Will Salman Khan's Bollycoin increase investor interest in NFTs?

Asia's Tech News Daily

#invest, #NFT, Non-Fungible Tokens (NFTs), Salman Khan, Salman Khan Static NFTs, Bollycoin

The popularity of Non-Fungible Tokens (NFTs) has received a further boost of sorts. Superstar Salman Khan announced last week that he would be bringing out his own collection of NFTs – Salman Khan Static NFTs. These would be sold on Bollycoin, a Bollywood-centric NFT platform.

Bollycoin would give an opportunity for investors to buy clips and stills, iconic dialogues, unseen footage, posters, and so on from their favourite stars and films.

In March 2021, Christie’s auctioned a work by digital artist Mike Winkelmann, known as Beeple, for more than $69.3 million. The famous Charlie Bit My Finger video on YouTube, which holds a record with more than 885 million views, sold for $760,999.

Hang on a second, what are we talking about here – pixelated cartoons and YouTube videos valued at millions of dollars? Maybe NFTs need a closer look.

Rise of the NFTs

The value of the digital art market grew by 299 percent last year, according to the NFT 2020 Report, and that is just the tip of the iceberg. In the trailing one year, NFTs have shown extensive growth in the market. Sales numbers have increased by 125 percent. And the amount of money transactions have increased by 50000 percent as per nonfungible.com.

#invest, #NFT, Non-Fungible Tokens (NFTs), Salman Khan, Salman Khan Static NFTs, Bollycoin

Source : https://nonfungible.com/ (data for sales extrapolated for last 10 days of September)

Does a steep rise indicate a bubble?

Many in the investment fraternity are drawing parallels to the Tulip bubble and/or tech bubble. While based on price moves, the interest in NFTs does rhyme with the history of Tulip or tech bubble, but there are many fundamental differences.

In the 1630s, Broken Tulips became famous among the rich (status symbol). The steep demand pushed up prices. In 1637, the market collapsed. It was driven by the fact that people had purchased bulbs on credit, hoping to repay their loans when they sold their bulbs for a profit. NFTs are also a status symbol – to some extent. But these are tokens or certificates of ownership of specific results of intellectual work. They help creative people make money on a product that has no physical manifestation.

Similarly, in the 1990s, there was a bullish trend in the US tech stock market. Without making a profit, without creating a coherent product, companies went IPOs. In late 2000, investors got scared and the stock market crashed within weeks. Investment capital began flowing in other directions. The bloated companies that never became profitable were shut down.

Now, the widespread interest in NFT art appears at first to be similar to investing in dotcoms. But that’s not true, as in this case, the real product comes first. Nobody buys a masterpiece that might be made in the future – only one that they can see and possess. And sky-high prices for an exclusive product are common in the world of art.

Rising popularity among millennials

Blockchain and diversification benefits are likely to keep NFTs on the investment radar of HNI & UNHI categories, especially in the alternative assets bucket. However, it is easily in the highest risk bucket and hence caution is advised. Investments are to be made only if you are an aesthete and have done your homework on the creator and scarcity of an NFT and how it will be part of the new evolving digital world. Trifecta of challenges in terms of regulation (taxation & legal framework), transaction cost and liquidity continue to keep NFT investments from taking off.

However, NFTs are here to stay and grow. A sure sign of their arrival is that the likes of Facebook and Microsoft are pouring billions for building this virtual reality universe and use NFTs as an avatar or block of metaverse. In India as well, many leading Bollywood celebrities have taken a plunge into it.

Millennials will the biggest drivers of this trend, especially because they are becoming major part of workforce. For the millennials, the real-world identities are largely set by factors such as birth, geography, culture, education and by interactions with other humans. In the digital world (e.g., MetaVerse), one can construct a new identity, which is free of geography and social ties (theoretically a more egalitarian setting), and potentially very different from the user’s real-world identity. A Millennial in normal life could be an introvert and socially secluded, but in the digital world he can make himself a fashion icon and an orator par excellence.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related


Lakhimpur violence: UP govt told to file counter affidavit on Ashish's bail plea in week

Activists of Congress party’s youth wing protesting against Sunday’s killing of four farmers in Uttar Pradesh state after being run over by a car owned by India’s junior home minister ... Read more »

Air India pilot unions ask management to roll back salary cut within three days

Representative Image Air India pilot unions — IPG and ICPA — on Monday warned the airline management to roll back the “illegal” salary cut within three days or face industrial ... Read more »

£117m deal leaves Victoria reigning over Europe's rug sector

The latest deal from the Kidderminster carpet maker comes nine years after the conclusion of a colourful boardroom coup. Read more »

Parliamentary panel on IT wants to call Facebook whistle-blowers to depose before it

