Having named the Collins dictionary’s word of the year in 2021 proves a lot of Bitcoiners are intrigued by NFT. In spite of its launch in 2017, the NFT has experienced an unprecedented surge since the beginning of 2021. Trading volumes on the global NFT market exceeded $23 billion in 2021.
Non-fungible tokens (NFTs) are unique and non-transferable units of data stored on the blockchain, a type of digital ledger. These digital assets represent ownership of unique digital or physical products, such as real estate, music, artwork and films. Modern-day collectibles, NFTs are available for purchase and sale online with digital proof of ownership.
According to Google trends, global interest in NFTs increased by 426% in August 2021, with people expressing a great deal of interest in purchasing them. NFTs are fast closing the gap between our physical reality and the widely anticipated metaverse.
Indian NFT adoption is accelerating almost as fast as that of cryptocurrencies. Globally, the total market capitalization of NFTs is $21.73 million, and the total sales volume is $165,348, according to coinmarketcap.com.
It is possible that NFTs could become the future of digital ownership encompassing all types of possessions, from artwork to collectibles, to videos to real estate, and therefore can remain extremely lucrative for musicians and artists. Due to NFT’s commitment to keeping authenticity and pricing intact, Indian creators were attracted to it.
A number of factors, including the pandemic-induced mobility restrictions, social distancing and work-from-home lifestyle, forced art lovers to find a new way to fuel their passion, and the introduction of NFTs presented them with an ideal opportunity.
In the digital art world, NFTs offer a game-changing opportunity, allowing digital artists to make a living off their work – or more than a living, as the record-breaking $69 million closing bid for Beeple, the digital artist, proves.
The NFT platform beyondlife.club offered the Bollywood Biggie Amitabh Bachchan’s NFTs and personal collectibles in November 2021. Saying it as NFT’s Bollywood Buzz, after Amitabh several actors such as Kamal Haasan, Sonu Nigam and Salman Khan are among those who have taken to NFTs (non-fungible tokens).
The NFTs in cricket enable players to connect with fans like never before. For example, In Yuvraj Sings’s NFT Collectible, the perks of purchasing the NFTs include a chance to play six balls with Yuvraj and win exclusive merchandise. Fans can also interact and receive the merchandise and signed memorabilia.
Celebrities, cricketers and personalities are also more inclined to opt for NFT since it provides them with the opportunity to monetize their digital or online content, which otherwise on social media would only have generated likes and followers. When the NFT is sold in the secondary market, it provides royalty to the artist and also accords authenticity to digital content.
Despite the hype that NFTs generated in 2021, there is still uncertainty surrounding the cryptocurrency bill. Finance Minister Nirmala Sitharaman said, “The government is also discussing regulating non-fungible tokens.” Hope things get sorted out sometime soon for the NFTs to flourish in India.
