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<ul><li>NFT transaction activity has <a href="https://go.chainalysis.com/rs/503-FAP-074/images/state-of-web3.pdf">declined</a> from $3.9 billion in February 2022 to less than $1 billion in March 2022.</li><li>Amitabh Bacchan’s BeyondLife.Club, Salman Khan’s Chill Bull NFTs and Vishal Malhotra’s NFT funded film Ilm made headlines in 2022.</li><li>Blue Chip celebrity NFTs are more viable for investment than star NFTs which provide a one-time use case.</li></ul>We have come a long way from when Bollywood actors seemed like the real stars, inaccessible and in a galaxy that was out of reach of the laity. Thanks to social media and digital technologies, we now may have a ‘problem of plenty’. With NFTs, blockchain-based digital collectibles, fans now have access to digital avatars of Bollywood celebrities and can even attend their film premieres. Last year, many Indian celebrities launched their NFTs or Non-Fungible-Tokens, a unique way of selling their art online. It could be a poem, a song, a movie dialogue or even a movie premiere. However, NFTs have seen a steep drop in interest <a href="https://trends.google.com/trends/explore?q=NFTs">since last year</a>. NFT transaction activity <a href="https://go.chainalysis.com/rs/503-FAP-074/images/state-of-web3.pdf">crashed</a> by three-quarters to less than $1 billion in March from $3.9 billion in February. How have Bollywood NFTs fared after this crash? Fiat vs crypto NFTs can be bought either with fiat money – regular money such as INR – or with cryptocurrency. NFTs that were bought using fiat money have been less affected by the market crash. For instance, Guardian Link, a platform which manages Amitabh Bachchan’s <keyword id="11050714" type="General" weightage="20" keywordseo="nft-platform" source="Orion">NFT platform</keyword> BeyondLife.Club was one of the first to offer NFTs in fiat money. Amitabh NFTs were sold for $1 million in 2021. “Over 12,000 NFTs were sold within 45 seconds of going live. Guardian Link also provides credibility checks for these celebrity NFTs so that they can neither be replicated nor sold anywhere else,” said Arjun Reddy, chief technology officer at Guardian Link. For NFTs that were bought via digital currencies, the story gets a little complicated. Utility &amp; engagement drive NFT value How well NFTs have fared is dependent on multiple factors – utility of NFTs, star power, star engagement and credibility of the platform. If the NFTs do not provide lasting use cases for customers, they are unlikely to be popular. ‘83’ – a film that starred Ranveer Singh – in January sold all its digital collectibles within an hour of launch on ‘Social Swag,’ a platform for customers to learn directly from celebrities and not an NFT platform. Actor Salman Khan released ‘Chill Bull NFT collection’ in July – based on his 2019 movie ‘Dabbang 3’ – through <a href="https://www.bollycoin.com">Bollycoin</a>, the star’s NFT platform. However the utilities of these NFTs remain nil with no reference to them on the official <a href="https://market.bollycoin.com/assets/0xF298fEA19b400F20c61194e95aEB2421B3C12796/102">website</a>. Business Insider had not heard back from Bollycoin at the time of publishing. “Art should always be backed by lasting utility. Often celebrities launch their NFTs and go radio silent. But if an NFT buyer wants to sell the NFT of a Bollywood digital avatar, would they be able to do so? They should have an active NFT community,” said Sandesh Suvarna, vice president, WazirX NFT marketplace. Vishal Malhotra, creator of Asia’s first NFT-funded film ‘Ilm,’ meaning knowledge; and also the first actor to launch his NFT in India, did just that. “Ilm-the world’s first NFT-funded film has been certified by the Censor Board of India. Even during the bear market, over 50% of the film NFT passes have been sold. The bear market allows NFTs to go mainstream, bringing down their price. A Sholay film NFT has classic value for a Bollywood fan and will always have incremental resale value,” Malhotra said. Fans who own the ‘Ilm’ NFT passes will have a lifetime access for all his future film premieres, Malhotra added. Of blue chips &amp; star power The ‘Blue Chip NFTs’ – those NFTs that have the backing of big names, venture capitalists and big organizations – would still make for good buys is the general consensus. <a href="https://www.rario.com">Rario</a>, a blue chip NFT platform has over 20,000 users worldwide. They have partnered with cricketers like Rishabh Pant, Ruturaj Gaikwad and Dinesh Karthik, and are backed by top global cricket leagues. “Esports is growing rapidly. Cricket fans want to be associated with their favourite players. At Rario, you can gain access to their tournaments, merchandise and even host your own virtual tournaments. We have partnered with world’s cricket mega celebrities,” said Ankit Wadhwa, CEO of Rario. The star power of a mega celebrity like Amitabh Bachchan, coupled with the backing of a well-known decentralised exchange like Guardian Link seems to be the winning combination for owning a lucrative NFT. Amitabh Bachchan’s NFT ‘<a href="https://marketplace.beyondlife.club/order/details/l4bwBKRxFnDm2DoP/9YEpmRnhnjymzQ87">BigB Punks #1633</a>’ that sold at $10 a piece last November, is currently priced at $1500/piece. Celebrity engagement One of the most important factors that determine the value and demand of celebrity NFTs is the extent of engagement by the celebrity. Dhruv Saxena, chief strategy officer of Singapore-based NFT celebrity platform <a href="https://www.fantico.io">Fantico</a>, deals with NFTs of Indian movie stars such as Kamal Hassan, Madhavan, and lyricist Javed Akhtar. He believes investor overlap between crypto and NFTs does exist, hence buyers are more cautious. “This is very typical after any ‘bull run’ days. Value can only be created by creators or their fans. While fans will continue to like whatever it is they do, creators (artists, influencers, actors, musicians, or athletes) will use this new medium to create more supply,” added Saxena.