Representative image Some members of a parliamentary panel looking into the issue of hate speech on Facebook on Monday expressed the view that whistle-blowers Sophie Zhang and Frances Haugen, who ... Read more »

I want you to #LoveWhereYouWork , says Parag Agrawal, new CEO of Twitter to his team

The company’s Board has unanimously appointed Twitter’s chief technology officer Parag Agrawal as Jack Dorsey’s successor. Image source: Twitter. “Our purpose has never been more important. Our people and our ... Read more »

European stock markets recover somewhat after price fall due to Omikron variant

European stock markets made some gains on Monday after Friday’s sharp fall. Back then, investors were shocked by the outbreak of the Omikron variant of the coronavirus and possible consequences ... Read more »

CAG flags anomalies in accounts of units under IT, telecom ministries

Representative image The Comptroller and Auditor General of India on Monday reported multiple irregularities in the accounts of units under the IT and telecom ministries, including purchases of hardware and ... Read more »

Moody's assigns first-time 'B3' ratings to Ola, outlook stable

Ola | Representative image Moody’s Investors Service on Monday said it has assigned a first-time B3 corporate family rating (CFR) to ANI Technologies, which operates ride hailing service Ola. Moody’s ... Read more »

Twelve percent of self-employed workers are considering a loan now that corona support has stopped

Photo: Pexels The corona crisis is a difficult time for many freelancers. Many depend on customers for income, and in times of crisis, less money is spent. Fortunately, the government ... Read more »

Moneycontrol PRO presents Intrazon 2.0 on Tuesday, 30th November, at 8 pm, with Ashok Devanampriya on ‘Intraday Systematic Strategy for consistent gains in long term'

Ashok Devanampriya | PC-MoneyControl INTRAZON 2.0 is one of the largest retail Intraday Traders Online Conferences to be organised in India. Some of the best intraday traders in India will ... Read more »

Twitter shares surge by almost 5% after Jack Dorsey's exit announcement

Twitter | Representative Image Following the announcement by Jack Dorsey to step down as Twitter’s CEO, stock price of the social media platform surged by 4.82 percent in the intra-day ... Read more »

Who is Parag Agrawal, the new CEO of Twitter?

Parag Agrawal has been elevated as Twitter CEO on November 29, after co-founder Jack Dorsey stepped down from the role. Agrawal joins the elite list of global tech CEOs from ... Read more »

52.55 lakh homes delivered under PMAY-U: Govt

Under the PMAY-U, around 9.71 lakh houses have been completed and delivered to beneficiaries in Uttar Pradesh, 6.22 lakh in Gujarat, 5.26 lakh in Maharashtra and 4.77 lakh in Andhra ... Read more »

Watch live: Biden delivers remarks on new Covid omicron variant that prompted market panic and new travel restrictions

[The stream is slated to start at 11:45 a.m. ET. Please refresh the page if you do not see a player above at that time.] President Joe Biden is set ... Read more »

Why did Jack Dorsey resign as Twitter CEO? Read the full text of his parting message

Jack Dorsey has decided to step down as Twitter CEO. Twitter CEO Jack Dorsey has decided to step down from his role as Chief Executive Officer of the microblogging platform. ... Read more »

Twitter names Parag Agrawal as CEO after Jack Dorsey steps down

File image of Jack Dorsey, who stepped down as Twitter CEO on Nov 29, 2021 Twitter co-founder and chief executive officer Jack Dorsey on November 29 stepped down from his ... Read more »

Twitter co-founder Jack Dorsey stepping down as CEO

The Associated PressFILE – In this Oct. 28, 2020, file photo, Twitter CEO Jack Dorsey appears on a screen as he speaks remotely during a hearing before the Senate Commerce ... Read more »

DLF Limited gets rating upgrade from ICRA

Real estate major DLF Limited on November 29 said that it has received a rating upgrade from the country’s premier rating agency ICRA to AA- with Stable Outlook. This follows ... Read more »

Twitter names Parag Agarwal as CEO after Jack Dorsey steps down

File image of Jack Dorsey, who stepped down as Twitter CEO on Nov 29, 2021 Twitter co-founder and chief executive officer Jack Dorsey on November 29 stepped down from his ... Read more »

First flight to repatriate Russians from South Africa due December 3 — consulate general

On Friday, the WHO designated the B.1.1.529 variant as a "Variant of Concern" and assigned it the Greek letter Omicron Read more »

Travel firms update rebooking and refund policies after restrictions tightened

From Tuesday all arrivals into Britain will have to take costly day two PCR tests and remain self-isolating until they receive a negative result. Read more »

AMC and Sony to offer NFTs to people who buy advance Spider-Man tickets

AMC and Sony Pictures will offer NFTs to customers who buy tickets to “Spider Man: No Way Home” in advance of its premiere. Getty Images AMC is getting into the ... Read more »

