While most of the population remains fearful of digital assets, interest in non-fungible tokens (NFT) is growing in India. There is a lot of room for financial growth because many existing technology startups in various industries have added NFT-based products to their platforms. In India, the most important markets and applications for NFTs are gaming, collectibles, financialization, and social networks.
India is already a significant gaming and entertainment market, with most millennials and Gen Z have heard of cryptocurrency and NFT. Despite current regulatory restrictions, the market is open to ventures that provide genuine benefits. India’s film and gaming industries have been the quickest to adopt NFTs.
While the Indian government wishes to regulate cryptocurrencies, artists, platform owners, and auctioneers believe that NFTs will be the new frontier for Indian art, particularly in light of the adverse effects of COVID-19. The emergence of new crypto-art platforms, headline-making auction sales, and the appearance of influencer artists on social media all contributed to a fire in the Indian art industry.
According to startups, NFTs will also have a significant proposition in the fintech industry. The multibillion-dollar gaming industry, which includes CryptoPunk, Bored Ape Yacht Club, and Azuki, can even provide you with a passive income. These are a few big names who have made significant contributions to promoting NFTs within the crypto community.
Over the last two years, especially in 2021, India has caught up with new technology, with over 86 active NFT-based startups. Surprisingly, 71 of these startups were first introduced in 2021.
In 2021, a significant step was taken to market NFTs in India, resulting in a significant shift in the Indian population’s reception and perception of digital assets, particularly NFTs. When their favorite celebrities launched their digital lines in 2021, Indians quickly invested.
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This was inspired by the NFT market’s prospects and a desire to own unique tokens of some of the country’s most influential figures. Amitabh Bachchan, Salman Khan, Kamal Haasan, Yuvraj Singh, Rohit Sharma, and Manish Malhotra, among others, have already launched or announced the release of their digital tokens in 2021.
2022 is expected to be the year of non-fungible tokens (NFTs). NFTs, with a market value of $40 billion, is getting closer to the total market value of all works of art, which is $50 billion. In India, brands and influencers from various industries experiment with NFTs and the Metaverse.
Celebrities from Bollywood and sports have launched their own NFT markets to interact with fans and sell their products.
Even in the art sector of the NFT business market, the sale of NFTs or non-traditional forms of art has the potential to revolutionize the entire creative sector; its emergence is just the beginning of something that future generations will consider commonplace. However, the early NFT art scene fell below expectations. The asset and market have the potential to establish themselves as a trustworthy, welcoming market for digital asset transactions.
The NFT market is volatile, but it is also rich in opportunities. Because of the volatility, investors may devise buy-low and sell-high strategies that can result in massive gains.
A volatile market also provides an excellent opportunity to separate the most substantial projects and holders from the weakest.
People prefer more functionality. Potential buyers want to know what is going on with NFTs at all times. As they begin the investment process, they anticipate benefits such as exclusivity and premium offers from the market and relevant platforms, not realizing that the sector is still developing and has yet to reach a point where it can be positioned as a fully-fledged economy-generating domain. This leads to a reliance on the trust factor, which leads to a withdrawal from participating in the market, thereby bleeding out the entire industry.
As a result, people must be educated not only about the assets themselves but also about the processing, functionality, community, and, ultimately, the market. They must have a thorough understanding of how the digital world formulates and functions in all of its aspects and domains. It’s an entirely new and sufficient world; to survive, if not succeed, one must have a basic understanding of the regulations and processes.
So there’s much on the table regarding NFTs, cryptos, and blockchain technology. We anticipate that we’ll continue to take positive steps and measures to embrace this technology to take advantage of the opportunities.