NFTs: How India Can Emerge As A Frontrunner
Auctioneers are optimistic that NFTs will be the new frontier for Indian art.
While the majority of the populace continues to feel intimidated by the world of digital assets, the interest in non-fungible tokens (NFT) is growing in India. There is a tonne of possibility for financial growth as numerous existing technology startups that operate in various industries have added NFT-based products to their platforms. Currently, in India, the key markets and applications for NFTs include gaming, collectibles, financialisation, and social networks.
India’s NFT craze
With the majority of millennials and Gen Z in India having heard of cryptocurrency and NFT, India is already a significant market for gaming and entertainment. Despite current regulatory tightening, the market is very open to ventures that offer real benefits. The Indian industries that have adopted NFTs the quickest are the film and gaming industries.
While the Indian government wants to regulate cryptocurrencies, artists, platform owners, and auctioneers are optimistic that NFTs will be the new frontier for Indian art, especially in light of COVID-19's negative impacts. The rise of new crypto-art platforms, news-making auction sales, and the appearance of influencer artists on social media helped to spark a fire in the Indian art industry as well.
ALSO SEE: Should Creators Consider Selling Their Art Online As NFTs?
Why are Indian industries inclined towards NFTs?
NFTs, according to startups, will have a significant proposition in the fintech industry too. The billion-dollar gaming sector, which includes CryptoPunk, Bored Ape Yacht Club, and Azuki can even give you a passive income. These are a few big names that have contributed significantly to the promotion of NFTs within the crypto community. In the past two years and 2021 in particular, India is catching up with new technology with over 86 active NFT-based startups. Interestingly, 71 such startups were first introduced in the year 2021 itself.
In 2021, a major step was taken to market NFTs in India which brought a huge change in reception and perception of the Indian population towards digital assets and NFTs especially. Indians were quick to make investments when they saw their favourite celebrities create their own digital lines in 2021.
This was motivated by the NFT market's potential as well as a desire to hold certain special tokens of some of the biggest figures in the nation. Celebs from many walks of life, including Amitabh Bachchan, Salman Khan, Kamal Haasan, Yuvraj Singh, Rohit Sharma, and Manish Malhotra, have already launched or have announced the release of their digital tokens in 2021.
It's anticipated that 2022 will be the year of non-fungible tokens (NFTs). With a market worth of $40 billion, NFTs are getting ever closer to the $50-billion total market value of all works of art. Brands and influencers from a variety of industries are experimenting with NFTs and the Metaverse in India. Bollywood and sports celebrities have started their own NFT markets to interact with fans and offer their products.
NFTs and Indian Art
Even in the art aspect of the NFT business market, the sale of NFTs or non-traditional forms of art has the potential to revolutionise the whole creative sector; its emergence is just the start of something that will seem commonplace to future generations. However, the early NFT art scene fell short of what was expected. The asset and the market have the potential to establish itself as a trustworthy, welcoming market to transact in digital assets.
The NFT market may be unpredictable but is full of opportunities. Because of volatility, investors might design buy-low, sell-high strategies that could result in enormous gains. A turbulent market also offers the ideal chance to separate the strongest projects and holders from the weakest.
NFTs for Business
More functionality is what people want. Potential purchasers want to know the up-and-about of NFTs at all times. As they plunge into the investing process, they anticipate perks like exclusivity and premium offers from the market and relevant platforms without realising that the sector is still developing and hasn't stabilised at a peak to position itself as a fully fledged economy-generating domain. This leads to falling back on the trust factor and hence leading to withdrawing from the idea of participating in the market and hence bleeding out the entire Industry.
Having the right knowledge of NFTs
Therefore, people need to be educated not just about the assets in particular but also the processing, functionality, community, and hence the market. They need to have a thorough understanding of how this world of digital formulates and functions in all its aspects and domains. It’s an entirely new and sufficient world and to even survive, if not succeed in it one needs to have a moderate understanding of the regulations and processes.
So there’s a lot on the table when it comes to NFTs, cryptos, and blockchain technology in general, and we expect that we keep taking constructive steps and measures to embrace this technology so that we don't miss out on the opportunities it brings with it.
The author is the head of operations at Tezos India – a non-profit organisation that enables people and entities in India to use the Tezos blockchain.
Disclaimer: The opinions, beliefs, and views expressed by the various authors and forum participants on this website are personal. Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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