Indian celebrities dominate India's NFT economy by using their star power to create and drive digital collectibles.
Recent history has witnessed Non-Fungible Tokens (NFTs) as a new phenomenon in the digital space, with the promise of exclusive ownership of digital assets. Indian celebrities from the entertainment, music, fashion, and sports industries have begun the trend, use their celebrity status to make NFTs popular. Their move is not only reflective of a change in fan interaction, but also the future of NFTs to revolutionize the entertainment industry.
In November 2021, cinema icon Amitabh Bachchan joined early Indian film icons in celebrity NFT space. Bachchan sold signed collections of his posters and audio voices of his iconic father Harivansh Rai Bachchan reciting his epic poem 'Madhushala' on Beyond Life. club. The blockbuster auction sale earned returns of more than ₹7 crore, demonstrating the humongous magnitude of celebrity NFTs in India.
Bollywood star Salman Khan initiated his NFT series in collaboration with Bolly Coin, an NFT platform dedicated to Bollywood. His most favored character 'Chulbul Pandey' from the 'Dabangg' franchise possesses 200 different NFTs out of which 42 are scenes from the film. Sources indicate around 1 million Bolly tokens were sold out in a 3-hour period upon release.
Bollywood icon Rajinikanth made his entry into the world of NFT by taking his 2007 film 'Sivaji: The Boss' into the virtual collectibles universe as NFTs. In partnership with Singapore NFT gateway Diginoor.io, the collection was a set of 17 NFTs priced between $99 and $1,500. The entire set sold out within minutes, marking the popularity of NFTs on the basis of films as well as Rajinikanth's huge fan following.
Veteran actor Kamal Haasan made a quantum leap towards the future by partnering with Fantico to launch his digital twin as an NFT. The move will give fans a virtual metaverse experience from which they can engage with Haasan's digital twin. With the application of NFTs and the metaverse, Haasan is introducing a new type of fan experience in Indian cinema.
Indian actress Sunny Leone became the first Indian actress to introduce a series of NFTs, 'Misfitz by Sunny Leone'. In collaboration with Mint dropz, an NFT platform, the series included more than 9,600 unique NFTs, each with a unique concept and vibrant characters. The series sold out in November 2021 and was a humongous milestone for women in the NFT space.
Fashion designer Manish Malhotra launched his NFT entry by auctioning a set of digital doodles and GIFs of his favorite couture outfits of all time. The NFTs, which comprised costumes for actresses Kareena Kapoor Khan and Deepika Padukone, were listed for auction on the WazirX NFT marketplace. The set registered high turnovers, with the most expensive NFT selling 3,000 WRX tokens.
Ex-Indian cricketer Yuvraj Singh also joined the NFT train with a virtual 3D photograph set of himself and a signed bat to commemorate his century milestone. Singh's NFTs in Colexion were finished to enable the cricket fan with a unique piece of cricket history, yet again pointing towards the ubiquity of NFTs in all aspects of life.
Indian celebrity engagement with NFTs has also contributed significantly to fan engagement. By bringing unique digital content, celebrities instill a sense of belongingness and greater identification with celebrity among the fans. It is not just a tool to sell digital content, but it is the creation of another community where the fans are investors of the digital life of their idol celebrities.
While the Indian NFT market itself remains in its infancy, it is beset by regulatory doubt above and beyond mass-level ignorance among the masses. But by virtue of their advocacy of, and involvement in, NFT projects at increasing scale, they are the biggest single dispensers of myth-busting and facilitation of mass adoption on the planet.
Indian celebrities dominate India's NFT economy by using their star power to create and drive digital collectibles. In addition to contributing positive sources of income, their involvement also activates and informs audiences via new media. The stronger the NFT infrastructure grows, the more their ongoing involvement will shape India's cultural and digital future.