Film industry: one of the biggest contributors in the NFT industry

The annual statistics are evidence of the increasing revenue of the NFT Market. In 2020, the NFT industry made a sale of $94.9 million, which rises to $24.9 million in the year 2021. 

Last year brought immense fortune for the NFT industry as numerous NFTs were sold at sky-scraping amounts resulting in a huge volume of sales. Starting with Beeple’s NFT “Every day”, which was sold at 69 million dollars, the NFT industry explodes with the global attention of the creators and buyers. Afterward, the celebrities’ connection with the NFT industry created hype among the investors and their admirers. In order to connect with their idols, people are willing to spend millions of dollars. Let’s go through some of the biggest sales secured by the artists in recent times.

Amitabh Bachchan’s NFT collection sale comes up as a shock for the industry when the entire collection gets sold out at $66,900. His collection of NFTs included a poem, autographed posters, and other similar content.

Another big sale by a film industry star, Ranvir Singh, contributed to the expansion in popularity of the NFT industry. His collection was sold out at a price of more than 10 lakh. This sale was considered highly interesting because the entire collection gets sold within an hour of the launch.

Currently, almost everyone has heard about these spectacular assets being in the headlines almost every day for sales at jaw-dropping prices. But what they actually are? What makes them valuable?

NFTs, the unique digital assets are the computerized code that is stored on the distributed ledger, called blockchain technology. The rarity of these tokens is one of the most powerful characteristics that make them immensely valuable in the market. Additionally, being non-fungible, one asset cannot be exchanged or replaced by another asset even though both of them have the same value. 

Some of the perks of purchasing these irreplaceable assets are that the buyer gets the ownership rights over the NFT, which means, no one else can claim rights on that asset except the investor whose ownership rights have been stored on the blockchain technology. Additionally, the certification of ownership is highly secured on the distributed ledger as the transactions done on the blockchain cannot be changed or deleted.

Till now, the film industry personalities such as Salman Khan, Amitabh Bachchan, and many others have stepped into the NFT industry and got benefitted from sales at mind-blowing prices. However, not only the creators but the investors are getting the advantage to sell the NFTs afterward at higher prices.

To exemplify, one of Amitabh Bachchan’s NFT which was purchased originally by an investor at $10, was further sold to another buyer at $1200. The present owner of the NFT has listed it for a price of $2500. 

The notable elevation in NFT’s values is encouraging more individuals to invest in these unique assets. One can buy and sell NFTs easily on an NFT Marketplace. Novuszilla, being the best NFT Marketplace in India offers opportunities to create, sell and Buy NFTs with convenience. Their collaboration with the biggest personalities makes them India’s 1st NFT Marketplace to offer you a chance to connect with your favorite artists. To invest in the most profitable deals in the NFT industry, explore their NFT Marketplace.

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