5 Indian startups in the NFT space

Non-Fungible Tokens (NFTs) are the most desirable sensation in the digital asset society today. NFTs transform digital art and other collectibles into unique, visible assets that are easy to transact on the blockchain. Launched in 2017, NFTs seem to have had a fast rise as compared to other digital currencies, gaining tremendous traction among Gen Z and millennials. Currently, the most famous blockchain for NFT is the Ethereum blockchain.

In October 2021, 571,000 NFT wallets were made, a 19-times boost over October 2020, as per Reuter’s assessment. Additionally, NFT values will reach $80 billion by 2022. The Block Research firm reports that NFT exchange volume significantly improved from $2.67 billion in December 2021 to $6.86 billion in January 2022.

Different startups in India are presently banking on the burgeoning influence of NFTs in the country. NFT is a market that has given companies, investors, customers, and ordinary people great options. The NFT turned into another reality in India in 2022 when increasingly more Indian dignitaries, including actors, performers, sportspersons, and others, blew people's minds towards this digital token to begin their own NFT compilations.

Cricketers such as Zaheer Khan, Virender Sehwag, Rishabh Pant, and Samriti Mandhana, and Bollywood celebrities like Amitabh Bachchan, Sunny Leone, Salman Khan, and Vishal Malhotra have made their own NFTs. According to several reports, India is potentially the biggest market for NFTs.

Here is a list of NFT marketplaces in India that authorize artists to make and trade tokens:

What is NFT?

NFTs, also known as Non-Fungible Tokens, are a form of asset working on blockchain that can be sold and traded. They have distinctive identification codes and metadata through which they can be differentiated. Unlike cryptocurrency, NFTs are amazing, but they don’t have the same importance as cryptos. Single crypto is equivalent to another, that’s not the issue with NFTs. Each of the tokens is amazing and has a separate identity that cannot be transferred or exchanged like other assets.

The craze of NFTs is growing day by day, anything can be converted into NFTs like videos, art, song, and others.

Why Are Brands Launching NFTs?

Brands are concentrating on the NFT industry now, and they are doing it exactly to achieve some of its advantages. Some of the reasons brands are launching NFTs are:

To deliver a unique experience to the clients while revealing the story of the brand.

Through NFTs, brand awareness will grow as it is giving a unique experience to its clients. This also improves the loyalty of consumers toward the brand.

With the help of NFTs, brands can also fulfill their social responsibilities and enhance their reputation in front of the world by supporting charities with the income from NFTs and assisting struggling artists by asking them to make art and giving them the exposure that they require through the brand.

Once the brand joins the NFT marketplace, it will get praise, which will lead to an enhancement of interest for the brand in the minds of the general public.

WazirX

The artwork platform has housed and raised the trajectory of many artists in the Indian space.

Its evolving medium has gradually upheld its end of the deal by excellent marketing, launching, and encouraging the WazirX NFT marketplace of indie and amateur artists in any medium from traditional art to digital art to music.

At any given point, there are high-intensity auction trades—bid wars for new and old collections going on.

They host their own crypto trade platform and have a crypto coin termed "WRX."

Rario

Rario is the out-of-the-blue NFT platform that brings positive influence and benefits to the sentiments behind sports. In India, the admiration and the connection behind sports, in particular, "Cricket", is always a massive selling point.

You've got a winning market with positively investable assets.

The platform has an entire sold-out collection of premium crickets tradeable. The group consists of exclusive and highlighted points from the games and tradable card equivalents.

The groups are available to exchange in subsequent turns in the marketplace.

Diginoor

The platform is popular for its collaboration with the superstar of Indian cinema, Rajinikanth.

The NFT marketplace united with the thespian, making dedicated NFTs and tribute pieces based on the legend himself.

The collection is a lineage of inspiration from many other celebrity-based NFTs from the likes of Kamal Haasan, Amitabh Bachan, etc., who trailblazed this revenue-generating trade niche.

T-Series

T-Series is an Indian music record label and film production business that was established in the year 1983 by Gulshan Kumar. It concentrates on producing Bollywood music and pop music. T-Series is India’s biggest music label as it holds a 35% share of the Indian Music Industry.

After overpowering the music industry, T-Series is now set to enter the NFT market. T-Series has determined to collaborate with Hefty Entertainment; a subsidiary of Hungama Digital Media, and has chosen to launch NFTs for their films.

Films like ‘Aashiqui 2’, ‘Bhool Bhulaiyaa’ and the upcoming movie ‘Radhe Shyam’ are on the list of NFT falls. With this new stage, the T-Series is set to feed money that can’t buy knowledge to their NFT customers.

Hindustan Times

The Hindustan Times, an English-language daily newspaper in India, was founded in 1924 and has been publishing for 98 years. The company was discovered by Sunder Singh Lyallpuri and it is one of the most circulated newspapers in the nation.

Hindustan Times is getting ready to enter the Web 3.0 realm and, therefore, has determined to launch NFTs. These NFTs will have their original historic innovation that was published by the newspaper under the banner of HT Timeless Token.

Some of India’s iconic points have been witnessed by Hindustan Times and they have been captured in their historic innovative sections. An NFT is being launched by the brand. This way, the clients can keep the historic points with them by purchasing the NFTs as they are being digitized. These tokens can be purchased with both cryptocurrency and fiat currency.

Conclusion

Many brands are operating NFT as a part of their marketing plan. Through this, the labels pledge to deliver their clients a special experience. It is a unique way to entertain their consumers and a unique way to generate income. With the growing tendency, it seems that NFT is here to stay, and it's only a matter of time before all the big brands begin exploring this market.