Panic has already started in most countries of the world. Fear of digital assets is growing in most countries. India is an exception from others there. Instead of apprehension, there is growing interest in Non-Fungible Tokens (NFT) in the country. Basically, the countrymen see a lot of potential for financial growth in NFT with the hope that various start-up companies will adopt it as a product on their platform. Currently the core market of NFTs in India covers sectors like gaming, social networks, various collectibles.
India’s NFT craze
India’s picture of NFTs is very different from the world market. Here the youth generation of the country already know about cryptocurrencies and NFTs. India is now a big market for gaming and entertainment. Whereas the government is giving freedom to those who are providing real benefits to the people through such initiatives despite the strictness of the regulator. Film and gaming industries in India are now rapidly adopting NFTs.
While the Indian government wants to regulate cryptocurrencies, artists, platform owners and auctioneers are hopeful that NFTs will open new horizons for Indian art. This platform will add new craze especially after the negative impact of COVID-19. Crypto-art platforms in the country, news-making auction sales and the presence of influential artists on social media have started pushing the vehicle of Indian art through NFT.
Why are Indian industries turning to NFT?
According to startups in the country, NFTs have also started making a significant contribution to the fintech industry. For example, the billion-dollar gaming sector CryptoPunk, Bored Ape Yacht Club and Azuki can give you passive income. These are some of the big names, which have significantly contributed to the promotion of NFTs within the crypto community. In the last two years, especially in 2021, India saw more than 86 NFT-based startups. Interestingly, 71 such startups were first launched in 2021.
In 2021, a major step was taken to market NFTs in India. Which has brought about a huge change in the mindset of the Indian public towards digital assets and NFTs in particular. In 2021, Indians see their favorite celebrities creating their own digital lines. Later, following the stars quickly started investing in this direction.
The topic of this digital line was originally inspired by the NFT market. Where the big personalities of the country walk on the road of digital token launch, seeing the financial potential. These names include Amitabh Bachchan, Salman Khan, Kamal Haasan, Yuvraj Singh, Rohit Sharma and Manish Malhotra among many stars. Those who have already announced their digital token launch or launches in 2021.
It is expected that 2022 is going to be the year of non-fungible tokens (NFTs). The $40 billion market for NFTs is now approaching the $50 billion total market value of artefacts. Brands and influencers from various industries are experimenting with NFTs and Metaverse in India. Bollywood and sports celebrities have started their own NFT markets to interact with fans and also offer their products.
NFT and Indian Artifacts
NFTs are showing the potential to revolutionize the emerging market as well. This token captures the ability of the market to make significant contributions from the sale of non-traditional industries. However, it must be remembered that initially NFT could not meet the expected demand in the country’s art work market. However, this initiative through digital assets has considerable potential to build credibility in the market.
Even if the NFT market is not stable, there is a lot of opportunity potential in this venture. Due to volatility here investors can make huge profits with ‘buy low sell high’ strategy. In a turbulent market, it allows you to identify the strongest projects as well as the weakest.
NFTs for business
Basically, people want more functionality. Every now and then buyers want to know about the up-rides of all NFTs. Once invested in this world, buyers expect benefits such as relevant platforms, exclusivity and premium offers associated with this market. What they don’t realize is that the sector is still in its infancy. It has not yet established itself as a fully developed economic domain. Without getting answers to these questions, many people turn away from participating in the market. Which hurts the entire NFT industry.
It is necessary to have proper knowledge about NFT
Currently, when talking about this market, everyone should not only talk about this digital asset. It also needs to be educated about its processing, functionality, community and how the market works. They need a thorough understanding of how all aspects work in this world of digital. This is a whole new world, where having a proper knowledge of its rules and procedures is very important even if not successful.
A lot comes into play when it comes to NFTs, crypto and blockchain technology in general. We hope, constructive steps will be taken to adopt this new technology. Then we will not miss its benefits.
(The author is Head of Operations at Tejos India – a non-profit organization that enables consumers and organizations in India to use the Tejos Blockchain.)