From newspapers to radio, it's almost impossible to have not come across the term "crypto" in today's world. Tv channels and social media is filled with ads about cryptocurrency endorsed by the most prominent personalities in the movie industry. So, what is crypto, and why do such big names endorse it and have those big names invested in them too?
If you've been wondering about these questions on your mind, you've arrived at the right place. Let's take a look at what cryptocurrency and NFTs is and whether any of our favourite Bollywood celebs are promoting this emerging trend.
What is Cryptocurrency?
Though the phrase cryptocurrency is well-known, not everyone comprehends what it is and how it functions. So, let's commence with a primer on cryptocurrency.
A cryptocurrency is a digital or virtual currency secured by encryption, making counterfeiting or double-spending practically impossible. Many cryptocurrencies are autonomous networks built on blockchain technology, a distributed ledger enforced by a network of computers.
Under the pseudonym, Satoshi Nakamoto, the founder of Bitcoin, a programmer or group of programmers invented this lucrative technology in 2009. Following the advent of bitcoin, a slew of new cryptocurrencies was launched by a variety of businesses. Some of them include Dogecoin, Ethereum, and Litecoin.
WazirX, CoinDCX, and CoinSwitch Kuber are some of India's most popular cryptocurrency exchanges. Celebrities such as Amitabh Bachchan, Ranveer Singh, Dinesh Karthik, and many others have endorsed these.
Now, this raises another question, Have any Bollywood celebs invested in cryptocurrency? Before we get there, there's another crypto notion you ought to be acquainted with: NFTs.
What is NFTs?
NFTs is an abbreviation for Non-Fungible Tokens. NFTs are tradable cryptographic assets. These assets are managed digitally with distinctive metadata and identification codes that set them apart from other copies. NFTs are distinct from cryptocurrencies in that they are not interchangeable.
NFTs are used to represent real-world assets like paintings and books and digital assets such as digital art, GIFs, and videos. The item's copyright is retained by the NFT inventor, who is free to sell as many copies as they desire. Each copy is regarded as one-of-a-kind. When bought, buyers have full authority over them and could also use them to exchange real-world services.
As NFTs are built on blockchain technology, each transaction is recorded in a public ledger that is accessible to the public and may be used to verify who owns the commodity.
How to Purchase NFTs?
Cryptocurrency can be purchased on any cryptocurrency platform or application. Purchasing NFTs shares a similar procedure. To obtain NFTs, any cryptocurrency application can be utilized. However, because NFTs are secured by Ethereum blockchain technology, only Ethereum crypto can be used to acquire them. As a result, it is necessary to purchase ETH before purchasing NFTs. You can visit any NFTs marketplace to purchase NFTs.
NFTs, as previously said, are digital assets. These assets can be anything like game posters, stickers, pieces of literature, etc.
If you enjoy gaming, you might be able to find a rare NFT gaming collection. If you are an art collector, you can purchase stunning NFT artworks. The NFT marketplace covers a diverse range of NFT artefacts, from literature to sports.
The assets or NFTs sold have a value that may increase or fall in the future. Based on its value, you can exchange the assets for other services.
Bollywood Celebrities Who Have Invested in Cryptocurrency or NFT
When you're enjoying an interesting YouTube video and an unpleasant unskippable ad interrupts you. That feeling is certainly aggravating. But, if the commercial is about cryptocurrency, your ears sure will perk up — mainly if it features your beloved Bollywood diva.
Due to the numerous commercials, awareness of cryptocurrencies has propagated throughout the majority of Indian consumers, making it one of the most widely discussed topics in India.
The majority of well-known Bollywood celebrities have voiced support for Cryptocurrencies. However, whether or not they have invested in them is unconfirmed. The majority of them, though, have launched their own NFTs, luring their fans to the innovative network.
The following are some of our favourite celebrities who have established their NFTs:
The Shahenshah of Bollywood was the very first actor in the Bollywood industry to launch his own NFTs. BeyondLife.club hosted the auction, which was powered by Guardian Link.
The sensational collection included Madhushala NFTs, The Loot Box NFT, Iconic Vintage Posters NFT, and BigB Punks.
The Madhushala NFT is an anthology of poetry written by Harivansh Rai Bachchan, the actor's father, and recited and recorded in the superstar's voice. On Day 1, the widely anticipated Madhushala NFT collection garnered bids totalling over $480,000.
The Loot Box NFT collection, on the other hand, featured art pieces valued at $10 each. With 5000 artefacts, this NFT collection drew offers of over $50,000 from around the world and was sold in just 54 minutes.
The limited-edition vintage posters, including seven autographed posters and a digital NFT certificate of authenticity, fetched $94,052, while BigB Punks and NFT Arts fetched $66,900.
Following Amitabh Bachchan's successful NFT sale, Sunny Leone also launched her first NFT collectables, making her the first Indian Bollywood actress to do so.
The actress collaborated with Mintdropz, a Silicon Valley business, to create her NFT website for her 'MisFitz' collection. Her collection comprises over 9,600 collectables, the majority of which were purchased within hours of the auction.
Vishal Malhotra, an actor, teamed up with artist Ishita Banerjee to launch his first-ever NFT sale. He is the first Indian actor to collaborate on an NFT with an artist.
This collection consisted of an animated art piece layered with music in Vishal's voice. In addition to the NFT, the customers will receive a video call with the actor and the possibility of a meet-up. The NFTs were purchased for 2.5 ETH (₹4.13 lakh) within an hour.
The tiger of Bollywood had also announced that he would be launching his NFT range in December. The actor has partnered with Bollycoin, a Bollywood NFT marketplace, as well as notable production studios such as Salman Khan Films, Arbaaz Khan Production, Sohail Khan Productionz, and Reel Life Production Pvt. Ltd. The platform is also collaborating with several renowned artists, the identities of whom will be announced soon.
In November, the NFT platform concluded a presale of 20 million tokens worth $2 million. The fact that nearly a million BollyCoin tokens were sold in the first three hours of the presale is noteworthy, highlighting how popular NFTs are becoming.
With the increasing popularity of cryptocurrency, more Bollywood actors are likely to launch their own NFT collections in the near future. Even though most actors haven't acknowledged investing in cryptocurrencies, they almost probably have plans to introduce their own NFTs. If you're a serious collector who enjoys collecting one-of-a-kind pieces, buying NFTs is undeniably the best way to do so. So, what are your thoughts on NFTs?
Have any Bollywood celebrities invested in crypto?
Amitabh Bachchan, Sunny Leone, Salman Khan, Vishal Malhotra, Kamal Hassan are some of the Bollywood celebrities to have to own the NFTs.
What is NFTs?
NFTs are tradable cryptographic assets. They usually contain art, collectables, and in-game items that one can trade online.
How to buy NFTs in India?
NFTs can be purchased using ETH, To buy NFTs, you need to open a digital wallet and then transfer ETH to that wallet. Just visit any NFTs marketplace and buy NFTs you like.