Salman Khan will launch NFTs (non-fungible tokens) in partnership with BollyCoin in December 2021, the actor announced on Wednesday. The actor took to micro blogging site Twitter and said “Aa raha hoon main, NFTs leke. Salman Khan Static NFTs coming on bollycoin”. The Bollywood actor asked his 43 million followers to “stay tuned” for more updates as he is coming soon with static NFTs. This comes after Bollywood megastar Amitabh Bachchan, in August this year, announced to launch his own NFT collection through the NFT platform Beyondlife.club — launched by celebs and sports marketing and management firm Rhiti Entertainment and NFT exchange platform GuardianLink.io. In fact, celebrities such as Snoop Dogg, Paris Hilton have used NFT to release their artwork in the recent past.
According to the BollyCoin website, digital collectibles from the Bollywood industry will be auctioned through its platform, where Bollywood enthusiasts from around the world can own NFTs of their favourite Bollywood films and celebrities. “We aim to be the world’s largest Bollywood NFT marketplace, partnering with the biggest producers and celebrities in the industry to create iconic and exclusive one of a kind NFTs,” bollycoin dot com website read. BollyCoin added that recently, Elon Musk’s wife, Grimes has created an NFT collection of her own work with a debut auction for a piece that sold for $5.8M in just 20 minutes. It also added that every time an NFT is sold on its marketplace, BollyCoin holders are rewarded in the form of BollyCredits which can be used to purchase NFTs on their platform when it goes live.
NFTs are digital assets underpinned by blockchain technology. They can be used for sale and purchase online, with digital evidence of ownership of any items included. For the uninitiated, 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. In June this year, Binance-owned crypto exchange WazirX had launched NFT marketplace for artists, creators, and collectors across India and abroad to create and trade unique digital assets that represent art, music, videos, collectibles, in-game articles among others.
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