NYC reinstitutes Covid mask advisory 'at all times' indoors regardless of vaccination status

An MTA worker is seen wearing a mask on the subway after The Port Authority of New York and New Jersey and the Metropolitan Transportation Authority (MTA) announced a mandatory ... Read more »

Jack Dorsey expected to step down as Twitter CEO

An investor group had previously pressured Dorsey to give up one of his two high-profile executive posts. Read more »

Russian Finance Ministry warns NPP construction in Hungary could face political obstacles

Rosatom and Hungary’s MVM signed a contract for the construction of new power units belonging to the Paks nuclear power plant in December 2014 Read more »

Wall Street also shows recovery after price fall due to Omikron variant

Like elsewhere in the world, the stock exchanges in New York showed some recovery on Monday after the fall on Friday. The American markets were only open for half a ... Read more »

Vicky Kaushal spotted arriving at his rumoured bride-to-be Katrina Kaif's Bandra residence ahead of wedding

© Provided by Zee News NEW DELHI: Ahead of their grand lavish wedding in December, actor Vicky Kaushal was on Monday spotted visiting his rumoured girlfriend Katrina Kaif’s house in ... Read more »

GDP seen growing at 8.3% in Q2, 9.4% full year: Report

Representative image Leading rating agency India Ratings expects the economy to grow 8.3 per cent in Q2 and close the year with 9.4 per cent in FY’22, which is 10 ... Read more »

Pfizer CEO confident Covid treatment pill will be effective against omicron variant

Pfizer CEO Albert Bourla said on Monday that he expects the company's Covid-19 treatment pill to be effective against the omicron variant of the virus causes Covid-19. “The good news ... Read more »

Twitter CEO Jack Dorsey to step down: Report

Twitter CEO Jack Dorsey Twitter Inc Chief Executive Officer Jack Dorsey will step down from his role, a person familiar with the matter told Reuters. Dorsey and Twitter’s board have ... Read more »

CNBC: Jack Dorsey steps down as CEO of Twitter

Photo: ANP Twitter CEO Jack Dorsey will soon announce his resignation from the messaging service. The American news channel CNBC reports this on the basis of insiders. CNBC was unable ... Read more »

‘Jack Dorsey leaves as CEO of Twitter'

According to Reuters news agency, Dorsey’s departure has been a year in the making. Together with the rest of the board, the CEO himself has decided who will be his ... Read more »

Seoul court rules in favor of Tesla in specifications upgrade lawsuit

The customers insist that Tesla’s specifications upgrade was equivalent to the release of a new car and that the company should have notified them of such a plan. The Seoul ... Read more »

Nissan to invest $17.6 billion over next five years to ramp up electric vehicle offering

An electric concept car from Nissan is displayed at the company's showroom in Yokohama, Japan, on November 29, 2021.KAZUHIRO NOGI | AFP | Getty Images Japanese automotive giant Nissan is ... Read more »

Landal Roompot holiday park merger needs more assessment: ACM

Photo: Depositphotos.com Dutch competition watchdog ACM has decided to more research is needed into the proposed takeover of holiday park company Landal GreenParks by sector peer Roompot. Roompot said in ... Read more »

Shaadi ki guest list check karo jaldi: Fans ask paps to check WhatsApp as Katrina Kaif's mom drops phone while shopping in Mumbai

© Provided by Zee News NEW DELHI: Ahead of Katrina Kaif and Vicky Kaushal’s grand wedding in Rajasthan next month, the actress’ mother Suzanne Turquotte was on Monday (November 29) ... Read more »

Co-working startup ABL Workspaces raises Rs 15 crore from Canada-based Ethik Inc

Representative image Co-working operator ABL Workspaces on Monday said it has raised Rs 15 crore from Canada-based Ethik Inc for expansion. Founded in December 2017, ABL Workspaces has nine centres in Delhi-NCR. In a statement, ABL Workspaces said ... Read more »

Storyboard18: Consumers favour safer and bigger brands over challenger brands

BrandZ India 2021 report broadly looks at the impact of the year’s multifaceted volatility on Indian brands, with a focus across FMCG, Non-FMCG and Technology brands. For the first time, ... Read more »

The Latest: S. Africa doctor sees mild symptoms from omicron

The Associated PressPassengers queue to check in at Heathrow Airport in London, Monday, Nov. 29, 2021. The new potentially more contagious omicron variant of the coronavirus popped up in more ... Read more »

Nike reportedly limiting single customer purchases of Air Force 1s

Currently, Nike allows a customer to purchase up to five Air Force 1s. Nike is reportedly limiting the amount of Air Force 1s a single customer can buy, which some ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic