With India’s increased attention on digital tokens recently, this concept has spread across the country. People in India and throughout the globe became increasingly aware of NFTs as digitization spread, and the fad quickly took hold in a couple of months.
Kamal Haasan’s NFT collection was introduced on Fantico by CEO Abhayanand Singh, who describes an NFT as thus:
“A digital asset that replicates real-world stuff including art, music, in-game goods, and movies. NFTs may be considered digital collectibles, which is the easiest way to understand them. These items are one of a kind or have a minimal supply. Assets that grow in value over time and do not correspond with other investment markets may sometimes be excellent investments.”
It was not until 2021 when Indians saw their favorite celebrities start their digital collections, that they were ready to spend on the products. This was done because most people saw significant potential for NFTs in the market and wanted an opportunity to hold a few unique tokens associated with some of the country’s most notable personalities. In the year 2021, celebrities from all walks of life — from Amitabh Bachchan to Salman Khan to Kamal Haasan to Yuvraj Singh to Rohit Sharma to Manish Malhotra — have debuted or announced their digital tokens.
Related: NFT art comes to India Capital
However, why are celebrities so eager to release their NFTs? According to Singh,
“The craze for NFTs has gripped the film industry and social media by storm. Aside from the monetary rewards, the appeal for movie stars is that it provides them with a new channel through which to interact with their followers. Celebrities are reinvesting fanbase via digital transformation with the support of NFTs.”
The choice to invest in NFTs, like cryptocurrencies and other similar assets, is essentially up to the individual. However, other sectors are expected to be hit by this storm in the next year, and NFTs have no intention of going away.