A new, dedicated NFT platform for Bollywood enthusiasts, BollyCoin that will go live in December, has successfully closed its pre-sale round of 20 million tokens worth USD 2 million. The upcoming marketplace aims to allow the fans to invest in Bollywood’s blockbuster NFTs (Non-Fungible Token) and sold all the coins within a month of their availability.
As of now, BollyCoin has announced its partnership with some prominent production houses including, Salman Khan Films, Arbaaz Khan Production, Sohail Khan Productionz, Reel Life Production Pvt. Ltd. Salman Khan is the first Bollywood actor to confirm his association with the platform. A few other associations are in the pipeline before the formal launch next month.
The platform, whose board includes Bollywood actor/producer/director Atul Agnihotri, offered the BollyCoins at a fixed price of Rs. 7 per token. By buying the tokens, the holders can reap real-world benefits each time they sell the NFTs on BollyCoin. BollyCoin holders will be able to trade the coins on crypto exchange platforms after the company’s initial DEX offering (IDO) in December.
Speaking on the development, Kyle Lopes, Co-Founder, BollyCoin, said, “Bridging the emerging crypto market with Bollywood, we aim to provide an innovative way to allow the industry and blockchain enthusiasts from around the world to own NFTs of their favorite films and celebrities. We are incredibly thrilled with the response we got from our pre-sale round. It proves that the audience has moved beyond just consuming content. Around a million BollyCoin tokens were sold within the first three hours while the figure reached 2 million at the end of seven hours. All the available 20 million tokens were sold out within 30 days of their availability. Even before the formal launch (scheduled in December), we are associated with prominent names in the industry and a few other crucial ones are in the works too.”