The NFT sector has had tremendous growth in the last few years, especially in 2021. They ushered in nothing shy of $41 billion in total last year. And they are set to increase in the years to follow exponentially. The stamp of crypto and all its subdivisions, including NFTs, have made such an impact that they have been pulled in under a tax net. Yes, India has introduced a tax net on crypto assets, which gives hope for the eventual legalization of the sector.
The current trajectory of the sector
Lifting the veil on its popularity and glamor – The NFTs are highly beneficial. Upwards of 250 thousand people on average are trading in the NFT sector, specifically open sea, every month. This shows the growth in exposure and global dominance. This is impressive because the NFTs were just traded by the hundreds per week a couple of years ago. However, many have found themselves trading in millions, initially starting with a few pennies. This is high thanks to the popularity of the internet and its use cases.
Let’s look at what NFTs are, how the blockchain works, features in a good marketplace, influential NFT marketplaces, and the sector’s future.
What are NFTs?
The non-fungible tokens are tokenized digital assets attributed to a certain monetary value and traded. The NFTs have the unique ability to be presented as rare assets, with the assurance of authenticity and security. Unlike cryptocurrencies, since they are non-fungible, they are not interchangeable or indivisible. This aspect makes them the perfect vessel for trading and investments. The assets are also presented on a decentralized platform, which is possible due to blockchain technology.
Blockchain
The blockchain is the backbone that supports the crypto industry as a whole. In regards to the NFTs, the blockchain is an online ledger. The assets are stored across a net of instances spread over a large network. This ledger is public, and this aspect makes it impossible for scams or frauds during transactions and authentication of the assets.
Rarity
Only one person can claim to be the owner of a particular digital asset at a time. It is a unique object that only belongs to them and no one else. This can be considered one of the top reasons why traditional and digital native investors are shifting to NFTs. These NFTs are traded, bought, and sold on the marketplace.
NFT marketplace
The marketplace is the online repository of the NFT projects. They host a multitude of niche projects depending upon the marketplace. This is possible due to the adaptability and the evolution in the sector. The sector started with art and eventually moved to music, gaming, metaverse, virtual real estate, etc. Each industry has its market in the NFT sector or a hybrid model where two or more correlate. Let’s look at what attributes make up a good NFT marketplace.
Features in an NFT marketplace
- Storefront is the first impression tool that helps gauge the marketplace’s aesthetic and vibe.
- The market should contain a variety of interesting and engaging projects with a community space for queries and feedback.
- The primary marketplace should contain smart contracts and royalties to be transparent.
- And secondary markets should have the option to list the pieces as fixed or through an auction model.
- The marketplace should host trusted partners with a proven track record of previous works.
- Information on the project, the creator, and the relevant blockchain standards the NFT project was developed on.
- Major wallets should be integrated with the site for funding. Ease in crypto exchange is a bonus in the market.
Tips for investing in good NFT projects
The NFTs are essentially emotional commerce, meaning the NFT is as valuable as the emotion it carries. The art trade, story, and the value of the project matter as much as the quality and design of the asset. Some of the NFTs that have blown up in the sector have famously had some mundane reasoning behind them.
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Projects with a good story or a famous name attached to them are the “investment gold” in the NFT sector. Track record and previous projects trajectory is also telltale sign of a good market. Let’s look at some of the top NFT marketplaces in India that have made some serious strides in the sector.
Top NFT marketplaces in India
Beyondlife.club
The company is responsible for some of the most influential launches in the Indian hemisphere. The marketplace is backed up by GuardianLink, which acts independently as a no-code launchpad. The company was responsible for the hugely successful Amitabh Bachchan and Stan Lee NFTs. The most recent drops include the first-ever metaverse marriage in India and the Hindustan Times NFTs. Every project ended up being a banger seller in the field. With NFTs getting traded at 400 times their original price in the secondary market.
Bollycoin
Bollywood meets the NFT platform. The company is dedicated to bringing about fun and exciting NFT Bollywood projects. They share the sheer excitement for the movie industry with their audience, and it’s feverous. Their Dabangg collection consisting of posters, dialogues, and much more was a killer hit. The members who sign up to the platform also get exclusive insight into some exquisite goodies. For example, they host their crypto coin, which members can invest in. This Bolly coin raked in royalties each time someone buys NFTs from their platform.
Some of India’s more promising NFT Marketplaces are Colexion, Rario, Warix, and Always first.
A final thought on the NFT marketplace
The NFT marketplace is ripe and full of advantageous spaces to prosper. There is always some investment opportunity waiting in the NFT realm for anyone daring enough to try. Get started on your digital asset trading journey and find yourself mixed up in a whirlwind of rich potential and fun.
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