Bollywood Has Shown Appetite For Crypto Endorsement. Is The Industry Also Open To Trading In It?

Many Bollywood actors have started endorsing cryptocurrency and launched their NFTs too
Many Bollywood actors have started endorsing cryptocurrency and launched their NFTs too

Cryptocurrency has not just caught the imagination of an average Indian keeping a tab on the index rising gradually from some corner of the country but also the A-listers of Bollywood sitting in the financial hub Mumbai. And these film stars are interested in more than just cryptocurrency coins. While some have launched their own non-fungible tokens (NFTs), others are planning to tap the emerging market. Two of the crypto exchanges, which facilitate trading in these digital assets, recently roped in actors Amitabh Bachchan and Ranveer Singh to add their weight behind the industry.

While these stars have provided weight and raised the trust level in the emerging industry, have they themselves invested in cryptocurrency coins?

None of these 2 actors have overtly mentioned about their own cryptocurrency investment so far. Even if they have invested, they have not disclosed it to the public so far. Bollywood stars disclosing their crypto investment would go a long way in raising the public trust in assets they are endorsing for the very same purpose.

Earlier this year, Amitabh Bachchan had launched his NFT collectibles, which included autographed vintage posters of himself, a recital of his father's famous poem Madhushala, and other items associated with his identity, work, and stardom. A few days ago, at an auction, the digital collectibles from his NFT series sold for $9,66,000 (roughly Rs. 7.18 crores). The bidding began on November 1, and closed on, Diwali, November 4.

Actor Salman Khan, too, is building curiosity about the impending launch of his NFTs via his Twitter account.

In September, singer Kailash Kher had announced that he was launching his NFT.

Bollywood fashion designer Manish Malhotra, too, made a foray into the world of NFTs. In October, he launched five exclusive fashion-themed NFTs — sketches and GIFs of five couture pieces worn by models and actresses such as Lisa Ray, Deepika Padukone, Kareena Kapoor Khan, and Alia Bhatt.

This increasing acceptance and endorsement is in contrast to what the Reserve Bank of India (RBI) and other government departments have said about the cryptocurrency industry. They have warned about the extreme volatility and shied away from relating to the crypto coins. Instead, RBI has repeatedly said it is studying the underlying blockchain technology and may launch its own cryptocurrency, which will have federal backing.