In the West, non-fungible tokens (NFTs) have become a new buzzword for Bollywood and its megastars. NFTs are digital assets with unique functionality that have minted money for artists and entrepreneurs.
Rajinikanth already used NFT in his movie Sivaji: the Boss, but was an indirect participant. Amitabh Bachchan was the first Indian actor to use it.
Twitter trended with fans celebrating Sivaji’s 14th year as a release on the microblogging site.
With Sivaji: The Boss, two teenagers started their own NFT marketplace due to the film’s popularity.
As of July this year, there was a limited audience for Yash Rathod and Shaamil Karim’s NFT marketplace Diginoor.io, which offers Rajinikanth movie collectibles.
The film industry makes use of NFTs in a variety of ways, including iconic scenes or movie posters. Blockchains serve as public ledgers where anyone can check who owns a digital asset and whether it’s authentic. Like numerous digital items, it cannot be transferred or fungible.
Taking advantage of the Thalaiva effect:
“We opened it for friends and family and the platform saw USD 15,000- USD 20,000 worth NFTs sold in the network of friends,” Karim said in an interview.
During a discussion about the movie craze, Karim recalled an email from someone who had purchased a NFT of the iconic helicopter scene from Sivaji: The Boss.
“He (the buyer) mailed us saying that when he was watching the movie with his friends and when the helicopter scene was on TV he told all that he owns the scene,” said Karim.
Thus, Karim and Rathod will soon be releasing the next drop of Sivaji: The Boss NFTs on the beta version of their platform that was launched just a few days ago.
More movie NFTs
We’ve partnered with Reliance Entertainment and Mango Mass in addition to Sivaji: The Boss, in which the founders partnered with AVM Productions, the movie’s producer.
Every week, a new film from South or Bollywood will be available for digital collectibles on the platform starting in September.
As most of the content pipeline is filled with 5,000-6000 movie titles, some digital collectibles like Rajinikanth’s Chandramukhi, Kabali, and Mental in Telugu will be available soon.
There is a tendency among platforms to add movie NFTs to their platforms in terms of digital collectibles belonging to the field of cinema.
WazirX, a crypto exchange that recently launched an NFT marketplace, will soon launch movie-focused NFTs along with Diginoor.io and BeyondLife.club, a venture between Rhiti Entertainment and GuardianLink.io.
Vistas Media Capital, a Singapore-based media investment company that recently introduced Fantico to the blockchain entertainment business, is another platform offering cinema-focused NFTs. Digital collectibles from Indian cinema are available on the platform, including the original studio artwork for Mughal-E-Azam and the showcards for the 1972 classic Sholay signed by designer C Mohan.
The movie industry is keenly interested in NFTs, and not just in India. Viewers will be able to access a series called Stoner Cats, featuring Hollywood actors Mila Kunis, Ashton Kutcher, and Jane Fonda as the characters in the series.
The content can only be accessed by NFTs so anybody who desires to watch it needs to have NFTs.
As our country has a strong film fan base, and as a result of its love for films, movies are an excellent way to introduce the concept to the market, Karim said.
In addition to production houses and actors, he said, more people are becoming aware of NFTs because of their opening up to the concept.
Promoting movies through NFTs
To promote their upcoming releases, some production houses are considering NFTs.
Our goal is to bring collectibles of unreleased films, since some production companies view NFTs as a way to meet the actors as part of their promotional campaigns,” said Karim.
Now that production companies and stars are partnering with NFT platforms, attention is turned to the challenge of getting users to buy the collectible.
Approximately 15-20 million people in India work with cryptocurrencies but do not know how to spend them. “For them, one way is NFTs,” he added.
Utkarsh Sinha, managing director, Bexley advisors, said, “Indian buyers have been surprisingly active in the cryptocurrency space. It is entirely possible that the NFT space also attracts a lot of Indian attention.”