Abhay Agarwal, Founder and CEO of Collexion, Asia’s largest blockchain-based NFT marketplace, said that India has been one of the strongest IT and communications landscapes globally. Expanding its potential, it is also emerging as the front runner in the world NFT space.
Specifically, about 11 NFT companies are headquartered. IndiaIt is far behind the US and Singapore.
According to Agarwal, the country’s NFT marketplace accounts for 5.02% of the total NFT companies in the world.
He added, “India has always been a powerhouse of creativity and talent. NFTs provide artists with apt and seamless access to digitally showcase their work on a large scale.”
Data from Chainalysis Inc showed that Central and Southern Asia emerged as the global leaders in web traffic to the NFT marketplace, accounting for 35% of NFT’s $22 billion in global trade.
“Web3.0 and the Metaverse are ushering in a new era for web users, crypto assets and blockchain,” Agarwal said.
Last year, WazirX launched South Asia’s first NFT marketplace and 15 NFT creators pan-Asia. In Agarwal’s opinion, this encouraged the country’s participation in crypto assets and NFTs. The minimum gas fee on NFTs was the icing on the cake for existing and potential creators.
Indian investors have shown promising interest in the NFT market. There is an urge to explore and invest in NFTs.
The country was ranked fifth in the world in terms of Google searches related to NFT keywords, with over 3.5 million searches during the 12-month study.
In addition, the CEO of Collexion said that 2021 has seen a boom in NFTs, with prominent figures and icons from the entertainment to sports community launching their own collections, giving impetus to this digital token. . The celebrity-led NFT has already garnered increasing interest from its fans who want to get their hands on the memorabilia, interact and connect with their role models.
“The NFT Marketplace in India has room to move business and ownership globally as the industry continues to boom. NFT is gaining momentum as it provides fans with scarce digital assets and helps creators monetize their art. The second reason NFTs are experiencing an uptrend is the fact that values tend to move over time and are not affected by any underlying volatile market-linked asset,” Agarwal said.
Meanwhile, Ramkumar Subramaniam, CEO and Co-Founder, GuardianLink said, “Indians are now ready to embrace any new big technological developments and NFTs are certainly part of the list. Indian has become one of the most important market for NFTs.”
GuardianLink, a no-code NFT (Non-Fungible Token) platform, enables creators, artists, brands and celebrities around the world to mine their NFTs with its launchpad.
According to Subramaniam, India is highly populated and right now, the fact that India is bigger than Germany in terms of automobiles, is a great testimony to the growth of consumers in India. India is also the land of creators and artists. This should be another factor that drives the growth of NFTs, not only from the adoption/buying perspective but also from the creation perspective.
Apart from this, Subramaniam pointed out that, India is also home to many big brands and globally renowned personalities. This will be another factor catalyzing the NFT growth. 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 location for NFT companies.
“I think we can safely assume that the third place India is in is an interim position. It will get better exponentially in the years to come,” said the GuardianLink CEO.
In conclusion, Subramaniam concluded, “The remarkable third place held by India in terms of many NFT companies is bound to attract investors as well. The climate may not be right for blockchain and its branches, but once the dust Having solidified, India is looking at a very useful, promising and attractive market to manufacture, consume and enable NFTs.”
According to CryptoSlam data, the global NFT sales so far in June stood at $371.43 million. There have been 305,290 unique buyers and 641,240 unique sellers so far this month.
In May, global NFT sales were $3.067 billion, compared to $3.715 billion in April sales, the data showed.
On Saturday, NFT collections and individual asset market capitalization declined by 4.66% to around $12.22 billion. According to real-time performance by CoinMarketCap, the volume of sales for this market declined by 2.5% to $11.13 million. The top NFT collections – Bored Ape Yacht Club, Otherdid for Otherside, Cryptopunks, Clone X, and We’re All Going to Die – showed modest growth. These top collections are powered by Ethereum.