Growth of NFTs

An Indian perspective...

NFTs or Non-Fungible tokens are the fad nowadays. Recently 11 companies dealing in Non Fungible Tokens (NFTs) have established their headquarters in India.

But before delving deep, let's understand first what is an NFT? A non-fungible token is a financial security consisting of digital data stored in a blockchain, a form of a distributed ledger. The technology used is the same as that of cryptocurrencies but the actual token is much different...

Physical money and cryptocurrencies are fungible, which means they can be traded for one another but that is not the case with NFTs. It is a one-of-a-kind trading card, however, is non-fungible.NFT can be anything for eg; music, ideas, gifs, movies even memes. NFTs related to any unique art or item can have only one official owner at a time.

Now let us see where India stands in the NFT market?

After America and Singapore, India stands third in the trading of NFTs. Based on recent data, there are about 86 startups in India that are working in the NFTs space.

In the opinion of Sree Ram Ananthasayanam, Partner, Deloitte India "The NFT marketplace will see exponential growth in India in the entertainment industry, arts, music and sports industry. Exciting use cases for NFTs are still in infancy, similar to the initial days of the internet"

As stated by Deloitte’s Technology, and Telecommunications TMT prediction 2022, the global sports NFT sector would witness over $2 billion in transactions this year. The TMT projection also predicts that the developing Indian sports and entertainment NFT sector will rise to $1 billion in the coming years.

This is a piece of great news for India as this would open up new employment opportunities in the country. Jobs like NFT designers, developers, artists, and content creators would boom, hence helping India to transition into Web 3, which is expected to be the next big thing after the internet.

Therefore, the youth of the country should be aware of such development and make sure that India is an early adopter of the same as "we can not become what we want by remaining what we are"

Author- Ayushi Sachan