RECRD, a SocialFi platform, and Indian media company Shemaroo Entertainment have partnered to bring Bollywood films and music to the blockchain.
The partnership will bring Bollywood films like Jab We Met, Khakee, and Golmaal Returns on the blockchain as digital collectibles. SocialFi growth amid the NFT market slowdown has given traction to new partnerships.
Bollywood debut will happen on the blockchain
SocialFi platform RECRD and Indian media company Shemaroo Entertainment have partnered to bring Bollywood movies and music to the blockchain. As per the press release, the partnership aims to turn Shemaroo’s popular Bollywood content into unique digital collectibles. Its Bollywood film library would include movies like Jab We Met, Khakee, Golmaal Returns, and Masti. Fans would be able to engage and earn rewards through interactive video responses called REBND.
Shemaroo’s COO, Arghya Chakravarty, said the partnership makes Shemaroo the first Indian media company to adopt a SocialFi platform. As a Platinum Creator on RECRD, Shemaroo is offering this new digital format as SocialFi platforms gain traction. Previously, Shemaroo announced a metaverse partnership with The Sandbox-led JV called BharatBox.
SocialFi is covering up for the NFT market slowdown
RECRD, co-founded by Anoir Houmou and Dominic Frazer-Imregh, allows users to create and trade content, including videos that can be turned into NFTs.
Houmou said, “Our integration on the Sui Blockchain will be key to bringing greater transparency and creating an ecosystem where every interaction is mutually rewarded.” The platform reportedly has over 1 million daily active users since its launch in India. The platform also recently raised $4 million and is backed by investors like Mitch Lowe, co-founder of Netflix, Sui Foundation, and NBA All-Star Mitch Richmond.
As per a Reddit conversation in the crypto community, users say that Bollywood, the South Asian counterpart of Hollywood, is late to the NFT game. Meanwhile, the NFT market is currently witnessing a slowdown but estimates believe it will reach a $51.4 billion valuation in 2024 at a growth rate of 23%. However, the NFT sector experienced falling trading volume in Q3 at $1.6 billion.
Meanwhile, reports indicate that SocialFi growth continues on the back of the rise of traditional social media platforms. Facebook, Instagram, and Twitter reportedly saw a 14.8% annual increase to $251.45 billion in 2024. On the other hand, SocialFi has reached $5.5 billion in market size.
