NFTs are called Non-Fungible Tokens. They are videos, digital art, or any piece of content found on the blockchain platform. These NFTs can be sold, traded, or hold depending on the owner of the NFT. They are normally traded on a platform (OpenSea, WazirX) that uses a blockchain to mint an NFT for free (depending on which blockchain you are using).
Due to the usage of blockchain, details are transparent including previous owners of that NFT and other such details can be viewed directly via the blockchain. They are traded using cryptocurrency (mostly Ethereum). The scope for any NFT (especially in India) is anything that is unique and needs provable ownership. Currently, the biggest collection is the Bored Ape Yacht Club.
Contributions Of Indian Entrepreneurs In The NFT Marketplace
The market cap of NFTs is 21 Billion US Dollars. India contributes 4 Billion US Dollars to the total amount. The most prominent cryptocurrency exchange platform currently providing the best NFT trading platform in India is WazirX. There are Indian celebs who have also contributed to this space. Amitabh Bachchan, Rajnikanth, Sunny Leone, etc. have their NFT collection.
There are currently more than 1000 NFT collections in India. This number is predicted to increase by more than 10 percent by 2027 (ideal conditions). The biggest collection in India is ‘MADHUSHALA’ which is owned by Amitabh Bachchan. This particular NFT is an audio of the actor’s father in his voice. This went on to sell for more than 7 crore rupees.
Scope For Indian Entrepreneurs In The Marketplace
The opportunities in this space for young budding entrepreneurs are huge because this industry is new in so many ways. This technology itself can be used in any industry, especially the music industry. As per Pritam (India’s finest music composer), NFTs will change the way people listen to music as they will be minted on a trading platform (WazirX) and get direct revenue from them. These bought NFTs can be resold in the secondary market for an amount.
NFTs are also revolutionizing the restaurant industry as they are providing memberships in the form of NFTs. These memberships could be resold for a high amount giving the new owner all the rights of the membership. The very first NFT restaurant created is called the FlyFish club which is owned by Gary Vaynerchuk (owner of Vayner media).
NFT will highly disrupt the ticketing system because tickets will be minted on the blockchain making it highly organized and transparent. One of the biggest advantages will be that the tickets which are resold will be completely tracked and recorded because of the blockchain platform making it impossible for corruption of any sort.