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When the Collins Dictionary declared ‘Non-Functional Token’ (NFT) the best word of the year in 2021, the curiosity to know more about the concept multiplied. Even when the country’s biggest star Amitabh Bachchan’s NFT was rolled out and sold for over Rs 7 crore, India was familiarizing itself with NFT and their relevance. Collectibles were bought by his fans and included his autographed poster, his father’s famous poem. Honeycomb And a few of his other works. Two of Bachchan’s latest photos are NFT Bunch, Also, the price of each was Rs 2.15 lakh. Earlier this year, Ranbir Singh-starred sports drummer NFTs 83 Sold for 10 lakh rupees. In 2021, actor Salman Khan launched his NFTs Dabang Southern superstars like Rajinikanth and Kamal Hasan in the series have also jumped on the NFT bandwagon to get their own tokens. Another recent Bollywood project that launched its NFT Radhe ShyamThe film starring Prabhas and Pooja Hegde. ngageN, an invitation-only platform for brands and manufacturers to list their unique assets for potential buyers, has launched NFTs for the film. Limited-edition collectible has only been minted once.
“Fans and followers can buy these tokens and brag about their relationship with the movie on their digital wall. They can transfer these assets to their MetaMask (a software cryptocurrency wallet) and sell them on OpenSea (an American online NFT marketplace). NFTs can only be purchased from ngageN / UV Creations (a film production house), ”said a spokesperson for the company. Returning to a hybrid incarnation, as it had its own NFT collection, TeamWorks Arts, the producer of the year event, launched a new NFT collection on the closing day of the festival. , Former President of India late APJ Abdul Kalam, late actor Rishi Kapoor and Shatrughan Sinha among others. Mit version NFTs were hosted on the NFT Marketplace abris.io. Sanjay Roy, Managing Director, Teamwork Arts, said that the international audience was thrilled to hear about the NFT Drop Festival.
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For celebrities in the entertainment business, NFTs are proving to be an extension of their identity as they pay cash on their brand value. The fact that fans are eager to get their hands on a limited edition collection of iconic names from the entertainment industry and blockbuster films proves that there is a lot of potential to get started in this sector. Indeed, for big brands and names from the film industry, NFT is another opportunity to make money. Last year, singer Ritviz released two albums with his collaborator and visual artist Santanu Hazarika, including 21 songs with one-of-a-kind artwork. NFT, the WazirX NFT marketplace, priced at $ 388.5, sold out within 37 seconds of going live. NFTs are apparently becoming a growing industry around the world. Several Hollywood artists and celebrities are now launching their own collections. Popular footballer Cristiano Ronaldo has invested in cricket NFT company FanCraze through his company CR7. Rapper Snoop Dogg’s NFT collection grossed over $ 100,000 in just 48 hours last year. Entrepreneur and socialite Paris Hilton’s NFT sold for 21 1.1 million in 2021. Lindsay Lohan’s tokens were priced at $ 50,000 and the list goes on.
The demand for celebrity collections is so high and business opportunities so powerful that a Los Angeles-based start-up Ethernet is building a blockchain network to allow celebrities and athletes to launch their NFT. The recent NFT outbreak did not occur outside of blue but was a gradual development. The founders of GuardianLink, which initially started as a blockchain research and development company in 2016, began to realize the market potential in 2020 and started thinking about products. Ramkumar Subramaniam, co-founder and CEO of GuardianLink, who created the NFT for Kalpana Chawla and Amitabh Bachchan, shared that their transfers were extended because they had the capabilities and resources and had to adapt to what was on the market. GuardianLink, which was also behind Asia’s first Metavers wedding where there were wedding invitations as NFTs, is getting more questions for their NFTs and other events celebrated at Metavers. Ramkumar says they are open to partnering with others and providing NFT for them and creating their own metavars with other partners. “We want to keep people engaged in Metaverse and not just move around in it,” he said. According to the co-founder, GuardianLink plans to make its platform accessible to many artists and manufacturers to be able to sell their own NFT within the next one to two years. They will also launch their app soon.
