Amitabh Bachchan’s NFTs hit highest-ever bidding in India on Day 1 of auction

By: |
November 02, 2021 3:35 PM

Globally, Paris Hilton, Lindsay Lohan, rock band Kings of Leon, skateboarder Tony Hawk, Snoop Dogg, rapper Azealia Banks, Scottish singer Lewis Capaldi, and more have reportedly already launched their NFTs.

Madhushala is the collection of Amitabh Bachchan's father Harivansh Rai Bachchan’s poems recorded in the actor’s own voice. (Image: Amitabh Bachchan/Instagram)

Veteran Bollywood actor Amitabh Bachchan’s non-fungible token (NFT) collection has beaten all records of NFT bids in India to become the most successful so far, said no-code NFT platform Guardian Link on Tuesday. The company had partnered with Rhiti Entertainment-owned NFT platform BeyondLife.Club in September this year for the actor’s NFT collection launch. The auction went live on November 1, 2021, and would close on November 4, 2021. Amitabh Bachchan’s ‘Madhushala’ NFT collection received the highest ever bidding in India at $4,20,000 on Day 1.  

Madhushala is the collection of Amitabh Bachchan’s father Harivansh Rai Bachchan’s poems recorded in the actor’s own voice. The NFT auction also included seven autographed posters from his iconic movies and half a dozen collectibles of “punks and NFTs art & Poster collection” that got bids worth over $1,00,000 on Day 1. 

“A unique feature to the auction is the “Loot Box”, worth $10 each. Every buyer of this box would get an assured art piece from the NFT collection. The Loot box goes live on November 2 at 7 pm offering 5000 collectibles for which over 300,000 crypto collectible fans have signed up globally,” the company said in a statement. The NFT collection was also the first-ever NFT based on Guardian Link’s anti-RIP NFT technology that prevents the NFT from being copied and hence protects the exclusive rights of its owner which is currently a challenge in the NFT landscape, according to Guardian Link. 

“In a world of metaverses and digitization, NFTs have opened the doors to a new realm of connectivity and an opportunity to engage with my fans in a new way. The NFTs will offer the audience a chance to own an original piece of rare and cherished moments of my life including stories from my films, recitation from Madhushala, some back stories and moments from my films and these moments remain with them forever,” said Amitabh Bachchan.

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“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 — a crypto exchange had told Financial Express Online. 

Apart from Amitabh Bachchan, Sunny Leone and Salman Khan have also recently reportedly announced the upcoming launch of their NFTs. Globally, celebs are cashing in on NFTs. Paris Hilton, Lindsay Lohan, rock band Kings of Leon, skateboarder Tony Hawk, Snoop Dogg, rapper Azealia Banks, Scottish singer Lewis Capaldi, and more had reportedly already launched their NFTs. Essentially, every NFT is unique and cannot be traded unlike cryptocurrencies, which are identical to each other, and can enable commercial transactions. For instance, one Bitcoin is equal to another Bitcoin or Re 1 is equal to another Re 1 but NFTs cannot be a medium of transactions because of their uniqueness.

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