Why Are Celebrities Eyeing The non-fungible tokens (NFT) Market In India?


When actor Salman Khan announced his NFT plans, it reignited the interest in a booming industry that is as much talked about as it is disliked. Some believe that NFTs are beneficial for the public, while others are not convinced about the technology's longevity.

Many   more  celebrities  are  also  planning  to  enter  the  NFT  market.

1.What Is NFT?

  • Non-fungible tokens are digital copies of various media, such as art, music, and video. They were introduced in 2017. Bitcoin and NFTs are based on the same technology.
  • Unlike cryptocurrencies, NFTs are not fungible and cannot be exchanged. Also, they are typically paid in installments.
  • Not everyone is convinced about the value of NFTs. Some people believe that if you reproduce the Monalisa exactly as Leonardo Da Vinci did, then you'll be able to claim the same amount of value as the original.

2.India Connection

  • Despite the current economic growth, many Indians still see an opportunity to tap the fast-growing market by reaching out to the tech-savvy generation. This is the reason why the launch of NFT by Amitabh Bachchan is expected to be an interesting event.
  • In July 2017, TV anchor Vishal Malhotra sold an NFT at an average price of about 2.5 ethers, which is around 4.12.
  • The NFT space in India started to take off after WazirX launched the country's first marketplace on  June 1.
  • Artists and poets see NFT as a way to reach their audience and also earn from it. Instead of going through middlemen, they can now directly reach their fans through NFT.

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