Amitabh Bachchan becomes first Indian actor to launch NFT Collection

Amitabh Bachan, the legendary actor, has become the first Indian to enter into the emerging world of digital assets by creating some special ­NFTs (Non-fungible tokens). The NFTs is a collection of unique and limited artworks themed around Amitabh Bachchan and his life. 

BeyondLife.club, which will be developed by Rhiti Entertainment in partnership with GuardianLink.io, will offer these NFTs.

“I have joined Rhiti Entertainment, Singapore and will be launching NFT’s soon on the platform”, Amitabh Bachchan commented on the launch of NFT.

This isn't the first time Amitabh Bachchan has dabbled in blockchain technology. Amitabh Bachchan and his son, actor Abhishek Bachchan, invested $250K in a Singapore-based blockchain business Meridian Tech in May 2015, and by 2017 had made $17.5 million.

Amitabh Bachchan's NFT project has coincidently corresponded with the platform's official debut. On this development, Arun Pandey, Chairman and Managing Director of Rhiti Group, expressed his gratitude to Amitabh Bachchan by posting a photo with him and shared his thoughts on the occasion.

In a tweet, Arun Pandey said, “While growing in Varanasi, we used to watch/admire the legend of Century Amitabh Bachchan. And, never thought that I will be launching his NFT. I will always be grateful to the legend. Having Keyur Patel as a partner who is legendary in the tech world.”

Some of the highlights of this NFT include Amitabh Bachchan's recital of poetry from Madhushala, his father Harivansh Rai Bachchan's acclaimed collection of poems. Amitabh Bachchan will also give anecdotes in addition to the recital. The collection includes "personally signed posters showcasing the key achievements" in the actor's career, as well as other unreported gifts.

Anyone can share their NFT thought on the BeyondLife.club website, which will then be communicated to Amitabh Bachchan. This will enable a customized NFT experience.“It could be an audio clip, a signed poster or even a meet and greet. Go wild,” according to the website.

A blockchain is used to store NFT. The blockchain gives the digital item a distinct identity, making it non-transferable. An NFT can be created using real-world assets such as a painting, game, music album, collectible sports cards, or even a meme.

When an NFT is sold, the inventor receives a cryptocurrency payment. He or she is also paid a commission on further NFT sales. However, NFT cannot be traded like cryptocurrencies. Furthermore, NFTs cannot be broken down in the same way and exist as a whole.

Each photograph, movie, or piece of memorabilia in the form of NFT is truly one of a million! According to market data, the market for these digital art tokens has reached about 2.5 billion dollars in sales so far in 2021, up from just 13.7 million dollars in the final part of 2020.

Keyur Patel, Chairman of GuardianLink.io and Rhiti Entertainment, believes this field has merit and potential. “Now, for NFT to be big in this world, fiat (currency) will have to participate. Whether youngsters use fiat, which is different or not, but at the end of the day, fiat will be part of NFT; whether it takes two years or five years, that is to be seen. Even what we are doing in India is on fiat because we believe a majority of people own fiat and not crypto,” Patel said.

Guardian is a distributed NFT exchange platform that was developed in 2017 by Ram Subramanian, Kamesh Elangovan, Arjun Subburaj, and Logan Anjaneyulu, and was previously led by Keyur Patel. It enables users to build their own brand, operates in a decentralized environment, and distribute their NFTs among numerous marketplaces.

BeyondLife.club said, “Bollywood megastar Amitabh Bachchan will be the first one to roll out his NFT collection through BeyondLife.club. These collectibles will represent his legendary status and mark the opening of this maiden NFT platform.”

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