Globally, NFTs have set a huge standard for investments. This trend has also spread in the Indian market, where we could witness Indians showing interest in trading the NFTs. Followed by the success of Cryptocurrencies, now it’s time for NFTs to taste success in the market. For quite a long time, Indians were apprehensive about investing in Cryptocurrencies or digital assets. But now, they are no longer doubtful about them as they have already started investing in NFTs and Cryptocurrencies. Because of this, India has now become the favorite spot for starting NFT startups.
The year 2021 was extra special for NFTs and blockchain technology as more and more people are now venturing into NFT trading. The Indian market has witnessed three new NFT businesses getting launched in no time. This clearly shows how favorable the market is for non-fungible trading tokens.
How Are NFTs Attracting Individuals In Their Space?
The trends initiated by NFTs have been widespread across the globe. By owning the NFTs, individuals not just earn their ownership but also will utilize it for investing and trading. The fortunes that come with NFTs are wide, and that is the reason why people are flocking to NFT investments. The non-fungible tokens are indivisible in nature and can be traded across the globe among any number of people.
When an individual purchases an NFT, the first thing that they realize is that they own something that is rare and unique. This kind of they bestow from NFTs is the compromising factor that leads them to buy NFTs. They can also utilize to sell or auction these NFTs to the public in no time. Considering all these good things that come with NFTs, people are investing in trading digital collectibles. These NFTs are built and functioning in support of blockchain technology that records all the data and transactions in the digital ledgers. When something is recorded in the blockchain, it remains safe from the hands of hackers and other third parties.
Any items and products that satisfy the ideology of being unique and rare can be tokenized into NFTs. It can also be physical assets that exist in real-time. But the only thing to consider is the rarity of those products or items. NFTs have spread across different domains where they can be tokenized into NFTs. Some of the various ranges of NFTs found in the market are as follows,
- Music files
- Sports accessories
- Gaming collectibles
- Virtual lands
All these digital collectibles can be traded as NFTs in the market. There are designated NFT platforms that deal with the selling and buying of an exclusive range of NFTs. The NFT collectibles are recorded in the different blocks of the digital ledgers that are tamper-proof. So the data and transactions of the NFTs remain safe and secure.
Some Interesting Numbers About NFTs
- The top five countries that have adopted NFTs the most are from Asia
- The net value of the NFT market is more than $40 billion.
- The growth of NFT sales from 2020 has risen to 131 times in the year 2021.
- Nearly 28.6 million NFT wallets were traded in 2021.
- The Nyan cat GIF was sold for $590,000 worth of Cryptocurrencies in 2021.
- The first tweet made on Twitter was sold as NFT for $2.9 million.
- Beeple, the famous digital artist, has sold his NFT called Everyday: The first 5000 days were sold for $69.3 million.
Why Is There A Sudden Increase In The Number Of NFT Platforms?
The NFT market is quite lucrative and is expected to grow fiercely in the coming years. This gives great scope for entrepreneurs to start their ventures in the NFT market. Within a few years of their existence, the market has grown incessantly around the globe. The Indian market is extremely competitive and favorable for NFT businesses to flourish. This is the reason why entrepreneurs are coming up with new exciting new ideas for starting their NFT business.
The NFT marketplace is a platform where the users can create, mint, tokenize, buy and sell their NFTs. Creators and traders will run towards these platforms to get their reliable The NFT platforms are the best way for entrepreneurs to generate their revenue. For every transaction and activity that happens within the platform, the users have to pay for it. This way, the owners of the NFT marketplaces will earn more considerable revenue.
Beyondlife.Club — India’s First NFT Trading Platform
If you are a great NFT buff, you must definitely have heard about BeyondLife.Club. It is that reputed NFT platform known for hosting two of the most famous NFT drops. This popular marketplace was launched a few months ago. The marketplace platform is known for featuring the NFT drops of Amitabh Bachchan and Stan Lee’s Chakra. The NFT collections became a huge success in the market. Moreover, they are the first NFT marketplace developed with advanced technologies.
Within less than a minute, all their NFTs were sold in the drop. With the great reception they received from their first NFT drop featuring Amitabh Bachchan, they came up with another exciting NFT drop featuring Stan Lee’s collections. The Big B’s NFT collections became a huge success where all their NFTs were sold within a second. Now the NFT platform will enable the users to trade, buy and sell their NFTs in the competitive NFT market.
Popular NFT Marketplaces Available In The Market
The NFT market is flooded with several NFT marketplaces that facilitate users to trade their NFT effortlessly. NFT marketplaces will establish a forum for facilitating buying and selling of the NFTs. The NFT platforms are supported with blockchain technology that secures and protects the data and transactions of the NFTs. Along with BeyondLife.Club, there are various other NFT platforms performing in the market. Some of the popular marketplaces are OpenSea, Rarible, Foundation, NBA Top Shots, etc.
The NFT market in India is growing at a high pace, and the sales volume of these NFTs is tremendously growing with every passing day. When we are busy discussing NFTs here, somewhere in the country, someone will be buying an NFT now, and that is how the NFT sales and trading have spiked up.
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India’s Favorite And Fastest Growing NFT Marketplace was originally published in DataDrivenInvestor on Medium, where people are continuing the conversation by highlighting and responding to this story.