Amitabh Bachchan’s NFTs Sold For Rs 7 Crore
Non-fungible tokens of Amitabh Bachchan’s father’s poems, the Bollywood actor’s own movie posters and other collectibles have cumulatively raised Rs 7.18 crore through a public auction.
Madhushala, a collection of Harivansh Rai Bachchan’s poems recited by the actor, sold for $756,000 (Rs 5.5 crore), raising the most amount of money, GuardianLink, a marketplace for NFTs, said in a statement. A set of film posters autographed by Bachchan sold for $94,052 (Rs 70.54 lakh).
The auction was conducted by BeyondLifeClub.com and powered by GuaradianLink.
An NFT is a unique digital asset that is minted, recorded, and traded on blockchain technology and can be used to determine the authenticity and ownership of a particular asset or item.
Another highlight of the auction was The Loot Box NFT wherein every buyer of the box received an assured art piece from the NFT collection. 'Six million bidders tried to claim the NFT in the first minute and all 5,000 NFTs were sold in 54 minutes,' the statement said.
Each of these art pieces sold for $10 (Rs 750). Of those who bid for the items, 65% were from India, while the rest were from other countries.
The tokens are protected by GuardianLink’s anti-piracy technology, ensuring complete ownership rights to the buyers. Typically, those who buy NFTs are not able to protect themselves against piracy of the underlying art.
NFTs have picked up steam over the last one year as creators, film stars and rock legends try to sell exclusive collectibles through a public bidding process. Another Bollywood actor Salman Khan is also in the process of auctioning his own NFTs.
In March, artist Mike ‘Beeple’ Winkelmann sold $69 million (Rs 517.5 crore) worth NFTs, making it the most successful auction at the time. While NFTs have taken the art world by rage, there is a little real-world use for the tokens as buyers cannot get possession of the underlying art for their personal use.