Indians are also warming up to this new digital asset that has given creators and collaborators a fresh platform to earn better moolah while generating more value for their work.
NFTs allow people to buy and sell ownership of unique digital items in cryptocurrencies, and keep track of who owns them using the Blockchain. NFTs can technically contain anything digital, including drawings, artworks, tweets, animated GIFs, songs or even video games.
TV host and actor Vishal Malhotra collaborated with artist Ishita Banerjee to release an NFT which was sold last week for 2.5 Ethereum ($5,500) -- five times the listed price.
On the NFT marketplace by WazirX, India's biggest cryptocurrency exchange in terms of trading volume, a unique NFT, which was a collaborative artwork between pop icon Ritviz and visual artist Santanu Hazarika, was sold for $391.8 within 10 seconds of going live.
WazirX has sold more than 160 pieces of digital art on its platform for NFTs within month of its launch.
The crypto company on June 1 rolled out South Asia's first NFT Marketplace with 15 creators hailing from diverse categories such as space 3D artists, digital artists, muralist photographers, canvas artists, street artists and visual artists.
The platform came without any listing price and extended 50,000
"More artists and collectors across the globe are today tapping the power of NFTs. NFTs ensure the exclusivity of ownership and can be seen as a way to digitise artwork and other collectible items," said Sandesh B Suvarna,
According to Hazarika, the global NFT market is slowly becoming a crucial promotional tool for all artists to monetise their work and uniquely engage with their community of collectors and fans who value art.
"With NFTs, artists are now open to working with anyone," he said.
The WazirX NFT Marketplace is powered by the Binance Smart Chain, which brings the gas fee -- a sum required to mint the NFT via a blockchain -- down from $60-$100 to about $1.
Since the NFTs are interoperable, anyone can later transfer the NFT to a different cryptocurrency such as Ethereum.
An exhibition featuring the artworks of Bengal-born artist, Lalu Prasad Shaw, certified using NFTs is on view at
"Terrain.art is delighted to be one of the first blockchain powered platforms in India to register artworks using NFTs, presenting new works and those with prior histories through curated exhibitions," said its founder Aparajita Jain.
On the global stage, digital artist Michael Winkelmann or Beeple sold one of his NFT arts for nearly $70 million earlier this year.
An NFT artwork by
According to Capgemini's World Wealth Report (WWR), with the current stock market surge, HNWIs are seeking to diversify their portfolio with alternative investments.
"Special purpose acquisition companies (SPACs) are becoming more popular, while non-fungible tokens (NFTs) are slowly gaining asset-class credibility," the report noted.
For a more in-depth discussion, come on over to Business Insider Cryptosphere — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve.
SEE ALSO:
Aamir Khan-backed furniture rental startup Furlenco raises ₹1,000 crore
Info Edge will now only sell shares worth ₹375 crore in Zomato IPO
New iPhone Wi-Fi bug could prevent you from connecting to Wi-Fi networks