Bollywood Buzzing Over NFTs

Non-fungible tokens (NFTs) are all the rage among Indian celebrities, but scepticism remains due to the legal ambiguity of the blockchain ecosystem

NFTs lure with the prospect of big returns. Indian actor Amitabh Bachchan reportedly sold his NFT collection of poetry recitals from his father's famous poem, Madhushala, along with autographed movie posters and more, for almost USD900,000.

The perceived utility of NFTs has also enabled content creators to monetise their work by connecting directly with audiences rather than via intermediaries like galleries, auction houses and record labels. In view of this buzz, it is important to understand whether NFTs are legal and, if they are, the implications involved in their use.