Non-Fungible Tokens have been in the spotlight after the eye-catching sale of Beeples’ artwork and since the time, superstar allies like Elon Musk, Snoop Dogg, Amitabh Bachchan, Salman Khan, and Mark Cuban communicated their advantage in them. Are NFTs just a fad or a breakthrough?
FAD OR FAB?
NFTs are not new and have existed for a long time. What’s going on is the high-profile art sales and celeb interest in NFTs, which have prompted the publicity around these digital resources. Accordingly, the NFT business has seen a 25-fold expansion in exchanging volume, while valuations for digital forms of money have surpassed US$2 billion at the hour of writing in June 2021. This factor potentially suggests that NFTs are not just a fad but can be a revolutionary start.
Initiated from an idea of a ‘Coloured Coin’ to as an asset for shares, digital art, property, etc., actually exchanges NFTs like signatures, sneakers, gaming items, domain names, etc.
Is NFT the future? Or just a bubble waiting to burst?
With the awareness growing steadily about the NFT marketplace, it is evident how different brands and entities like Nike, Warner Bros, Twitter, etc., are being involved in this framework. Amitabh Bacchan, the “Shahenshah” of Bollywood, launched his NFTs like original posters along with autographs, audio clips of his father’s poetry in his voice, pastel art, etc.
NFT is the solution to the disasters in banking history as it is completely monitored and transparent. NFT assures that the buyers have what is real.
NFTs also allow you to sell your works with the need of a middleman.
NFTs offers a win-win situation for the creators and the collectors. The creators get a medium and opportunity to monetize their creations, and the collectors get verified digital ownership. Like any other new framework, NFT too has its challenges but how would there be a scope of improvement without challenges, right?
With everything turning digital, this is a step towards attaining a digital medium of exchange.
NFTs matter, not for where they are today, but rather for where they will drive our future. Hence, it can be observed that NFTs are not a short-time craze but a here-to-stay trend.
About Bolly Heroes:
Bolly Heroes is a limited NFT collection in which you may write, perform, and produce your tales and characters to deliver community-driven movies, games, events, and activities. Bolly Heroes is a platform where you can buy ultra-rare NFTs to collect and preserve as gifts from your favorite Bollywood stars. These NFTs are extremely rare since they do not expire but instead live for a lifetime. The fascinating characteristic of NFTs is that they act as a digital fortune for you. It is a new concept for those who respect the works of celebrities and are passionate admirers of Bollywood’s never-ending enchantment.