Manish Malhotra Launches First Fashion NFT Collection, Sets Record for Fastest Sale

Manish Malhotra, an Indian fashion designer, debuted his first-ever collection of non-fungible tokens (NFTs), which are one-of-a-kind digital products that can be purchased using cryptocurrencies. The 54-year-old Bollywood designer debuted five special fashion-themed NFTs earlier this week. Lisa Ray, Deepika Padukone, Kareena Kapoor Khan, and Alia Bhatt were among the models and actresses that wore Malhotra’s NFT collection, which included drawings and GIFs of five couture pieces.

The auction was conducted in WRX, WazirX’s native token based on the Binance network.

The “Illuminous Showstopper,” a custom-made constellation drawing for Kareena, was the most popular item among the five NFTs. Mike Blue, the NFT’s inventor and collector, paid 3,000 WRX for the NFT, which is now worth $3,753. (roughly Rs. 2.8 lakhs). WazirX stated that the transaction happened within 12 seconds of the collection is released.

“NFTs are a complete game-changer and absolutely something that the Indian industry needs to consider and move towards. I can see so many new possibilities emerge for artisans and the creator’s community,” Malhotra stated adding that he intends to continue researching this new generation of crypto technology.

The remaining items went for $2,054 (approximately Rs. 1.5 lakhs) to $2,535 (about Rs. 1.9 lakhs) in less than two minutes after the auction began.

“All of these NFTs sold out in under two minutes,” WazirX stated, “with ‘Illuminous Showstopper’ selling out first in only 12 seconds, followed by ‘Reminiscing Runways’ in 13 seconds, ‘Memorable Sketch’ in 72 seconds, and’Archival Days’ in 132 seconds.”

The news came only days after Dolce & Gabbana, an Italian premium fashion house, sold a nine-piece fashion NFT collection for $6 million (roughly Rs. 44.8 crores).

NFT sales volume soared to $10.7 billion (approximately Rs. 79,820 crores) in the third quarter of 2021, thanks to worldwide celebrities including musician Snoop Dogg, NBA athlete Stephen Curry, and YouTuber Jake Paul. NFT sales are increased more than eightfold from the previous quarter, according to market tracker DappRadar.

The NFT movement is slowly gaining traction among Bollywood celebs. By November of this year, B-town megastar Amitabh Bachchan is scheduled to release his own NFTs, which will include some of the most distinctive and exclusive artworks around his personality.

Miami, Florida, has also recently launched the MiamiCoin, its first native digital currency.

El Salvador, a Central American country, became the first to legalise Bitcoin as a legal money alongside the US Dollar earlier this year.