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Designer Manish Malhotra drops first fashion NFT collection, records fastest sales



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 famous models and actresses like Lisa Ray, Deepika Padukone, Kareena Kapoor Khan and Alia Bhatt.

The auction was conducted in WRX – the native token of WazirX based on the Binance blockchain.

Of the five NFTs, a custom-made Constellation sketch for Karina called the “Illuminous Showstopper” emerged as the 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 Italian luxury fashion brand Dolce & Gabbana’s nine piece Fashion NFT collection was sold for $6 million (approximately Rs 44.8 crore).

NFT’s sales volume grew to $10.7 billion (roughly Rs. According to a report by 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 is expected to launch his own NFTs by November this year with some of the most unique and exclusive artworks associated with his identity.

Actress Sunny Leone also reportedly 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.

Interested in cryptocurrency? We discuss all things Orbital with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.


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