According to experts, the market is currently tiny and niche, but investor interest is increasing.
Non-fungible tokens, or NFTs, are steadily gaining acceptance in India, thanks to personalities such as Bollywood stars, designers, and cricketers. According to experts, the NFT market is still small and niche, but investor interest is increasing.
“NFTs are here to stay,” says the author. “The user adoption is pretty good,” Sandesh Suvarna, VP, WazirX NFT Marketplace, said. “However, it can be hard for a layman and tough to acquire,” he added, adding that the company is working to streamline the process of purchasing NFTs using credit cards.
WazirX, a cryptocurrency exchange, has opened the WazirX NFT Marketplace, which includes 517 creators and 357 collectors. NFTs, on the other hand, have mostly been the realm of cryptocurrency investors, as purchases often need a MetaMask wallet.
The buzz in Bollywood
However, with actors such as Amitabh Bachchan on board, the NFT is projected to become a mainstay. BollyCoin has announced a partnership with Salman Khan Films, Arbaaz Khan Productions, Sohail Khan Productions, and Reel Life Productions to provide Bollywood-themed NFTs to fans.
Rishabh Pant, a cricketer, has joined up with Rario, a cricket NFT platform, and FDCI x Lakme Fashion Week has teamed with WazirX NFT Marketplace, a fashion NFT marketplace. “Influencers and celebrities play a major role in the NFT market and increase the possibility of getting a higher value. They will also catch up in the Indian market as celebrities are driving it,” said Hitesh Malviya, creator of itsblockchain.com. He compared the NFT market to Bitcoin in 2013, saying that it is still in its infancy and that there aren’t many collectors.
Tarusha Mittal, COO and Co-Founder, OroPocket and UniFarm, claimed that until last year, only a small percentage of investors realised the true potential of NFTs, but that in 2021, the market flipped, with a record $2.5 billion in global NFT sales.
BollyCoin was developed by filmmaker Atul Agnihotri and allows fans to mint NFTs from movie snippets and stills, legendary dialogues, posters, never-before-seen video, social media content, and products. Clients include Arbaaz Khan Productions, Sohail Khan Productions, and Nikhil Namit’s Reel Life Productions, all of whom have films available on BollyCoin.
“In the past quarter, there has been a significant increase in NFT pitches with its adoption at an all-time high in India. We too plan on launching our asset-backed NFT around the upcoming festive season with the formal announcement in line. We are quite positive about the response,” she said.
Artists and celebrities, according to Suvarna, benefit from NFTs in a variety of ways. They allow them to monetize their online or digital content, which would otherwise only have resulted in additional likes or followers on social media. When the NFT is sold on the secondary market, the artist receives a royalty, and the authenticity of digital content is ensured.