NFTs lag amid crypto surge: Hope to revive interest lies in tokenisation?

Cryptocurrency and NFTs, connected through blockchain, once scaled their peaks hand in hand

In 2021, actor Amitabh Bachchan recorded his father Harivansh Rai’s poem, Madhushala, in his voice and launched it in the form of a non-fungible token, or NFT. Auctioned in November that year on the website, Beyondlife club, it was sold for $756,000.

NFTs, launched in 2014, are digital assets that are “non-fungible”, meaning unique. These may be photos, videos, audio files (such as Bachchan’s rendition of Madhushala) or any other collectibles in digital form. Unlike physical currency and cryptocurrency, these tokens have a digital signature that makes each of them unique. Put simply, it is a collectible in digital format