Salman Khan, who has stated that he would unveil a collection for his followers shortly, is the latest Bollywood celebrity to jump on the Non-Fungible Tokens (NFT) bandwagon, following in the footsteps of Amitabh Bachchan. In a tweet, the actor remarked “NFTs leke, aa raha hoon main. Static NFTs from Salman Khan will be available on bollycoin.com soon.”
For his NFT collections, Salman has teamed up with BollyCoin.
NFTs are one-of-a-kind crypto assets that serve as a digital certificate of ownership and legitimacy for the blockchain as a whole. Non-fungible tokens (NFTs) can be used to show the worth and rarity of digital assets or products that are not interchangeable. Everything from virtual games to artworks may be represented and digitally accepted by them.
According to BollyCoin’s whitepaper, digital collectibles from the Bollywood industry will be auctioned on the Ethereum blockchain, allowing Bollywood fans all around the globe to buy NFTs of their favourite Bollywood films and personalities.
— Salman Khan (@BeingSalmanKhan) October 13, 2021
“With the emergence of the NFT sector around the end of 2020, the crypto industry entered a new era. NFT coins have been amassed by movie stars, prominent artists, singers, businesspeople, and investment funds “According to the firm.
BollyCoin aspires to serve as a link between the Bollywood industry and this new market. Atul Agnihotri, Armand Poonawala, and Kyle Lopez are among the members of BollyCoin.
The objective of launching BollyCoin is to create a simple and safe way for Bollywood and cryptocurrency fans to join our ecosystem. Following a private round, the platform is releasing 20 million tokens at $0.1 each.
Bollycoins are not meant to be a medium of exchange accepted by the general public as payment for goods or services, or as a means of debt repayment, according to the white paper. “BollyCoin, the ecosystem’s original digital utility currency, symbolises a voting privilege in the community. In non-corporate and non-regulatory situations, it is likely to function as a governance symbol “It was said.
When an NFT is sold on the platform, 10% of the selling price is awarded to BollyCoin holders in the form of BollyCredits, which may be used to buy more NFTs on the platform.
Salman releasing the NFT collection is fantastic news, according to Hitesh Malviya, creator of itsblockchain.com.
He did warn, though, that Indian investors aren’t well-versed in NFTs and the risks they entail. “NFTs are simple to make, illiquid, and difficult to comprehend for individual investors. This may result in a large number of NFT frauds. Scammers work quicker than we do, and they’re always seeking for new ways to catch uninitiated investors “Hitesh Malviya issued a warning.