Nov 6 (LiveMint) – Bollywood Superstar Amitabh Bachchan’s non-fungible token (NFT) collections of ‘Madhushala’, autographed posters and collectibles, have received bids close to $1 million at the end of auction.
The auction, which was organised by Beyondlife.Club, opened on 1 November and closed on 4 November. It is powered by Guardian Link, one of India’s biggest decentralised branded marketplace for NFTs.
What is an NFT?
NFTs are a type of digital asset which use blockchain to record the ownership of items such as images, videos and other collectibles. Their roaring popularity has baffled many but the explosive growth shows no sign of abating.
NFTs are bought by collectors and investors and can be bought and sold in the secondary market. The creator of the NFT has the option of either putting a unique piece on the block or sell the NFT to a limited number of collectors.
Bachchan’s ‘Madhushala’ NFT collection has received the highest-ever bidding in India at $756,000 when the auction ended. It has garnered bids worth $420,000 on Day 1 on auction.
Madhushala NFT is the poem collection of the actor’s father recorded in the superstar’s own voice. In addition to this, the auction also has seven autographed posters from his iconic movies and half a dozen collectibles of “punks and NFTs art and Poster collection” which have received bids worth over $100,000 on Day 1.
Another feature in the auction is the ‘Loot Box’ worth $10 each, wherein every buyer of the box gets an assured art piece from the NFT collection. The Loot box offers 5,000 collectibles, for which over 300,000 crypto collectible fans have signed up globally.
The ‘Loot Box’ drops have received bids for $50,000.
The limited-edition vintage posters with digital NFT certificate of authenticity were sold for $94,052, while BigB Punks and NFT Arts went for $66,900.
In August, BeyondLife.club, a venture between Rhiti Entertainment and GuardianLink.io, had announced that Bachchan will roll out his NFT (non-fungible token) collection on the platform.
The auction, which opened on November 1 and closed on November 4, is being hosted on BeyondLife.club.
The rage for NFTs has taken India’s entertainment and social media industry by storm with a host of Bollywood and regional stars lining up to sell their digital collectibles.
However, Bachchan was not the first Indian celebrity to go live with the NFT auction.
Malayalam movie star Dulquer Salmaan signed an agreement with Abu Dhabi-based technology company Ammbr to hold an NFT sale last month for his film Kurup. Salmaan, who also co-produced the film, put on block the film’s poster signed by both director Srinath Rajendran and Salmaan, besides videos with embedded music and digital artwork.
Rapper Raftaar, singer Mika Singh, and YouTuber Amit Badana have also tied up with NFT marketplaces.