Non-fungible tokens (NFTs) as an asset class exploded onto the scene in 2021 and grabbed investors around the world with prospects, moving beyond the realms of mere tokenism by unleashing much more value for all stakeholders. involved.

For artists, NFTs offer the promise of price discovery that does not exist beyond the few well-known auction houses that operate today, while investors can cash in their purchased NFTs at any time. This flexibility along with the enduring nature of these digital assets has catapulted NFTs to the top of the list of crypto assets existing today.

In India, there is an exponentially growing interest in NFTs, building on this global trend and supported by the multitude of NFT releases by prominent celebrities. Among the most notable are Bollywood superstars Amitabh Bachchan and Salman Khan, who are about to launch their collection, and cricketers like Dinesh Karthik who have already implemented NFTs based on their winning moments. With a country that counts Gen Z and Millennials as the bulk of the crypto investor base of over 100 million investors, these NFTs are doomed to be lapped with strong fervor.

Dileep Seinberg, Founder and CEO of Thinkchain, a Crypto, NFT, and Blockchain Consulting Firm, says NFTs are mostly published by celebrities to cash in on their legacy or by newcomers to make quick cash without fear. to be accepted by the public. .

Critics say investors spend money on meaningless articles, but supporters insist NFTs are more than digital trinkets …

“There are celebrities who have built a great life around them. They are looking to monetize their legacy by starting their own NFTs. The rest are quite new to the industry and previously relied on a sponsor or studios. and commercially-oriented distribution network, where these artists have barely received the value for their efforts. With the advent of blockchain, it is possible to skip all the middle layers to reach an audience that can appreciate the work and reward buying their NFTs, ”he said.

Despite this optimistic outlook, the near-term uncertainty surrounding crypto assets may dampen investor sentiment given the often conflicting comments from central authorities who govern all asset classes across the country. If there were to be a ban on private cryptocurrencies, as the RBI believes, it would impact NFT trading and darken the otherwise bright prospects for this revolutionary asset class.

Mia Ekta, Founder and Lead Developer, Sugarland says that whenever a government bans or threatens to regulate an industry, celebrities and influencers tend to sync with the public and bring people together to communicate to government that regulation is not acceptable.

“NFTs have proven to be lucrative – and are now becoming a revenue-generating resource for millions of artists who have already joined ‘the NFT stream’, not to mention the future potential of the space,” she says.

Aliasgar Merchant, Developer Relations Engineer at Tendermint, says India has a rich cinematic and artistic heritage stretching back over a century and this creates an opportunity for NFTs to find a unique niche for themselves. at the World level. In addition, India being one of the fastest growing economies in the world presents additional opportunities for NFTs.

Seinberg adds that India is one of the preferred destinations for foreign investment and has a talent pool recognized around the world. “What is most lucrative for foreign investors is the difference in price with which Indian artists can produce original works. For example, high-end VFX films like ‘Koi Mil Gaya’ are produced at a cost. 3 to 4 times lower than in Hollywood, a huge price difference can encourage foreign investors to invest money in locally made NFTs, ”he says.

The first SMS was a 15 character message sent to Vodafone employee Richard Jarvis wishing him “Merry Christmas” …