Abhay Agarwal, Founder and CEO of Colexion, Asia’s largest blockchain-based NFT marketplace, said India is one of the most powerful IT and telecommunications environments in the world. By extrapolating that spirit, it has emerged as a front runner in the NFT space.
In particular, there are about 11 NFT companies headquartered in India, far behind the United States and Singapore.
According to Agarwal, the country’s NFT market accounts for 5.02% of all NFT companies in the world.
“India has always been a powerhouse of creativity and talent. NFTs provide the right and seamless reach for artists to digitally display their work on a much larger scale.”
Central and South Asia have emerged as global leaders in web traffic to the NFT market, accounting for 35% of NFT’s $ 22 billion in global trade, according to Chainalysis Inc data.
“Web 3.0 and Metaverse are opening up a new era for web users, crypto assets and blockchain,” said Agarwal.
Last year, WazirX launched South Asia’s first NFT marketplace and 15 NFT creators, Pan-Asian. In Agarwal’s opinion, this encouraged the country’s crypto assets and participation in NFTs. NFT’s minimum gas charges were icing for existing and potential creators.
Indian investors have shown promising interest in the NFT market. There is an urge to investigate and invest in NFTs.
The country ranks fifth in the world for Google searches related to NFT keywords, with over 3.5 million searches during the 12-month survey period.
In addition, CEO Colexion said he witnessed the NFT boom in 2021 when prominent figures and icons from entertainment to the sports community launched their own collections to give momentum to this digital token. Celebrity-led NFTs have already attracted growing interest from fans who want to put their hands on souvenirs, interact with them, and get involved in role models.
“India’s NFT marketplace has room to trade and transfer ownership on a global level as the industry continues to flourish. NFTs provide fans with rare digital assets and creators monetize art. We are gaining momentum to be able to. Another reason for NFTs is that the value has risen over a period of time and has experienced a rise in the fact that it is unaffected by assets linked to potential volatile markets. I have. “
Meanwhile, Ramkumar Subramaniam, CEO and co-founder of GuardianLink, said: NFT market. “
GuardianLink, a non-fungible token (NFT) platform, allows creators, artists, brands and celebrities around the world to create NFTs using their own lunchpads.
According to Subramaniam, India is very populous and the fact that India is now larger than Germany in terms of automobiles is a clear testament to India’s growing consumer population. India is also a country of creators and artists. This should be another factor driving NFT growth, not only from a recruitment / purchase perspective, but also from a production perspective.
In addition, Subramaniam pointed out that India is also home to many major brands and world-famous celebrities. This is another factor driving the growth of NFTs. To bridge the gap between creation and consumption, India also has a highly skilled workforce of information technology / software development professionals, making it an ideal place for NFT companies to grow rapidly.
“I think it’s safe to assume that India’s current third place is a tentative position. It should improve exponentially over the next few years, if not months,” GuardianLink said. The CEO added.
Finally, Subramaniam said, “India’s enviable third position with respect to many NFT companies will also attract investors. Maybe the climate isn’t perfect for the blockchain and its sect, but when the dust settles down. , India is looking for a very fruitful, promising and lucrative market for the creation, consumption and activation of NFTs. “
Global NFT sales in June were $ 371.43 million so far, according to data from Crypto Slam. So far this month, there have been 305,290 unique buyers and 641,240 unique sellers.
According to the data, global NFT sales in May were $ 3,067 million, while sales in April were $ 3,715 million.
The market capitalization of NFT collections and personal assets on Saturday was approximately $ 12.22 billion, a decrease of 4.66%. According to CoinMarketCap’s real-time performance, sales in this market fell 2.5% to $ 11.13 million. Top NFT collections: Bored Ape Yacht Club, Otherdeed for Otherside, CryptoPunks, Clone X, We Are GoingToDie-Trading slightly upwards. These top collections utilize Ethereum.
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