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The non-fungible token (NFT) market is in a shambles these days. The market plunged 97 percent from its peak of $17 billion in early 2022 to $470 million in September 2022, according to data from Dune Analytics, a blockchain analytics firm.
But while the NFT market continues to dip and regulators are keeping a strict eye on celebrity endorsements, Bollywood celebrities have not stopped their involvement with these digital assets.
A couple of months ago, the celebrity shoutout platform HeyHey! ran a campaign in partnership with Viacom18 for Taapsee Pannu-starrer Shabhash Mithu in which fans were asked a few questions about cricketer Mithali Raj on their Discord server and the winners were gifted NFTs designed for the film.
Earlier this year, NFTs of Ranveer Singh-starrer sports drama 83 were sold for Rs 10 lakh.
For Bollywood celebrities, NFTs are proving to be an extension of their identity as they cash in on their brand value. Fans are getting curious to get their hands on limited-edition collectibles of their favourite celebrities, proving that there may come a time when Bollywood and NFTs can go hand in hand.
Last year, when India was familiarising itself with the concept of NFTs, actor Amitabh Bachchan rolled out NFTs that sold for Rs 7 crore. The collectibles included his autographed posters, his father’s famous poem Madhushala and a few of his other works. Also last year, actor Salman Khan launched NFTs of his Dabangg series.
In March, the makers of Radhe Shyam, a film starring Prabhas and Pooja Hegde, collaborated with ngageN, an invitation-only platform for brands and creators to list assets for potential buyers, and rolled out the NFTs of the film.
For the nosediving NFT business, a push from Bollywood celebrities can certainly come as a helping hand.
Fan connect
“The biggest and very crucial reason for a lot of celebrities and brands to get into the NFT and Metaverse space is because it takes them one step closer to their fans. The growth of this industry predominantly depends on community building,” said Caleb Franklin, chief executive officer and founder of HeyHey!.
“To give you a simple example, one may have X number of followers on Instagram but how many of those followers are loyal or avid followers? How many of these followers can the artist or creator connect with? Yes, it’s a massive community but not a close-knit one,” he added.
HeyHey! has also previously partnered with actress Sunny Leone for the launch of the ‘I Dream of Sunny’ fan verse. ‘I Dream of Sunny’ is a product that combines NFTs, Artificial Intelligence (AI), fan verse, gaming, lucky draw, winning combination and other similar terms — they’re all rolled into one and minted on the polygon network.
Rohan Rajguru, co-founder of HeyHey!, said that this is not only an opportunity for fans to interact with their favourite celebrities but also a boost for non-fungible digital assets and the overall Web3 space.
An evolving experience
Arijit Mukherjee, founder of NFT marketplace Yunometa, says that with more innovation in this space, the future for collaborations between celebrities and cryptos is going to get even more intertwined.
“Not just interaction, celebs can create whole new worlds and experiences for fans to be a part of their lives or upcoming movies or sporting worlds in a manner that was never possible before,” he said.
NFT marketplace GuardianLink has minted Kalpana Chawla and Amitabh Bachchan’s NFTs.
Ramkumar Subramaniam, CEO and co-founder, GuardianLink, believes that with more digital equivalents, like signature celebrity cars and event venues, the metaverse/NFT experience for celebrities will be even better than what they can offer in the real world. “Such happenings are bound to create better engagement for fans with their favourite celebrity. Flaunting a photograph with your favourite celebrity is one. Just imagine how it would be for your friends to see you stand next to your favourite celebrity and talk to them about why they are all in the same metaverse!?” he said.
With limited attention spans, it has become increasingly important and at the same time difficult for celebrities to keep their fans engaged. The number of followers has also created the need within the fan psyche to stand out as superfans and show that off.
Priyank Mahajan, co-founder of Token Runway, says that NFTs enable this and the numbers will only grow as adoption increases on both sides.
Prashant Rai, CFO of Solana-powered protocol Metaplex, says that celebrities are already big in the Web2 social world but Web3 social networks offer unique advantages relative to Web2 social networks, and celebrities will continue to lean into these advantages as NFT technology continues to develop.
Web3 refers to the third generation of the World Wide Web, which is currently a work in progress. It is meant to be a decentralised and open Web with greater utility. Web2, on the other hand, is the current version of the internet, which is largely run by a handful of Big Tech companies.
Will regulations pose a challenge?
Earlier this year, market regulator Securities and Exchange Board of India (SEBI) suggested that no ‘prominent public figures, including celebrities, sportsmen…’ should endorse crypto products after several first-time investors fell for glitzy crypto advertisements by popular Bollywood actors and celebrities last year. SEBI also suggested the advertising disclosures should also talk about possible violation of laws.
Experts believe that regulators are only looking to safeguard investors’ interests since the technology is new and getting scammed is a real possibility.
“The idea behind celeb endorsements is also to ensure that NFTs and blockchain technology reach a wider audience through the adoption of crypto assets. Even though the government has put in place rules about how crypto assets can work in the country, widespread adoption is only possible when people see the benefits of these emerging new technologies and the industry earns goodwill from everyone involved, be it SEBI, celebs or investors,” said Mukherjee.
Abhijit Shukla, CEO and founder, of Tarality and Revolution Games, says that crypto exchanges have changed tack to focus on creating awareness among users. “The sale of an NFT is only the beginning; there is infinitely more to do to continue to add value to your communities. Celebrities have built communities. NFTs, take this a step further in engaging with those people via technology while providing a human element. It is imperative to remember the importance of adding value and giving back, and not taking advantage of those loyal followers,” he said.
Vikram R. Singh, founder and CEO of blockchain development company Antier, says investors should thoroughly research an NFT’s origin, art type, value, and cost before buying. He also suggested checking the NFT’s trade patterns for sudden spikes or troughs, understanding an NFT’s relation to the person/platform it is being advertised by, and investing money with calculated or minimal risk.
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Copyright © e-Eighteen.com Ltd All rights resderved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol.com is prohibited.
