India ranks 3rd among the biggest emerging NFT markets globally; houses 11 NFT companies
With global advancements in the field of technology and the IT sector, the focus has shifted from general stock trading to modern means of trading, including, cryptocurrency, digital tokens and technologies built upon the blockchain.
Interest in Non-Fungible Tokens (NFT) is gathering pace in India. It might be a little slower than the other NFT markets like Australia and Taiwan, but India shows huge potential. As per a recent study by Market Decipher, a premier market researcher, and consultancy firm, India has grown to become one of the biggest emerging markets for digital collectables.
India holds 5.02% of global NFT marketplace
As per the report, India stands at the third spot after USA and Singapore in terms of the number of NFT companies which exist within the country. As of now, India is home to a total of 11 NFT companies, clogging 5.02% of the global marketplace. NFTs are varied and notably, India holds a huge market potential in all sectors of digital collectables including trading cards, figurines, and jerseys.
Though NFTs are witnessing much faster growth due to its nascent industry nature and quick adoption, the market in India is still struggling in increasing its user base. As per a report by the NFT club, India stood last in terms of interest, with just 254 searches per 100,000 population.
The NFT scenario in India was largely impacted due to two reasons. The imposition of a 30% tax on the trading of digital assets including, NFTs and cryptocurrency demotivated individuals to invest. Other than this, a lack of awareness among the masses is touted to be another major cause.
What is an NFT?
In simple words, any digital painting of your favourite celebrity, or maybe a Batman lego card or a token in form of a code, on the blockchain is a Non-Fungible Token. Commonly called a digital asset, it is written in the form of a computer code and recorded on a blockchain ledger. The ledger can be used to prove ownership and authenticity of an asset, either physical or digital.