Introduction
NFTs have risen to their maximum potential yet, and they still have room to grow in the trade sector’s highly competitive and cut-throat industry. The past year is an outstanding example of how far along the new sector has grown since its inception. NFTs have integrated and adopted many industries in a short period. Now the industries that take advantage of the sector have started to flourish from the extended cord of opportunities the platform provides.
What are NFTs?
Non-fungible assets are omnipotent in the modern world, with new-blood investors setting foot into the new sector, redefining the mold, and taking charge in this unprecedented factor that has been around only for a few years.
The concept of owning assets or copies of assets in a digital format, i.e., code, is something that could open an ocean of chances for newer and bolder ideas to be implemented within the sector, as is the current climate in the NFT realm with a plethora of discoveries being made in real-time.
Why are NFTs an undeniable investment force?
The concept of NFTs being birthed from one of the use cases of cryptocurrency, both evidently being created from a phenomenon called “blockchain,” makes the assets tamper-proof and indestructible. Security and rarity in the asset make them the most sought-after tradable objects in the 21st century and is also the main reason behind the huge reception in its use cases.
Segway into how the NFT marketplace in India has journeyed its way from the beginning. Digital art saw its boom initially in the division, but as time flew by, other industries like music, gaming, entertainment, and many other niche use cases saw their potential being targeted positively. The adaptability aspect is one other huge plus to the sector.
NFTs journey in India
The decentralized platform brings about transparency in the sector. Still, the major aspect contributing to NFTs global participation and growth in them is the no-border, even-playing ground rulebook that makes it possible for global dominance.
The borderless investment wonder-child saw its expansion all over the world, and to nit-pick, in India. The growth was caught up with the new generation of investors and traders with as much vigor and passion as elsewhere. This is partly due to the advantages of the internet shrinking and blurring the borders in the present.
India is transforming into a hub for housing NFT enthusiasts
More indie, regional artists and creators saw their rise in the sector, and businesses and brands that adopted with the time also made their voices heard, jumping in on the bandwagon. Dedicated no-code platforms were also created as more creators and businesses with no prior experience in the online realm tried to pierce into the sector, where they helped build custom marketplaces at the discretion of the creator or business.
Even though the arts are getting the first-row seat in the NFT realm, more niche markets are demanding more sectors use cases to be included and exploited like music, gaming, and entertainment. Projects are now being developed to include and cater to the Indian audience, as more dedicated companies with a vision and projects from big names are popping up more now. And some of the most prominent NFT marketplace in India making strides in each of the industries are mentioned below.
Arts
- The division of the sector that started the whole charade, arts.
- They have dominated the sector, and rightfully so. It gave much space for artists and businesses to shift their energy to the NFT market and global recognition.
- It was the start for many digital native artists to make money by adding value to their art.
- Both traditional artists and digital artists found a footing in the market. Some of the dedicated marketplaces that provide spaces for said artists in India are Warix, Opensea, Rarible, etc.
- Artists like Gobardhan Ash, Karan Kalra, Ravi Koranga, etc., are responsible for some of India’s hottest NFT art collections.
- Many of the artists have smart contracts having a percentage of royalties automatically credited to them each time the piece exchanges ownership.
Gaming
- The gaming industry has seen many use scenarios in the NFT realm, with the introduction of the metaverse and the “play-to-earn” module.
- Monetizing avatars, accessories, and commodities for players to buy, play, and trade with.
- The new module gave for NFT enthusiasts to interact with the platform more.
- The gaming platform also pioneered the concept of a metaverse successfully in the NFT sector, where players can showcase, play with, and safe keep their assets.
- Some marketplaces also allow for the customization of the showrooms and museums for the avatars.
- NFTs from Axie Infinity, Gods Unchained, and even a game adjacent product like the Cryptokitties also come under the gaming NFT category.
Entertainment
- To say the film and the entertainment industry have successfully peered into the NFT sector is an understatement.
- Many of the NFTs are by default investment gold as soon as a famous personality’s name is attached to the project.
- This aspect can also be used for endorsed projects and dedicated projects catered to celebrities and their fans.
- The famous personalities include but are not limited to film personalities. Sports stars, musicians, and other people with monetizable aspects.
- Few marketplaces do it right, and some of the most influential entertainment industry marketplaces are Bollycoin – with dedicated NFT projects that bridge the gap between Bollywood and NFTs.
- And BeyondLife is responsible for the Amitabh Bachchan, Chakra The Invincible, and The Hindustan Times NFT projects.
Notable mentions
- Music and other niche sectors have also pierced the marketplace. Because of the ability of NFTs to adapt and evolve, more divisions are being created specifically to get into the NFT world.
Final thoughts on the NFT marketplace in India
The new trade sector with much-untapped potential is the perfect place to get started, explore and take advantage of. The NFT marketplace in India is just as rich and fun as any marketplace in any other part of the world. With the playing field even and fair, it’s anyone’s game to make it in the sector. Only they need to dare take the first step. Go check out the marketplaces to start your NFT journey and start investing and trading.
