Indian movie superstar Salman Khan said that he will launch his Non-Fungible Tokens (NFTs) through Bollycoin, which is a Bollywood NFT marketplace.
Khan is the second Bollywood star to reveal NFT plans after thespian Amitabh Bachchan announced his plans in August this year to launch his own NFT collection through Beyondlife.club and NFT exchange platform GuardianLink.io.
Khan made the announcement on his social networking channels. His NFTs will open for presale later this month. The NFT platform will go live in December, according to the website.
Bollycoin’s promoters include companies like Khan’s own movie production house, Salman Khan Films along with production companies by his actor brothers, Sohail and Arbaaz Khan.
Bollycoin has Atul Agnihotri, Armand Poonawala, Kyle Lopez, Aaliya Kanuga, Karamvir Sachdev and Sujith Somraj on the board. Agnihotri is Khan’s relative.
Digital collectibles from Bollywood will be auctioned on Ethereum blockchain, as per a white paper filed by BollyCoin.com.
A non-fungible token (NFT) is a unit of data stored on a publicly distributed digital ledger called blockchain. These tokens are not mutually interchangeable, and hence the name ‘non-fungible’. An NFT’s unique ownership can be verified through the distributed ledger.
Globally, NFTs generated almost $11 billion in sales between June and September, an eight-fold increase compared to the previous quarter, as per market tracker DappRadar.
Startups in the NFT space have raised over $3 billion this year, according to industry tracker Traxcn.
“Digital collectibles from the Bollywood Industry will be auctioned through our platform, providing an innovative way for Bollywood enthusiasts from around the world to own NFTs of their favourite Bollywood films and celebrities,” as per information available on Bollycoin’s official website.
“ We aim to be the world’s largest Bollywood NFT marketplace, partnering with the biggest producers and celebrities in the industry to create iconic and exclusive one of a kind NFTs,” Bollycoin said.
As per the information available, everytime an NFT is sold on Bollycoin marketplace, Bollycoin holders are rewarded in the form of Bollycredits which can be used to purchase NFTs on its platform when it goes live.
“Being the native digital utility token of the BollyCoin ecosystem, each BollyCoin issued would represent a voting right in matters relating to our community, such as which NFTs are created next. The goal of introducing BollyCoin is to provide a convenient and secure mode for Bollywood and Crypto enthusiasts to become a part of our ecosystem,” the white paper revealed.
The white paper also clarified that Bollycoins are not intended to be a medium of exchange accepted by the public as payment for goods or services or for the discharge of debt.