Salman Khan on Tuesday (October 19) announced to launch his NFT (Non-Fungible Token) collection with BollyCoin. He followed the footsteps of veteran actor Amitabh Bachchan who also took the decision to launch his NFT collection, Khan took to Twitter and unveiled about the launch of his film's NFT and static NFT collection. Here's everything you need to know about the online Bollywood NFT marketplace. Salman Khan Film’s NFTs and Salman Khan Static NFTs To Launch On BollyCoin!

What Is NFT?

NFT (Non-Fungible Token) is an unique and non-interchangeable unit of data stored on a digital register called blockchain. NFTs can be used to mean easily-reproducible products such as photos, videos, audio, and other types of digital files as special items (analogous to a certificate of authenticity), and use blockchain technology to initiate a verified and public proof of ownership. Copies of the original file are not restricted to the owner of the NFT, and can be copied and shared like any file.

What is BollyCoin?

BollyCoin is opened by filmmaker-actor Atul Agnihotri, BollyCoin is an online marketplace presenting digital collectibles for the Bollywood industry. The plan allow fans to invest in clips and stills from movies, iconic dialogues, film posters, unseen and exclusive footage, social media content, and merchandise from film characters, Business Insider reported. Till date, Bollycoin has collaborations with production houses which includes Salman Khan Films, Arbaaz Khan Productions, Sohail Khan Productions and Reel Life Productions.

How To Buy BollyCoin Token?

The details and steps to buy BollyCoin token are below -

1. The first step is funding your non-custodial wallet (CoinBase, Metamask) with Ethereum [and if you so wish, any other currency with which you want to pay (BUSD or USDC)].

2. In order to do this, you can first go to your local exchange (Wazirx, Coindcx, Coinswitch if you’re in India) and create an account. After completing your KYC, go to the funds section and buy USDT (In India you can buy INR directly).

3. After buying USDT, come to the exchange section and buy 100% Eth (or 90%BUSD/USDT and 10% ETH/USDT).

4. You now have to come to your metamask/coinbase wallet and copy your address. These are both non custodial wallets that can be downloaded as chrome extensions. 

5. Now come to your local exchange wallet and hit withdraw (first withdraw ETH and then BUSD).

6. Your non-custodial Wallet is now funded. 

7. You can now come to the BollyCoin website and click Buy BollyCoin on the upper right corner. 

8. You will be redirected to a different page where a button “Approve BUSD” will appear. 

9. After clicking this button you will be asked to give permission for this transaction. Now that it’s done you can finally click “Buy BollyCoin” and the transaction will go through.

What Is Bollywood NFT Marketplace?

More than one billion people in the globe are already Bollywood media users and a huge portion hold nostalgic value in iconic moments and media produced by the industry over the century. Digital collectibles from the Bollywood Industry will be auctioned through the platform, providing an fresh way for Bollywood fanatics from around the world to own NFTs of their personal favourite Bollywood films and celebrities. This aim to be the world’s biggest Bollywood NFT marketplace, collaborating with the largest producers and celebrities in the industry to generate iconic and exclusive kind of NFTs.

What Is BollyCoin Token?

BollyCoin is the native digital utility token of our ecosystem, which represents a voting right in our community. However, acting as a governance token in non-corporate and non-regulatory matters. Every time a newly minted NFT is sold on the marketplace, 10% of the sale value of the NFT is awarded to BollyCoin holders as discounts in the form of BollyCredits which can be used to buy NFTs on our platform when it goes live.

What Is BollyCoin Community?

The NFT Bollywood marketplace warrants the community to purchase and commerce NFTs on the platform. Users can make their own cinematic universe and BollyCoin rewards them for their participation and donation to the circle.

Who Are The BollyCoin Partners?

BollyCoin is joining hands with some of Bollywood’s largest production houses and personalities to bring you super blockbuster NFTs. This adds dialogues, posters and stills from your personal favourite films along with tweets, posts and more, direct from your favourite Bollywood stars.

Now, Salman will be the brand ambassador of the NFT marketplace and the $GARI Token reward programme. On October 16, the Bollywood actor had launched the $GARI programme in Mumbai.

(The above story first appeared on LatestLY on Oct 19, 2021 06:22 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website