Designer Manish Malhotra Drops First Fashion NFT Collection, Records Fastest Sale


Indian fashion designer Manish Malhotra entered the crypto world with his first collection of non-fungible tokens (NFTs) – unique digital items that can be purchased using cryptocurrencies. Earlier this week, the 54-year-old Bollywood designer launched five exclusive fashion-themed NFTs. Malhotra’s NFT collection featured sketches and GIFs of five costumes worn by renowned models and actresses like Lisa Ray, Deepika Padukone, Kareena Kapoor Khan and Alia Bhatt.

The auction was held in WRX—the native token of WazirX Binance Blockchain.

out of five NFT, a custom-made constellation sketch for Karina called the “Illuminous Showstopper”, emerged as a best-selling piece. Mike Blue, the creator and collector of the NFT, bought the NFT for 3,000 WRX, which is equivalent to $3,753 (approximately Rs 2.8 lakh) as of today. WazirX claimed that the sale was made within 12 seconds of the collection being dropped.

“NFTs are an absolute game-changer and absolutely something that the Indian industry needs to consider and move forward. I can see that a lot of new possibilities emerge for the community of artisans and creators,” Malhotra said, revealing that he plans to further advance this new-age crypto technology.

Other pieces were also sold in the range of $2,054 (approximately Rs 1.5 lakh) to $2,535 (approximately Rs 1.9 lakh) within two minutes of the sale.

“All these NFTs sold out in about two minutes, from ‘Illuminous Showstopper’ to fastest sell in just 12 seconds, to ‘Reminiscing Runway’ in 13 seconds, ‘Memorable Sketch’ in 72 seconds, and ‘Archival Days’ in 132 seconds, VazirX said.

The development comes just days after the Italian luxury fashion brand dolce and gabbana Nine Piece Fashion NFT Collection sold for $6 million (approximately Rs 44.8 crore).

With the likes of globally recognized celebrities such as rapper Snoop Dogg, NBA athlete Stephen Curry and YouTuber Jake Paul – NFT’s sales volume soared to $10.7 billion (about Rs 79,820 crore) in the third quarter of 2021. according to a report good According to market tracker DappRadar, NFT sales are up eight times compared to the previous quarter.

The NFT trend is slowly gaining momentum among Bollywood celebrities as well. B-Town Megastar Amitabh Bachchan It is expected to roll out its own NFTs by November of this year including some of the most unique and distinctive artifacts around its identity.

Actress Sunny Leone too Allegedly Invested in NFTs this month, becoming the first Bollywood actress to do so. Earlier in September, NFT trading platform Collexion also added Indian artists including Suniel Shetty, Aamir Ali, Mika Singh, and Sidhu Moose Wala to be a part of its marketplace.

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