Pinpointing the figure that indicates the business value of India’s crypto industry to soar high to $3.1Tn by 2030, which clearly depicts its acceptance among Indians. On average, one in six crypto users is found to be Indian. Welcome to the age of NFTs! You can find in this blog details on the reign of NFTs in India. Let’s dive in and get more insights before it’s too late.
So, What Really Is An NFT?
NFT, also known as Non-fungible tokens, are the digital representation of assets whose ownership is recorded on the blockchain. These assets can be anything from arts, music, virtual lands, animated creations, or sometimes even real-world assets. If you’re speculative on what’s the reason for all the hype behind NFTs, here comes the word to the wise.
Each of the tokenized assets is unique in its own way, withholding a significant value for itself. Thus, one token cannot be interchanged with the other, and also the details are recorded in the blockchain, making it immutable. This ensures the transparency and authenticity of the digitized asset. Not just the tokens are unique, but also its underlying distinctive concept and functioning using blockchain technology arouse curiosity among the crowd to try the new virtual space.
Look At What The Market Stats Exclaim About NFTs!
NFTs are hitting big shots in recent years, so says the numbers.
- According to NonFungible.com, during the initial launch of NFTs in 2017, there were merely 100 sales per week. With a massive upsurge in just a couple of years, the sales now range between 15,000 to 50,000 per week.
- Within weeks between April and May of 2021, the trade volume added up from $50million to $200 million. Seems to be a remarkable 300% increase.
- The year 2021 has witnessed a 450% increase in NFT buyers than the previous years as per the data by NonFungible.com.
- According to Statista, the market cap of Non-fungible tokens has witnessed a tenfold increase in two years between 2018 and 2021.
- Data by DappRadar revealed the sales of NFTs in 2021 rose to $2.47billion, which has been millions in the previous years.
- OpenSea, the biggest NFT marketplace, sees an 800% increase in trade volume in 2021, boasting more than $3 billion.
But wait, did I mention the NFT marketplace? Yes, you got that! All these figures pose a promising potential that these NFTs hold in terms of returns. But how to get hold of these? For this, let’s head to the next section of the blog.
How to Gain Possession of Unique Digital NFTs?
NFTs are undoubtedly today’s trendsetters proving to be potent for investors as well as creators. Trading of tokens is quintessential to relish the perks of digital assets. That’s where the NFT marketplace comes into the picture. It is the platform where unique collectibles are put to the display, and buyers can purchase them with cryptocurrencies. On that note, some of the most prominent marketplaces are,
- OpenSea
- SuperRare
- Rarible
- Nifty Gateway
- Foundation and so on.
How Far Have NFTs Made It In The Indian Subcontinent?
The emerging trend of NFTs has started its penetration into India. And now the NFT space in India is exploding with the news of Bollywood stars, cricketers, and others making their entrance by launching digital assets.
Sit tight in your seat and learn more about the Indian celebrities and their digital NFT releases.
- Amitabh Bachchan
Big B’s news on joining the NFT bandwagon is hitting the news headlines in recent times. Amitabh Bachchan’s NFT collections include a recorded version of Madhushala poetry, autographed vintage movie posters of Amitabh, and many of his other legacies. So, to get Amitabh’s NFT now is a good time to march towards BeyondLife.club platform, which is all set to release Amitabh’s digital assets on Nov 1.
- Salman Khan
All-time hero Salman Khan has made his announcement to release Bollycoin as NFTs. However, the release date is yet to be revealed.
- Dinesh Karthik
Indian cricketer Dinesh Karthik has launched his penultimate six that captured the nervousness of the fielding team as a digital art reel NFT.
- Rishab Pant
Indian cricketer and Delhi captain Rishab Pant have made a pact with Rario, a cricket digital collectible platform, to mint his iconic moments as NFTs.
- Manish Malhotra
A game-changer of the fashion world has stepped up the fashion industry in the NFT world by tokenizing his exclusive creations as NFTs.
- Sunny Leone
Our adorable Sunny Leone has partnered with silicon-valley-based Mintdropz to launch NFTs but has yet to announce the release dates.
End Line
What are you waiting for when you know the way to make millions? Time to encash on the crypto fad, and that too with Amitabh’s NFT release on the verge!
