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Future of NFT’s in India & Global Market

By May 27, 2021June 17th, 20212 minute read

CNBC-TV18 in conversation with Anand Venkateswaran & Nischal Shetty

NFTs (Non-Fungible Tokens) are a class of digital assets in the form of art pieces, audio files, videos, digital goods, or even tweets. An NFT is unique in itself because it cannot be replicated nor replaced by another identical item. India’s first NFT marketplace is now open for artists (sellers) and buyers/collectors. 

In episode 10 of ‘Digital Assets Of The Future – Crypto‘, Anand Venkateswaran & Nischal Shetty have got together to clear the air around the concept of NFT and answer the what, how, and why’s associated with it.

In this episode, you can get answers to questions like:

  • How is the concept of NFT placed & accepted in the Indian & global markets?
  • Why are people buying digital art (in the form of NFTs) when it can be downloaded?
  • If someone wishes to sell/buy a piece of art through the NFT marketplace in India, what are the criteria and protocols?
  • In an NFT buy-sale transaction, are there any charges?
  • Audio files, videos, digital goods, and much more can be traded in an NFT marketplace. From the Indian perspective, what more can get added to this list?
  • With NFT in place, what are the opportunities available, and what is the way ahead?
  • Currently, NFTs are functioning on the Ethereum platform. Which other platforms are working for this?
  • How can we evaluate the legal structure around NFTs?
  • How will fiat currencies function in the NFT marketplace?

We need to understand that, in the world of conventional art, provenance is the biggest concern. Stakeholders spend most of their resources and time proving that their work of art is real or an original edition. With NFTs, this concern is instantly taken care of. Considering the current scenario and growth graph, it can be said that NFTs will represent Crypto, in general, in the times to come. Furthermore, the new generation of digital-native artists and spenders will be the driving force for this new ecosystem.

PS: The world is limitless here!

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.
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