Now Yuvraj Singh is hopping on the NFT train; to launch their cricket collectibles this Christmas

Dinesh Karthik, Rishabh Pant, Zaheer Khan, Sunil Gavaskar were among the cricketers who announced their NFT. (Image: Yuvraj Singh / Twitter)

Former Indian cricketer and 2011 World Cup winning team member Yuvraj Singh is the latest addition to the growing celebrity community of cricket and Bollywood to launch their Non-Fungible Token (NFT) collections. Celebrating his 40th birthday on Sunday, the cricketer, who smashed six sixes in one over by England’s Stuart Broad at the 2007 T20 World Cup, said he would launch his NFT collection this Christmas in the marketplace NFT Colexion in which he had recently invested.

“Being there from Ball 1 when I decided to hang up my jersey, the fans have always been with me. Thank you for encouraging my highs and for giving me strength in my lows. On my birthday, I am proud to announce a special giveaway for the u-Yuvraj Singh NFT Collection in partnership with @colexionNFT, ”Singh tweeted. Colexion had previously collaborated with Pankaj Advani, Glenn Maxwell and Brendon McCullum.

A number of celebrities had turned to the launch of their digital memorabilia to take advantage of the growing craze around NFTs and rake in profits such as Amitabh Bachchan, Salman Khan, Dinesh Karthik, Manish Malhotra, Rishabh Pant, Sunny Leone , Zaheer Khan, Sunil Gavaskar and Suite.

“NFTs are capable of transforming the creative arts industry in a way that will benefit everyone in the industry. NFTs convert creative works of art into digital assets that can be traded over a highly secure blockchain network. NFTs also allow artists to sell their work virtually without having to go through a physical auction and the fact that NFTs cannot be duplicated makes the artwork very unique and creates higher monetary value. In India, NFTs are still in their infancy, but with a global icon like Amitabh Bachchan endorsing NFTs, we can expect a massive increase in the adoption of NFTs in India, ”said Jay Hao, CEO of NFTs. ‘OKEx.com at Financial Express Online.

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Paris Hilton, Lindsay Lohan, rock band Kings of Leon, skateboarder Tony Hawk, Snoop Dogg, rapper Azealia Banks, Scottish singer Lewis Capaldi and other foreign celebrities have reportedly already launched their NFTs. Essentially a digital asset, NFTs exist on Blockchain and represent different collectibles such as digital works of art that are unique and cannot be traded unlike cryptocurrencies. NFT was Collins’ Dictionary Word of the Year as it saw an 11,000% “meteoric” increase in usage in 2021.

However, like cryptos, NFTs are currently not regulated in India. Responding to a question in parliament recently about the existence of a separate legal framework for DTVs in India, Finance Minister Nirmala Sitharaman said: “At the moment, maybe I cannot say that there is will have a separate framework or not, but certainly all of these issues are being discussed. The government will likely introduce the Cryptocurrency and Official Digital Currency Bill 2021 during the current winter session.

The suggestions / recommendations regarding cryptocurrencies in this story are from the respective commentator. Financial Express Online assumes no responsibility for their advice. Please consult your financial advisor before trading / investing in cryptocurrencies.

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