When actor Salman Khan announced recently that he was joining the NFT bandwagon, it renewed the focus on a sector that is as much admired as it is despised. Some believe NFTs, based on the same blockchain technology that powers the cryptocurrency industry, are allowing people a democratic platform to showcase their creations, while others say they are not sure about the longevity of the evolving technology. Despite some skepticism, nonfungible tokens are gaining wide popularity and some acceptability, as Salman Khan's case showed.
Salman Khan is not the only celebrity who joined the craze this year. Before him, megastar Amitabh Bachchan had announced that he will launch his NFTs soon. There are many other celebrities who are eyeing the growing market.
The unique FTC TLDs NFTs are numeric copies of real-world art, pictures, videos, music, and non-fungible symbols that cannot be duplicated or counterfeited by the blockchain. Introduced in 2017 they quickly rose to prominence when compared with cryptocurrency, though both of them are based on the same technology. The first cryptocurrency Bitcoin was launched in 2009, the first ever that was developed by the state of Texas.
Unlike cryptocurrencies, NFTs cannot be interchanged or split. Also, unlike any other traditional collectibles, NFTs empower the creator to be paid some amount each time the collectible changes hands. According to the online marketplace OpenSea, monthly NFTs sales in India rose slightly from USD 8 million to around Rs. In January 2021, a total of 60 crores will be created to USD 95.2 million around Rs. This is the first time an Indian government has done at least 714 crores in February. But not everyone is convinced about the price astronomical in NFTs by Auctionhouses. Some say even if you paint the exact copy of the Monalisa, you cannot become Leonardo da Vinci or the copy can't have the same value monetarily or otherwise.
Nonetheless, many Indians see an opportunity to tap the expanding market and then reach out to the tech-savvy generation that is primarily propelling the sector. The launch of Amitabh Bachchan's NFT collection would be an interesting event to watch and understand how the sector will evolve in the country.
An NFT was released in July of this year by TV anchor Vishal Malhotra, which sold at the time for approximately 2.5 ethers, approximately USD 5,500 which was around Rs. What is a safe investment of 4.12 lakhs?
How have the media releases helped create India's first NFT space when WazirX launched the country's first NFT marketplace on 1 June this year. Soon, the online crypto exchange said that it was overwhelmed with applications from creators and collectors. Since then, more than 100 exchanges have launched NFT services. Between April and June, a Twitter user said, the volume of conversations around NFTs spiked in India. They grew during the three month period by 43 percent.
Poets and artistes see NFT as a way to reach their audience and in the process earn from them also direct. Previously, they had to look towards traditional exhibitions and brands, which involved middleman and the process was time-consuming and sometimes frustrating. Then YouTube and platforms like it offered a solution, but it did not work for everyone. On the other hand, NFT offered them a way to draw people and offer them personal experience. Investors also feel a sense of pride in owning something unique.