NFTs took birth in 2015 and have matured ever since. Formulating to Non Fungible Tokens, these one-of-a-kind digital art pieces have gained momentum and garnered attention like none other in India.
‘Non-Fungible’ in laymen’s terms means a piece that cannot be swapped out for an equivalent value. Understand this: an Rs.2000 note can be swapped for four notes of Rs.500 or perhaps Twenty notes of Rs.100 making the Rs.2000 note a Fungible token. However, if Amitabh Bachchan were to put his autograph on the Rs. 2000 note, it would become impossible to swap at the same value. This makes it a Non Fungible Token. Like any other investment, an NFT’s value can increase or decrease in the future depending on the circumstances.
NFTs can be anything digital such as music, drawings, and your heart downloaded and transformed into an AI. But a lot of the current NFT craze and nuance is around selling digital art as Pictures, Videos, or GIFs.
Also Read: How to Buy NFTs (Non-Fungible Tokens)? All you need to know!
If you’re just jumping on the bandwagon of NFTs, here are 3 thumbprints of what you need to know because they are here to stay:
- NFT’s are built on blockchains: Most NFTs are part of the Ethereum blockchain. Ethereum is a form of cryptocurrency, similar to dogecoin or bitcoin, but it distinguishes itself with its ability to support NFTs.
- NFT’s have a controlled supply: Be it a piece of digital artwork or music, “minting” it as an NFT gives the means to prove ownership over it. By putting a limit on the supply of content, its value can rise smoothly.
- NFT’s are digital receipts or signatures: As a creator, turning art into an NFT is a medium for adding a digital signature that can never be forged again or removed. As a collector, NFTs are considered to be the digital equivalent of the form of receipt you would receive on a physical purchase.
Also Read: Pros and Cons of Investing in NFTs: all you need to know
As digitalization took over India in 2020, NFTs paved their way through. But they became a reality when Indian Celebrity Moguls including but not limited to Sportsmen, Musicians, Actors, Humanitarians, etc turned their heads and began showing keen interest in the realm. With the urge to interact with their fandom and trailblaze the way, famous personalities like Amitabh Bachchan, Salman Khan to Rohit Sharma, Yuvraj Singh, and Manish Malhotra, celebrities from all walks have launched or announced the launch of their digital tokens and with the urge to be the owner of some of these exclusive tokens and being one step closer to their favourite celebrities, NFT’s in India skyrocketed and broke the glass ceiling of several people’s faith questioning its use.
The NFT Community in India is further gaining momentum as it widens its spread beyond the fraternity. New NFT Marketplaces have emerged where creators can list their tokens for a small percentage of profit as royalty and collectors can place their bids.
Here are the 5 leading NFT Platforms & Marketplaces to buy NFTs in India:
BeyondLife.club pioneered by Amitabh Bachchan himself, this marketspace came into the limelight with the launch of his NFT Collection. As per data, within 55 minutes, an estimate of 5000 loot boxes was sold with a traffic rate of 6 million people present.
WazirxWazirX in India is recognized as a cryptocurrency exchange whilst launching as a leading NFT marketplace.
Always FirstAlways First is a one-of-its-kind NFT marketplace that rolled out NFTs of the famous Cricketer Sunil Gavaskar. It has an array of NFTs catered by Sunil Gavaskar’s noteworthy life and career moments.
RARIORario launches Digital art of cricketers across the globe through its NFT marketplace.
Also Read: The weird NFT obsession
BollycoinPaying ode to its name, this platform is a marketplace known to launch NFT coins of leading Bollywood personalities including Salman Khan.
NFTs have proven to be the present and future of the digital world. The true value of NFTs lies in their ability to prove who created a piece of digital work, and to track its history of ownership With regulatory systems falling into place and platforms like Discord providing sheer guidance, NFTs have proven to be a great investment. So, this is how NFTs In India paved their way here. Do you think it will be the future of India as well?