Have Bollywood NFTs lost their glamour during the cryptocrash?

TV host and actor Vishal Malhotra has collaborated with artist Ishita Banerjee to release an <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" data-type="tilCustomLink">Non Fungible Token</a> (<keyword id="4668945" type="COMPANY" weightage="20" keywordseo="nft">NFT</keyword>). He is the first Indian actor to collaborate with an artist to do so. The art is a depiction of Vishal's 25 years in Bollywood and the most popular characters he has portrayed over these years. The NFT was sold for 2.5 ETH. Non Fungible Token is a form on an online art gallery where sale happens through <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" data-type="tilCustomLink">cryptocurrency</a>. The animated piece is knit with background music featuring Vishal's voice. The interest started coming in within 11 seconds and the first bid was made within 45 minutes after the auction went live. Along with the NFT, the buyer gets a live chat with Vishal and a possible Meet and Greet session, depending on the Covid situation. "(I am) Excited to collaborate with an NFT artist as the first Indian actor, where I am the subject of the art piece that depicts the characters I have played in my journey as an actor. I have lent my voice in the background music of the artwork as well," Vishal tells IANS. He is thrilled about meeting people who win the bid, for a live video chat session. "What's interesting is that it also helps me connect with people who buy the collection. They get a chance for a Meet and Greet depending on the Covid situation or get an interaction live/online session. A bid that started at approx 0.5 eth (700 <keyword id="54123" type="COMPANY" weightage="20" keywordseo="USD">USD</keyword>) finally sold within 24 hours for 2.5 eth (5500 USD) -- that's five times the listed price. The buzz around this historic NFT drop was so much that it created an intense bidding war. My next NFT drops early next week and I've already been getting messages with bids," he says. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/aamir-khan-backed-furniture-rental-startup-furlenco-raises-1000-crore/articleshow/84132797.cms">Aamir Khan-backed furniture rental startup Furlenco raises ₹1,000 crore</a> <a href="https://www.businessinsider.in/business/startups/news/info-edge-will-now-only-sell-shares-worth-375-crore-in-zomato-ipo/articleshow/84131589.cms">Info Edge will now only sell shares worth ₹375 crore in Zomato IPO</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-wi-fi-bug-could-prevent-you-from-connecting-to-wi-fi-networks/articleshow/84133617.cms">New iPhone Wi-Fi bug could prevent you from connecting to Wi-Fi networks</a>

