Shilpa Jamkhandikar and Nupur Anand

MUMBAI (Reuters), Indian cricket stars are turning to digital tokens (NFT) for memorabilia, hoping to cash in on the increasing interest in such assets and make thousands.

NFTs can be described as a type digital asset using blockchain technology to document the ownership of items like images and video. Their rapid rise in popularity is a mystery to many. However, the exponential growth of NFTs shows no signs of slowing down.

Bollywood superstars such as Amitabh Bachchan https://www.beyondlife.club and Salman Khan https://www.bollycoin.com are planning to launch NFTs soon. Khan, who has 43 million Twitter followers, is excited about Bachchan’s NFTs that will feature autographed posters from his films.

Bollycoin’s NFT marketplace Bollycoin for Bollywood assets, Ayaan Agnihotri stated that NFTs were not yet a part of Bollywood.

Agnihotri stated that his platform had sold 8 million out of 20 million “BollyCoins” within days. These crypto tokens can be used for NFT purchases when launched. BollyCoins are worth 10 U.S. dollars.

It is still too early for NFTs by celebrities in India.

Indian cricketer Dinesh KARTHI is selling a reel of digital art https:// taken from an event in which he scored the match-winning six. He was auctioning it for 5 ethereums (a digital currency) that’s approximately $22,000. However, he is yet to get any bids.

Karthik said that NFT had seen a rise in West West football in the past year. Now, fans are buying iconic basketball moments digitally. This gave birth to the idea for the Reuters story.

Others are also successful. Manish Malhotra (India’s leading fashion designer) recently sold NFTs with digital sketches of some his most iconic creations for $4,000 each. You can find some of Malhotra’s bridal wear at an affordable price of between $2,500 and $3,500 on his website.

Many people are baffled by the rise of NFTs. They say that it is absurd to pay large amounts of money for items that do not exist physically and can be simply viewed online.

The global NFT sales volume has increased eightfold to $10.7 billion during the third quarter 2021 according DappRadar data.

Vishakha Singh (Vice President for NFTs, Indian Crypto Exchange WazirX) said that celebrity participation is expected to spark excitement.

She said that this was a great thing for the ecosystem. Singh explained that it will make digital assets more accessible and help raise awareness.