Salman Khan jumps onto the NFT bandwagon with Bollycoin

Mumbai: Bollywood actor Salman Khan will soon launch a non-fungible token (NFT) collection, according to his Twitter post on Wednesday.
NFTs are a unique and non-interchangeable digital representation of art—photo, video, text—existing on a blockchain.

“Aa raha hoon main, NFTs leke. Salman Khan Static NFTs coming on @bollycoin. Stay tuned, bhai log! http://bollycoin.com #BollyCoin #NFTs #ComingSoon,” Khan tweeted.


The development follows veteran Bollywood actor Amitabh Bachchan’s announcement of launching his own NFT-backed videos, signed posters, and digital collectibles.

Khan’s NFTs will be available on NFT marketplace Bollycoin.com and will be purchasable through its native token by Bollycoin, which will open for presale later this month. The NFT platform will go live in December, according to the website.

The founding team of the marketplace includes Khan's brother-in-law Atul Agnihotri.

The marketplace has partnered with Arbaaz Khan Production, Sohail Khan Productionz and Salman Khan Films to begin with. It plans to partner with other celebrities and production houses too.

According to the white paper of its native token Bollycoin, the marketplace will sell digital collectibles from Bollywood which will be auctioned on the Ethereum blockchain.

Khan is jumping on the NFT bandwagon amid keen interest among cricketers and celebrities to tap into NFTs to monetise their creations.

• NFT platform Rario launched a cricket-based digital collectibles platform in August and has partnered with former Indian cricketer Zaheer Khan.
• Fashion designer Manish Malhotra also recently sold fashion themed NFTs on WazirX NFT marketplace. The platform said they were sold out within a couple of minutes.

Global Phenomenon
Globally, NFT startups have raked in over $3 billion this year, according to data sourced from industry tracker Traxcn. Investors have invested nearly $41 million into NFT startups in India this year.



The boom followed after Metakovan and Twobadour Panar—Singapore-based Vignesh Sundaresan and Anand Venkateswaran, respectively—bought the NFT-backed digital artwork ‘Everydays - The First 5000 Days’ by digital artist Beeple for $69 million earlier this year.

In the US, numerous musicians and entertainers have either purchased or minted NFTs of their work

According to market tracker DappRadar, NFTs generated almost $11 billion in sales between June and September, an eight-fold increase compared to the previous quarter.