After Amitabh Bachchan, Yuvraj Singh sees strong traction for his NFTs with bids over Rs 2 crore​

Yuvraj Singh NFTs have garnered about $292,000 or Rs 2.17 crore so far.

Former cricketer Yuvraj Singh, who launched his non-fungible token (NFT) collection on December 25, has seen strong traction for the digital assets amid buyers.

Launched on NFT marketplace Colexion, Yuvraj Singh's first century bat got a final bid of worth $78,000.

The digital collectibles also included trump cards which have photos, and models in 3D and 2D formats of Yuvraj Singh. As many as 5,000 trump card combo packs priced at $30 each were made available to buyers and the platform said that most of these packs are sold out.

In addition, 2,500 digital assets were made available under another category called warrior NFTs priced at $40 each. The platform has so far sold 70 percent of these digital collectibles.

Overall, the Yuvraj Singh NFTs have garnered about $292,000 or Rs 2.17 crore so far.

This shows the growing craze for NFTs in India. In 2021, Bollywood actor Amitabh Bachchan's NFT collection was sold for over Rs seven crore.

While NFTs are still at a nascent stage in India, Colexion founder and CEO Abhay Aggarwal expects the NFT market to become a $1 billion industry in the country.

The current NFT market in India is pegged at $100 - $200 million, Ramkumar Subramaniam, co-founder, and CEO at Guardianlink.io had said in an earlier interview to Moneycontrol. He added that the NFT market has the potential to reach $500 million-$1 billion by 2022. Across the globe the NFT market has crossed $10 billion, he had said.

Betting big on the traction for NFTs in India, platforms are getting on board more celebrities especially from the field of sports and entertainment.

Along with Amitabh Bachchan and Yuvraj Singh, sports and film celebrities including Sunny Leone, Kamal Haasan, Sunil Gavaskar, have joined the NFT bandwagon by announcing the launch of their digital collectibles.

In December, Colexion had launched NFTs of as many as 30 celebrities from the field of sports, music and films.

Also Read: 8 Indian celebrities who launched their NFTs

And when it comes to Yuvraj Singh's NFT, the platform also sent the former cricketer's first century bat to space in a hot-air balloon. The video of the launch was also made into a digital asset.

Experimenting with newer forms of digital assets, Colexion's Aggarwal is aiming to expand the Indian NFT market.

For this, he is looking at newer ways of introducing digital assets to Indians like a virtual museum. The virtual NFT museum gives access to view all Yuvraj Singh NFTs. The platform has plans to follow the subscription model for the virtual museum which will be priced at around $2 a month.

Like Aggarwal, Guardianlink.io's Subramaniam sees strong potential for NFTs in the Indian market. He had pointed out that about 60-65 percent of Amitabh Bachchan NFTs were bought by buyers in India.

While India currently accounts for around five percent of the global NFT market, experts estimate 10x growth of digital asset sales in the Indian market in 2022.