Salman Khan to launch his NFT collection​ soon

According to a white paper filed by BollyCoin.com, digital collectibles from Bollywood will be auctioned on Ethereum blockchain, providing an innovative way for Bollywood fans from around the world to own NFTs of their favourite Bollywood films and celebrities.
“NFTs have caught the imagination of Bollywood superstars. Amitabh Bachchan and Salman Khan have set the ball rolling,” said Sharat Chandra, a blockchain & emerging tech evangelist.

“More mainstream Bollywood artists and creators would follow their footsteps in utilizing blockchain technology for creating superior fan engagement experience through fan tokens, digital collectibles and avatars,” he added.

Bollycoin aims 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 has Atul Agnihotri, Armand Poonawala, Kyle Lopez, Aaliya Kanuga, Karamvir Sachdev and Sujith Somraj on the board, apart from partnering with Arbaaz Khan Productions, Salman Khan Films, Sohail Khan Productions and Reel Life Productions.

Hitesh Malviya, founder,
itsblockchain.com, said that it’s good news that Salman is launching NFT collection as more celebs and entertainment studios will follow suit. He expects more Bollywood stars to enter the arena in the next one year.

“But the problem here is that Indian investors are not much educated about NFTs and the associated risks,” he added. “NFTs are easy to create but are illiquid and hard to understand for retail investors.”

The native digital utility token of this ecosystem, BollyCoin, represents a voting right in the community. It is likely to act as a governance token in non-corporate and non-regulatory matters. The white paper clarifies 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.

Every time an NFT is sold on the marketplace, 10 per cent of the sale value of NFT will be credited to BollyCoin holders in the form of BollyCredits which can be used to purchase NFTs on the platform when it goes live.

Cautioning against NFT scams, Malviya advised investors to not invest blindly. “Acquire knowledge about NFTs before putting your money into NFTs, which as nascent and high risk investments,” he said.