INDIA’S NEW BLOCKBUSTER RELEASE – BOLLYCOIN

Bollywood actors and cricketers have taken note of the rising trend of blockchain and cryptocurrency in India and have decided to capitalize on it. A growing number of them are launching their own NFTs, ranging from pictures to videos of their iconic scenes in the hopes to mint thousands from their beloved fans. For the uninitiated, NFTs or Non-Fungible Tokens are digital one-of-a-kind assets that share the same status as collectibles. There is a digital signature on the blockchain that is created which makes the NFT unique. The most recent superstars that have jumped on the bandwagon are Amitabh Bachchan and Salman Khan who are planning to launch their corresponding NFTs soon. The legendary actor and quiz host is launching his own on Beyondlife.club, whereas the certified bhai of Bollywood is launching his NFTs on a marketplace which is exclusive to Bollywood: BollyCoin.


Filmmaker-actor Atul Agnihotri has launched a digital marketplace for Bollywood collectibles by the name of BollyCoin. Fans will be able to invest in iconic scenes and stills from movies and be the proud owners of signed posters, unseen behind-the-seen footage and merchandise. Those at Bollycoin are collaborating with Bollywood’s largest production houses like Salman Khan Films, Arbaaz Khan Production and Sohail Khan Productionz. According to their platform, these exclusive Salman Khan NFTs will go live later this year in December; The actor took to twitter earlier this month and gave his fans a sneak peek of the collectibles.

BollyCoin is the name of their native token as well and as per their reports, the initial sale of their tokens was more than 1 million in close to three hours. Within 24 hours, over 3 million tokens were in circulation. There are around 20 million coins in circulation with each of them being valued at 10 USD cents. If one were interested to know about their tokenomics, they would learn that 10 percent of the sale value is awarded to BollyCoin holders as BollyCredits, another 10 percent is sent to a treasury for the development of the ecosystem and the rest goes to the original minter or creator. In the event of a resale, the creator gets 5 percent of the sale value while another 5 percent is given as BollyCredits. 

Their goal as read by their whitepaper is, “to decentralize the entertainment industry. Through the BollyCoin ecosystem, members can have a vote on things including NFT and film production”. They are hoping to change the relationship between the producers and Bollywood enthusiasts by allowing the latter to have a say in which movie gets funded and ultimately made. The director will then use the funds allocated to the winning film. 

India’s NFT craze has increased ten-fold since WazirX, India’s largest cryptocurrency exchange, started the country’s first NFT marketplace, WazirX NFT earlier this year in June. In an interview, the CEO of the exchange, Nischal Shetty, attributed the NFT craze to it being simply open to a larger demographic that doesn’t necessarily need to understand cryptography. If someone is an admirer of an artist’s work, they can simply purchase the NFT and support them. Some of them see it as a long-term investment for budding artists, believing that its value will grow manifold in the future; He compares its simplicity to investing in cryptocurrency, where one needs to read the whitepaper to gauge the vision of the project, but in a NFT what you get is what you see. They too have collaborated with multiple Indian celebrities to help launch their NFTs. The latest and most glamorous of them was launched by Manish Malhotra, India’s top fashion designer, who recently sold digital sketches of his famous creations as NFTs for $4,000 each. We hope that the Salman Khan collection will be as glamorous and prove to be a huge blockbuster just like his films. Until then, all we can do is load up with BollyCoins and get ready to give a warm swaagat to Bollywood’s Bhai in crypto.

PROs
  • Issuers aren’t required to pay high fees in order to get their token listed
  • In the case of exchange users vetting the project, it is led by community members that are more likely to give a chance to small scale projects and it also reduces the wait time for issuers allowing them to list their tokens quickly
  • An issuer is not restricted to one exchange like in an IEO, they can sell their tokens on multiple exchanges
  • IDOs are a better alternative to get immediate access to liquidity and trading
  • These are ideal for smaller companies as it is a cost effective and time saving method of raising funds
  • Retail investors that may not be accredited investors can take advantage of such opportunities since there is almost no regulation
CONs
  • There is always the possibility that the project is a scam
  • Investors may feel cheated when they are unable to buy the tokens at the start of the IDO and end up acquiring them at higher prices 
  • Since the exchange does not provide a KYC service, one cannot validate investor information
  • They can be victims to a pump and dump, where investors buy large sums of the token and dump them when the prices have risen high enough. It should be noted that this is not particular to an IDO, but happens even in the stock market, but since this space is not regulated, there are no repercussions.

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Renuka Sivsankar

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