Thursday, September 29, 2022

NFT Gaining Asset-Class Credibility In India Along With Cryptocurrency

As crypto investment continues to grow in India, the non-fungible tokens (NFT) also start to gain asset-class credibility, slowly in the country.

NFTs are a new kind of digital assets that are unique. Any artist, who develops NFTs, gets more appreciation for their work from the customers. These digital assets have provided a fresh platform to the creators and collaborators so that they could earn better moolah through their work. 

People are allowed to buy and sell an NFT through its marketplace which is based on blockchain. NFTs can be anything like drawings, artworks, tweets, animated GIFs, songs or video games. 

As per the report published by the Economic Times, an Indian English-language business-focused daily newspaper, Vishal Malhotra, a popular Indian TV host and actor, recently collaborated with Ishita Banerjee, an Indian artist, to sell an NFT. A week ago, the NFT was released on a marketplace and was sold for 2.5ETH, whose market value at the time was ($5,500). 

Ritviz is another Indian artist who had sold his work as an NFT on the WazirX NFT marketplace. Ritviz, an Indian pop icon, partnered with visual artist Santanu Hazarika to release their artwork on the NFT marketplace. However, within 10 seconds of the release of their artwork, it was sold for $391.8.

On June 01, WazirX introduced the first NFT Marketplace of South Asia in India. As soon as the marketplace went live 15 creators hailing from different categories join it to sell their artworks through the platform. Within one month, the platform sold over 160 NFTs on its marketplace.

The NFT marketplace by WazirX, currently, does not have any listing price

“More artists and collectors across the globe are today tapping the power of NFTs. NFTs ensure the exclusivity of ownership and can be seen as a way to digitise artwork and other collectible items,” said Sandesh B Suvarna, VP, WazirX NFT Marketplace.

Hazarika believes that the NFT marketplaces are slowly becoming a promotional tool for all the artists around the world, as it not only monetize their work but also connects them with their community.

He further stated that the NFT market has opened gates to all the artists so that they could work with anybody around the world.

The WazirX NFT Marketplace is powered by the Binance Smart Chain, which brings the gas fee down from $60-$100 to around $1.

According to a report, Lalu Prasad Shaw, an Indian artist, has released his artwork on Terrain.art. The NFT will be live on the platform till Jule 31.

“Terrain.art is delighted to be one of the first blockchain-powered platforms in India to register artworks using NFTs, presenting new works and those with prior histories through curated exhibitions,” said its founder Aparajita Jain.

Earlier this year, the popular NFT artist Michael Winkelmann aka Beeple sold his artwork for around $70 million, on a global platform.

Edward Snowden is another global digital artist, who sold his artwork for over $5.4 million in April 2021.  

The CEO of Twitter Jack Dorsey also tried his hand in this marketplace, he sold his first-ever tweet as an NFT for over $2.9 million.

Capgemini recently released World Wealth Report (WWR), specifying that although High-net-worth individuals (HNWIs) invests in the stock market, now they are looking for some other options to diversify their portfolio.

The report further notifies, “Special purpose acquisition companies (SPACs) are becoming more popular, while non-fungible tokens (NFTs) are slowly gaining asset-class credibility.”

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