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Did you know that NFT tokens recently made billions on a single platform alone? Yes, we’re not joking when we say this. With digital art gaining more success daily, there’s no better time than now to talk about its benefits and future potential.
NFT tokens in India have just started seeing major peaks in popularity. This is rather a growing sector that many learn about every day. India, however, is a country where art is widespread throughout. Whether it be professional or cultural, art has been embedded within India for centuries and has continued to this date.
If this convergence of art meets the virtual world, then there’s no telling when it’ll stop.
What are NFTs?
Before jumping to looking at the advantages and future of NFTs in India, let’s briefly explore what NFTs are. We’ll start simple; NFT stands for Non-Fungible Token(s).
Every token is unique in itself and pertains to its data transactional history, which distinguishes all NFTs from each other. These tokens are digital and have their own special identities.
All NFT tokens differ in their metadata and codes. They’re classified as one separate asset, and its copyright is owned by the creator of the digital art token or the one who has bought it. Moreover, the maker of the token gets their stamp or label of originality and authenticity.
Thus, it’s more like a certificate of an art collection (not necessarily art, NFTs can be of various types, including tweets, memes, name anything digital, and it can be an NFT)
Another interesting aspect of these digital assets is that they’re transparent and visible on the blockchain, so anyone can view who the artist or owner of an NFT is.
Wait, you said simply? I still don’t get the idea of NFTs
How about this? Think of NFTs as that one rare collectible card whose uniqueness cannot be copied. Maybe the example of the Mona Lisa might work too. We can all make several copies of the Mona Lisa painting, but there can only ever be one original Mona Lisa painting.
Benefits of NFTs for Indians
Now that the topic of NFTs has been made clear, it is time to evaluate what benefits it entails for Indians.
#1 Better Price
This point goes without saying. NFT price does not stay in conjunction with your everyday art prices. To give you an idea, the price of an average NFT sale (as of now) costs around $1500 itself. And trust us, this is no more than a glimpse; NFT collections can be sold for millions of dollars in a span of a few minutes! Because of this, artists, designers, and digital media creators love that NFTs are bringing them the recognition they deserve.
#2 Accessibility
In addition, there’s no complicated way to buy or sell an NFT. One can easily get their hands on these digital assets from the comfort of their homes; all you need is a device and decent internet connection, and voila! (As simple as ABCs, ain’t it?) Similarly, the process of trading an NFT is pretty simple too. You can just search for an NFT market, make an account and choose your preferred payment method for the buying or selling procedures.
#3 Can get validation on their (artists) work
One of the most emphasized features of an NFT token is that creators get validation for their original work. Accreditation is not very common in the field of art since there are millions of talented people globally who consistently put effort into their creation.
However, it’s very difficult and impractical to give each individual the same level of credit and hence are mostly overlooked since there’s no actual solution to this. Today, things are the complete opposite (somehow). The tables have turned, and now artists have the opportunity to get authentic validation for their unique work.
#4 Transparency
Apart from this, digital assets like cryptocurrencies and NFTs embed transparency which means their transactional history, ownership of a token, and all related information are visible to anyone (thanks to blockchain technology).
Hence, there’s almost no chance of fraudsters selling fake art pieces or illegally (without the will of the creator) putting an NFT on sale of a token they don’t own. This is why NFTs are a trusted digital asset currently and hence also prove to be a great investment.
#5 Support Artists
This isn’t the most talked about, but an important aspect of our topic. Fans love to support creators, and NFTs have proven to be an easy way for fans to give back to their favorite artists.
Future of NFTs
We’ve all seen the rising popularity of cryptocurrency and the growth of digital technology in India. Currently, people seem to be following the same trend and are gravitating towards NFTs.
Three recent non-fungible tokens or NFTs marketplaces have opened in India, with WazirX being the first to take off in the space.
Moreover, amid the pandemic, NFTs have proven to be essential and life-saving assets for artists all around the world.
NFTs resolve some of the art market’s predominant and long-standing problems, such as authenticity and ownership.
Also, with NFTs being at the top of their game and their one-of-a-kind and non-interchangeable nature, artists are no longer affected by any middleman and are not constrained by the medium.
While speaking of NFT’s future in India, it is way too soon to speculate any outcome at present. Adopting technology at such levels will surely introduce positive developments. Frauds and counterfeiting would be put to an end. Additionally, NFTs can preserve and protect the rights of a digital asset.
Conclusion
So that was all about NFTs in a nutshell. We have discussed these tokens in detail, and it’s pretty obvious by now that NFTs can easily influence the art sector. Also, the crucial highlight point is the combination of blockchain technology with virtual art and collections. New doors have been opened for artists, and more will in the future as NFTs will develop to make e-commerce and royalty transactions easier.
Further Reading:
5 Things You Should Know before minting your first NFTs
Top 5 NFT Artists in the Market Right Now
Frequently Asked Questions
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
