NFT: A boon or bane for Bollywood stars?
NFTs are catching the attention of Bollywood celebrities. We’ve all heard of Amitabh Bacchan, Salman Khan, and Sunny Leone’s NFTs. Other artists, including Vishal Malhotra and Sonu Nigam, are indulging in the NFT market.
Celebrities are not afraid to experiment with blockchain technology and are thus participating in NFTs by minting audio recordings, autographed posters, and introducing tokens.
So, the question is, is it a boon or a bane for the industry? Let’s find it out!
NFTs have become an obsession due to their properties. The exchanges take place with utter security. The traceability and transparency it offers is the reason behind its craze. Unlike cryptocurrency, one NFT cannot replace another in a blockchain.
As a result, a person purchasing an NFT can sell it to another person or trade it for another NFT, but the blockchain platform will always show the creator’s and future owners’ names. This feature of built-in royalties is enabled by smart contracts.
It is the reason why Bollywood NFTs are gaining popularity. Investors speculate in investing now and selling it later for more profit. Artists can use this method to sell a digital item once and earn commissions on subsequent sales later.
Some people may buy the same thing because of FOMO(Fear Of Missing Out). However, there are die-hard fans too, who would buy the NFTs without any hesitation to experience a closer relationship with their heroes.
NFTs have the potential to open up a plethora of new doors for Bollywood. In a broader sense, it can assist low-budget moviemakers to generate more revenues by minting short clips from their films, and also provides artists with a true platform to express their creativity through NFTs and gain more earning prospects.
The NFT marketplace will also provide artists with a simple way to communicate with their followers. Fans from all over the world can be a part of the Bollywood NFT market. Not only does Bollywood benefit from NFTs, but so does the opposite. The presence of Bollywood celebrities will help the business expand and attract more ticket investors.
Conclusion
The NFT trend among stars appears to be here to stay. With the benefits listed above, it seems that NFTs are unquestionably a boon for Bollywood. It also provides additional benefits for musicians in the music industry because it gives them a global market to showcase their talents and earn more money. For the time being, the gas fee is a concern, but it is expected that a solution is not far away.
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.
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