NFT popularity began with curiosity, but its presence is being felt everywhere today. In January, the 12th edition of the Indian Gaming Tech Group Quadriphic Media India Online Poker Championship (IOPC) was announced with a new twist – the winners of the NFTs launched by Spartan Poker. In March, the Chennai-headquartered GuardianLink became more enterprising in space. The world’s first NFT cricket game to attract gaming and cricket enthusiasts and they can monetize their time and effort. At the same time, online travel company MakeMyTrip has dropped its NFT collection on the NFT marketplace ngageN. Named Virtual Vacations, these are a limited edition immersive NFT collection, featuring top Indian travel destinations including Goa, Rajasthan, Orissa, Meghalaya, Ladakh, Jammu and Kashmir, Andaman and Himachal Pradesh. It was almost like the virtual tour facility provided by the website and museum during the epidemic. Last year, designer Raghabendra Rathore took his personal art and transformed it into NFTs using blockchain technology for the industry. The collection was launched as a limited edition on the WazirX NFT Marketplace in collaboration with FDCI x Lakme Fashion Week. “The importance of blockchain is something that we all need to be aware of. Sooner or later it will become an integral part of our lives. We need to design our underlying products and services and embrace this path-breaking technology,” Rathore said. , Visakha Singh, Co-Founder and VP, WazirX NFT Marketplace says designers, globally and in India, are beginning to understand how NFT can be used to engage the wider community and believe that India has a promising NFT for manufacturers and collectors. The market and this partnership will be fruitful for both parties. The NFT initiative of video-sharing mobile app Chingari plans to boost the economy of manufacturers by helping them monetize through NFT, for which they have launched GARI— social tokens supported by Solana blockchain. – which acts as an in-app currency as well as gives developers the ability to rule the app.
According to the FICCI-EY Media and Entertainment report ‘2022 Tuning into Consumer’ which was published in March this year, the online gaming segment is expected to reach Rs 153 billion by 2024, becoming the fourth largest segment with a CAGR of 15%. Driven by innovation across the Indian M&E sector, NFTs, Metavers and e-sports. Investors and business moguls are aware of the NFT craze and are positive about its future prospects. Therefore, there is no doubt that heavy investments are flowing in this direction. The NFT-Startup Era Labs, which is behind the ‘Board App Yacht Club’ NFT collection, was recently valued at $ 4 billion after a round of new funding. The company is behind the popular collection of profile pictures featuring cartoon monkeys. Beyond entertainment, the publishing sector is also exploiting NFT’s business potential. In February of this year, author Anirudh Suri’s The Great Tech Game: Shaping Geopolitics and the Destiny of Nations, published by HarperCollins India – became the first book with a limited edition NFT collectible card. Each card in the series is a unique commemorative device that is digitally handwritten and numbered by author Suri, who is also the creator of NFT.
What attracts fans and investors to the NFT market is its uniqueness and non-fungibility in the sense that it cannot be replaced by any other NFT that owns the only authentic holder of tokens in the digital space. According to a recent survey by NFT data company Nonfungible.com, NFT trading grew 21000% in 2021, from $ 82 million in 2020 to $ 17.6 billion in 2021. The report further suggests that collectible and gaming NFTs remain among the most popular categories. Trading.GardianLink’s Subramaniam says NFTs of more Bollywood celebrities, athletes and other important people are also on the cards and will be launched in marketplaces like BeyondLife.com. He also shares that the NFT is a big market for entertainment, sports and gaming. “India has a great passion for cricket. So, we can think of participation in many ways, ”he added. It is only a matter of time when every cricketer and IPL team will have its own NFT. Initially, Royal Challengers Bangalore (RCB) has already announced its entry into Metaverse and RCB has announced a partnership with a partner to develop NFTs. Rajesh Menon, Vice-President and Head, RCB, said, “Our goal is to make RCB a truly global lifestyle brand. This expansion into our business portfolio is a step in the right direction with RCB launching a hostel, a live and on-demand online fitness product, plant-based meat and team kits, athletes and much more. We are excited to unveil the future of RCB Brand World. ”
Celebrity NFT, including Amitabh Bachchan’s NFT, is often launched as a limited edition. According to Subramaniam, it creates curiosity among fans and increases demand. “We recreate some moments or some events as NFT. These are limited so the demand is high. People can resell them, “he said. And just like that, when Amitabh Bachchan’s NFTs were launched in November last year, the price of each of them was $ 10 and the resale price increased to $ 2500. Similarly, NFT invitations for Asia’s first Metavers wedding sold for $ 10 and now cost 4400. So, buying and selling NFT is not only a hobby for fans but also a good investment option for those looking for higher income. Looks like NFT frenzy is here to stay.