Salman Khan took to Twitter on Wednesday, 13 October, to announce that he will launch NFTs (non-fungible tokens) in partnership with BollyCoin in December 2021.
The Bollywood actor tweeted, "Aa raha hoon main, NFTs leke. Salman Khan Static NFTs coming on @bollycoin. Stay tuned, bhai log! http://bollycoin.com #BollyCoin #NFTs #ComingSoon".
The BollyCoin website states that digital collectibles from the Hindi film industry will be auctioned through its platform.
The NFTs came into prominence after Twitter CEO Jack Dorsey decided to sell his first-ever tweet for $2.9 million in the form of an NFT. Since then, the NFTs became increasingly popular among artists, sport stars, and gamers.
Khan's announcement comes nearly two months after one of India's most renowned Bollywood actor, Amitabh Bachchan, announced that he would launch his own NFT collection through Beyondlife.club.
What Are NFTs?
The NFTs are unique cryptocurrencies that represent digital ownership of a real or virtual asset. These tokenised representations can be used to represent ownership of digital art, collectibles, and virtual avatars.
The ownership and trading of these digital goods can be viewed on public blockchains. A blockchain ensures that each NFT has a unique identification code, therefore, guaranteeing authenticity and making it tamper-proof.
Unlike cryptocurrencies such as Bitcoin, NFTs are one-of-a-kind and cannot be interchanged.
How Can I Buy an NFT?
Like any other form of cryptocurrencies, one can buy or sell NFTs. In order to do that you can install Metamask, a software cryptocurrency wallet.
Metamask enables you to purchase Ethereum, which is the second-most popular cryptocurrency after Bitcoin.
With Ethereum, you can visit any website dealing in the sale of an NFT and make a purchase.
What Is Bollycoin?
Launched by filmmaker-actor Atul Agnihotri, BollyCoin is an online marketplace offering digital collectibles for the Bollywood industry.
It allow fans to invest in clips and stills from movies, iconic dialogues, movie posters, unseen/exclusive footage, social media content, and merchandise from film personalities, Business Insider reported.
Its website states, "BollyCoin aims to be The NFT marketplace for Bollywood assets. It is our vision to build a decentralised, community-owned marketplace where BollyCoin holders call the shots and earn rewards from the NFTs sold on our marketplace. Hence, it serves as a platform for Bollywood enthusiasts and financial investors alike to get into the NFT space."
Till now, Bollycoin has partnerships with production houses, including Salman Khan Films, Arbaaz Khan Productions, Sohail Khan Productions, and Reel Life Productions.
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