NFTS industry hopeful that impending regulations do not hamper digital art innovation

49
3
NFTS industry hopeful that impending regulations do not hamper digital art innovation

The NFTS industry of India is hopeful that the impending regulations in India do not hamper digital art innovation, as the industry has seen an active participation from Bollywood megastars like Amitabh Bachchan and Salman Khan. NFTs have seen increased interest from the artists and investors community with exclusive NFT collections by platforms showcasing snippets from the lives and works of Bollywood stars. The proposed bill by the government to banning the private cryptocurrencies has put a question mark on the expansion of the segment.

NFTs are a type of asset in which each token is unique. They can be used as a digital certificate of authenticity for any asset, digital or physical. NFTs are currently ruling the e-commerce space with brands, artists, filmmakers, and athletes actively becoming a part of the digital asset revolution.

A spokesman for the leading NFT platform, GuardianLink.io - which recently launched Bollywood icon Amitabh Bachchan's NFT collection - told BusinessToday.in that the company is hopeful that the government regulates industry in a way that doesn't cripple innovation.

The Indian economy is at the early stages of adopting the criptocurrency trend and there will be several stages of evolution involved in the process. As we go along, the sector will evolve in the context of government policies and regulations, along with private investors and other stakeholders involved in the ecosystem. It is important for the industry to stay objective and evaluate once we have concrete details on the proposed bill. The platform said that the platform's spokesperson said that we have full faith in the government to regulate the industry in a way that continues to be the key theme for the sector.

In November, GuradianLink.io had raised Series A of $12 million led by Kalaari Capital. It recently sold Bachchan's NFT collection worth $9,66, 000 Rs 7.18 crore Edul Patel, CEO and Co-founder of Mudrex, which is a criptocurrency trade exchange, which is of the opinion that NFTs could be shielded from any proposed ban as they need to be classified as an art form.

These are digital forms of art on the blockchain. The holder of a NFT gets the rights of holding the only original edition. Jack Dorsey's first tweet when he launched Twitter was sold as an NFT recently. Since these are directly classified as forms of art, it could come under this classification and be shielded, in case the government plans to impose a ban. Patel said that the NFTs are held in a wallet such as MetaMask, which doesn't have any impact on an exchange ban.

Bollywood actor Vishal Malhotra, who released his first NFT in June this year and has had a fair amount of success with launching and selling his collection, says these tokens could bring in a sense of community online, in addition to helping artists create wealth on their own.

Malhotra said he has been trying to create some utility from them for collectors, including additions like meet- and- greets, a ticket to his next movie premier, a chance to chat with him one-on-one on social media, etc. The first NFT sold on Foundation for 5 X value. He has followed his debut up with four consecutive NFTs now that he's made with various artists, he's gone solo on one of them, making him the first Indian actor to have made an NFT on his own.