil Gavaskar, and more.
“NFTs are capable of transforming the creative arts industry in a way that will benefit all the stakeholders of the industry. NFTs convert creative artworks into digital assets which can be traded over a highly secure blockchain network. NFTs also enable the artists to sell their work virtually without having to conduct a physical auction and the fact that NFTs cannot be duplicated, makes the artwork very unique and creates a higher monetary value. In India, NFTs are still in a nascent stage but with a global icon like Amitabh Bachchan endorsing NFTs, we can expect a massive surge in NFT adoption in India,” Jay Hao, CEO, OKEx.com had told Financial Express Online.
Paris Hilton, Lindsay Lohan, rock band Kings of Leon, skateboarder Tony Hawk, Snoop Dogg, rapper Azealia Banks, Scottish singer Lewis Capaldi, and other foreign celebs had reportedly already launched their NFTs. Essentially a digital asset, NFTs exist on Blockchain and represent different collectables such as digital artwork that are unique and cannot be traded unlike cryptocurrencies. NFT was the Collins Dictionary’s word of the year as it recorded a ‘meteoric’ rise of 11,000 per cent in its usage in 2021.
However, akin to cryptos, NFTs also are currently not regulated in India. In reply to a question in Parliament recently on having a separate legal framework for NFTs in India, Finance Minister Nirmala Sitharaman had said, “At this moment I may not be able to say that there will be a separate framework or not, but certainly, all these matters are being discussed.” The government is likely to introduce the Cryptocurrency and Official Digital Currency Bill 2021 in the ongoing winter session.
The suggestions/recommendations around cryptocurrencies in this story are by the respective commentator. Financial Express Online does not bear any responsibility for their advice. Please consult your financial advisor before dealing/investing in cryptocurrencies.