Rise of NFT in India?

Many superstars have joined the NFT metaverse, including Amitabh Bachhan, Salman Khan, Yuvraj Singh, Salim-Suleman, Rohit Sharma, and Smriti Mandhana. According to crypto-data research tool DappRadar, the worldwide NFT business produced approximately $23 billion in trade volume in 2021. For a variety of reasons, Indian artists have been drawn to the NFT platforms. Sandesh Suvarna, VP, WazirX NFT art marketplace, told BrandWagon Online, They want to keep the legitimacy and cost intact.

Furthermore, circumstances such as pandemic-related mobility limits, social isolation, and work-from-home opportunities drove art enthusiasts to find new ways to fuel their enthusiasm, which the emergence of NFTs enabled. "Since its introduction in June this year, the NFT marketplace website has sold a total of 5769 NFTs," Suvarna reported.

Another NFT marketplace with a presence in India, GuardianLink.io, claims to have brought more than 50 artists and businesses into the NFT ecosystem.

NFT is gaining traction in India, particularly in the entertainment business, and the Celebrity NFT marketplace has been launched nOFTEN has jumped on board. "The primary goal of the launch was to establish nOFTEN NFTs and enable fans to pay their favorite artists. nOFTEN serves as both an in-app payment as well as a governance token. The business promises to be based on blockchain tokenomics, which will provide more alternative monetisation options. Ownership of the nOFTEN NFT tokens, would not only let our artists profit from the material they create but will also give them power/authority over the app's decision-making process.

Several brands have entered the industry as Digital art NFT become increasingly widespread throughout the world. Some of the international companies that have joined the area include Adidas, Nike, Taco Bell, Coca-Cola, and Campbell. Meanwhile, MG Motor India and Vahdam have launched their own Indian NFT marketplace. With NFTs, one can create unique brand experiences, raise brand recognition, stimulate engagement, and build interest in the brand and product,

Crypto NFT was launched by MG Motor India in collaboration with KoineArth. Many additional consumer-centric firms in a variety of sectors, including consumer goods, leisure, and fashion, have expressed interest in using NFTs as engagement tools, according to Praphul Chandra, creator of KoineArth.

Despite the fact that Digital art NFT generated a lot of hype in 2021, the uncertainty surrounding the yet-to-be-released Cryptocurrency Bill has been a source of anxiety. Nonetheless, businesses are looking for new ways to increase sales. For example, KoineArth now allows NFT transactions in Indian currency to be done using standard payment methods including debit cards, credit cards, and UPIs. Users of the Best NFT Marketplace GuardianLink may now purchase NFTs using their UPI accounts as well. Experts estimate a tenfold increase in sales in the following year, thanks to many initiatives aimed at making NFTs more mainstream in India.