NFTs started on a small scale initially with many confused about its various options and how to make money from them. Art collectors were the primary investors and held the value of the NFT digital artwork within that NFT. Nowadays, NFTs are regarded as an asset class that is distinct from other asset classifications. This recognition has also transformed the NFT marketplace into one of unparalleled profits. Today, NFTs have found a place in numerous sectors of the economy. Examples are insurance, global supply chain, fashion, gaming, sports, entertainment, healthcare, and finance.
The NFT market in India has been expanding progressively. We look at some of the statistics and reports, the state of NFTs in 2022, and the demand for NFT-based jobs in India.
For statistics on the global and Indian market for NFTs, more data is provided. A snapshot view shows that the global NFT market value has been placed at $40 billion in 2022. India accounts for $3.3 billion of that worldwide total. The Indian NFT market continues to grow at a mean of 61.6% annually. This trend anticipates that the Indian NFT market will be valued at $27 billion in 2028.
India boasts five percent of the world’s NFT companies housed in India. This equates to 11 of these corporations. India also has 86 operational NFT start-ups.
According to Abhay Aggarwal from Entrepreneur India, NFTs have grown in popularity with creators of NFTs, artists, sports celebrities, and entertainment icons. Brands and creators of NFTs are riding the wave to attract new sources of income and revenue streams. Although NFTs are still in their infancy, they are providing excellent investment opportunities.
An academic research report from 2021 indicated that the NFT trade is experiencing an upswing in the number of traders, investors, and NFT creators it is attracting. Top–notch projects often obtain profits of 130% on the day of listing. NFTs are also showing superior performance to IPOs and many cryptocurrencies. Thus, investors in India face a unique opportunity to gain positive returns on their investments.
As the NFT marketplace has evolved to be a robust structure, many celebrities (such as Rajnikanth, Salman Khan, and Amitabh Bachchan) have joined the bandwagon and are producing NFT collectibles in India. World-renowned Indian cricketers who have created NFT collectibles include Yuvraj Singh, Rishabh Pant, and Sunil Gavaskar.
NFTs In 2022
Compared to the difficulties in finding music audiences for upcoming stars, NFTs provide far greater access to digital audiences. More interaction with audiences boosts sales.Artists now have more opportunities to showcase their work. This does away with the need for a middleman. Indian artists have been able to sell their work and create a source of income. All that is needed is to connect to a platform, such as okx.com and follow the prompts.
Many Indian brands are entering the NFT world. NFTs provides a medium for advertising. Companies that have been using NFT strategies include MG Motor India, MakeMyTrip, and Mahindra & Mahindra.
At present, hundreds of NFT job opportunities have emerged in India. The types of jobs are social media experts, creators, artists, developers, and NFT designers. As this sector of the economy grows, new job types will be created.
As the sector stands, NFT assets have a great future in India.