International NFT Day is celebrated on September 20, a celebration that began five years ago. In 2017, the term “Non-Fungible Tokens (NFTs)” was officially coined by Dete Shirley, the Chief Technology Officer of DapperLabs. NFTs, which generated a market size of $25 billion (approximately Rs. 1,99,272 crore) last year, are blockchain-based tokens that represent a unique digital collectible or asset, and are supported on various blockchains. Ethereum, Solana and Polygon are popular among NFT makers as blockchains of choice.
What makes NFTs unique is that they are non-duplicable. They are unique cryptographic tokens that exist on a blockchain and cannot be replicated by other users.
The NFT market will be a behemoth of $231 billion (about Rs. 18,41,300 crore) by 2030 and it is too big a company to be ignored, said Tarusha Mittal, COO and co-founder of UniFarm in conversation with Gadgets 360. UniFarm is a multi-token rewards program.
“NFTs cannot be duplicated, making them perfect collectibles and their rare nature adds monetary value to any NFT. These digital collectibles act as important connecting links between the physical world and the metaverse. The NFTs provide a unique way to extract assets from the real world. world and sell it to the global public in a fully virtual world managed by secure governance tokens,” said Mittal.
In India, NFTs have yet to find their identity and formal place in the financial and technology sectors. Currently, NFTs are currently classified as ‘virtual digital assets’.
Buying and selling NFTs is not explicitly prohibited in India. Last year, Bollywood stars Amitabh Bachchan and Salman Khan became the first mainstream celebrities to launch their own NFT collections in the country.
Meanwhile, Indian pacesetter Arshdeep Singh teamed up with cricket-focused NFT platform Rario to launch his own series of NFTs on Tuesday. Previously, other athletes such as Dinesh Kartik and Yuvraj Singh have also given fans access to their digital collectibles.
In an effort to bolster the NFT category in India, crypto exchange BuyUcoin announced a strategic partnership with the cricket NFT platform Jump.trade to enable users to sell, buy and TNZT NFTs using the BuyUcoin NFT platform. These include unique digital cricket collectibles such as autographed cricket bats.
NFT players at the global level have marked International NFT Day this year with unique ideas.
OpenSea NFT marketplace, for example, highlighted some historic NFT projects on their homepage.
You may have heard that tomorrow is international #NFTDay :saluting_face:
To celebrate, we plan to highlight some historic NFT projects on our homepage.
Which OG NFT projects deserve to be featured and why? Let us know in the comments :eyes::arrow_down:
— Openzee (@openzee) September 19, 2022
NFTs have proven popular with brands seeking younger customers.
A total of $260 million (about Rs. 2,100 crore) has been collectively wrapped up this year by high-end luxury brands such as Nike, Gucci, Dolce & Gabbana with the sale of their NFTs, a report from NFTgators said in August.
NFTs are also essential elements in the blockchain gaming industry, an area where Indian entrepreneurs are making their entrance.
“In the emerging digital world, they can empower companies, brands and artists to preserve the authenticity of priceless artifacts. These are capable of replacing the physical paper documents in any industry, providing greater security,” Edul Patel, the CEO and co-founder of the Mudrex crypto investment platform, told Gadgets 360.
India is considered an NFT-friendly country by brands experimenting with digital collectibles. Brands in the food and real estate sector are turning to the world of virtual assets to form a personal connection with the Indian customers.
In July, Mondelez International, the parent company of the candy company Cadbury, transformed works of art created by children into an NFT series.
At the time, Mondelez International, the parent company of the confectionery company Cadbury, had told Gadgets 360 that India wants immersive experiences.
Last week, Indian real estate giant Hiranandani Group auctioned five NFTs for a total of Rs. 75,000. While these NFTs were a tribute to the engineers and designers who contribute to the brand’s projects, the fund raised was donated to help underprivileged engineering students in Bengaluru.
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