In a first for Indian actors, Vishal Malhotra sells NFT for $5500

As high-net-worth individuals (HNWIs) continue to invest in <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" data-type="tilCustomLink">cryptocurrencies</a> and seek to diversify their portfolio, non-fungible tokens (NFTs) are slowly gaining asset-class credibility. Indians are also warming up to this new digital asset that has given creators and collaborators a fresh platform to earn better moolah while generating more value for their work. NFTs allow people to buy and sell ownership of unique digital items in <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" data-type="tilCustomLink">cryptocurrencies</a>, and keep track of who owns them using the Blockchain. NFTs can technically contain anything digital, including drawings, artworks, tweets, animated GIFs, songs or even video games. TV host and actor Vishal Malhotra collaborated with artist Ishita Banerjee to release an NFT which was sold last week for 2.5 Ethereum ($5,500) -- five times the listed price. On the NFT marketplace by WazirX, India's biggest cryptocurrency exchange in terms of trading volume, a unique NFT, which was a collaborative artwork between pop icon Ritviz and visual artist Santanu Hazarika, was sold for $391.8 within 10 seconds of going live. WazirX has sold more than 160 pieces of digital art on its platform for NFTs within month of its launch. The crypto company on June 1 rolled out South Asia's first NFT Marketplace with 15 creators hailing from diverse categories such as space 3D artists, digital artists, muralist photographers, canvas artists, street artists and visual artists. The platform came without any listing price and extended 50,000 <keyword id="4090915" type="COMPANY" weightage="20" keywordseo="WRX">WRX</keyword> (WazirX tokens) as bonuses for the community. "More artists and collectors across the globe are today tapping the power of NFTs. NFTs ensure the exclusivity of ownership and can be seen as a way to digitise artwork and other collectible items," said Sandesh B Suvarna, <keyword id="45171" type="COMPANY" weightage="20" keywordseo="VP">VP</keyword>, WazirX NFT Marketplace. According to Hazarika, the global NFT market is slowly becoming a crucial promotional tool for all artists to monetise their work and uniquely engage with their community of collectors and fans who value art. "With NFTs, artists are now open to working with anyone," he said. The WazirX NFT Marketplace is powered by the Binance Smart Chain, which brings the gas fee -- a sum required to mint the NFT via a blockchain -- down from $60-$100 to about $1. Since the NFTs are interoperable, anyone can later transfer the NFT to a different cryptocurrency such as Ethereum. An exhibition featuring the artworks of Bengal-born artist, Lalu Prasad Shaw, certified using NFTs is on view at <keyword id="11570951" type="COMPANY" weightage="20" keywordseo="terrain-art">Terrain.art</keyword> till July 31. "Terrain.art is delighted to be one of the first blockchain powered platforms in India to register artworks using NFTs, presenting new works and those with prior histories through curated exhibitions," said its founder Aparajita Jain. On the global stage, digital artist Michael Winkelmann or Beeple sold one of his NFT arts for nearly $70 million earlier this year. An NFT artwork by <keyword id="38879" type="COMPANY" weightage="20" keywordseo="NSA">NSA</keyword> whistleblower Edward Snowden was sold for more than $5.4 million in April. <keyword id="6354616" type="COMPANY" weightage="20" keywordseo="Twitter">Twitter</keyword> CEO Jack Dorsey even sold his first tweet as an NFT for over $2.9 million. According to Capgemini's World Wealth Report (WWR), with the current stock market surge, HNWIs are seeking to diversify their portfolio with alternative investments. "Special purpose acquisition companies (SPACs) are becoming more popular, while non-fungible tokens (NFTs) are slowly gaining asset-class credibility," the report noted. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/aamir-khan-backed-furniture-rental-startup-furlenco-raises-1000-crore/articleshow/84132797.cms">Aamir Khan-backed furniture rental startup Furlenco raises ₹1,000 crore</a> <a href="https://www.businessinsider.in/business/startups/news/info-edge-will-now-only-sell-shares-worth-375-crore-in-zomato-ipo/articleshow/84131589.cms">Info Edge will now only sell shares worth ₹375 crore in Zomato IPO</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-wi-fi-bug-could-prevent-you-from-connecting-to-wi-fi-networks/articleshow/84133617.cms">New iPhone Wi-Fi bug could prevent you from connecting to Wi-Fi networks</a>

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Have Bollywood NFTs lost their glamour during the cryptocrash?

Eetika Kapoor

In a first for Indian actors, Vishal Malhotra sells NFT for $5500

IANS

Rich Indians are buying up NFTs to diversify their investments

IANS

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