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<ul><li>India poised to have 1 billion smartphone users by 2026 and will be the second-largest smartphone manufacturer in the next five years.</li><li>India to catch on to the <keyword id="13228644" type="General" weightage="20" keywordseo="global-Non-fungible-Tokens" source="Orion">global Non-fungible Tokens</keyword> (NFTs) revolution with favourable regulations.</li><li>The AI market to grow at a CAGR of 20.2 percent globally to reach US$7.8 billion by 2025; AI to have a promising future in India.</li></ul> Favourable policies, convenience-driven mindset, and evolution of the new normal have brought in a renewed focus on tech adoption. Smartphones now act as a catalyst for digital penetration across the tier-2 and 3 markets in India. The India edition of Deloitte’s 2022 Global TMT (Technology, Media, and Entertainment, Telecom) predictions indicates that digital and mobile are the key enablers of the future of technology. This edition captures the latest trends in the Indian TMT space that are driven by the economic and societal shifts caused by the global pandemic. These trends are poised to result in a better-connected ecosystem of multiple digital devices that can meet the world's ever-increasing need for faster connectivity, and more chips and entertainment options. Moreover, an evolving marketplace for NFT, increasing diversity in talent and participation of women in the tech industry, and rising popularity of AI and app-centric approach to promote mental health and wellness indicate enhanced digital maturity for businesses. Technology sector prediction - The urgency to address semiconductor chips shortage The global shortage of semiconductor chips has affected the manufacturing industries across the world. As demand soars, supply is likely to be constrained in the near term, but gradually ease up in 2023. With an increase in supply and normalisation of demand, and the specific initiatives muted by GOI, India can play on the strength of its large and thriving domestic market to form a basis for setting up the domestic semiconductor and electronics manufacturing industries in the next three-five years. “As the ecosystem matures in the medium to long term, we expect India to emerge as a strong regional hub in semiconductor and electronics manufacturing”, said P. N. Sudarshan, Partner and TMT Industry Leader, Deloitte India. He added, “The government’s recent announcement on the Production Linked Incentive (PLI) scheme for the semiconductor and electronics manufacturing industries has the potential to create an end-to-end ecosystem for manufacturing electronic products. We expect the broader shift to digital to continue in 2022 and drive the industry growth in the future.” Telecom sector prediction: 1 billion smartphone users by 2026 In 2021, the Indian telecom sector has undergone major policy reforms to reset growth and revive the health of the operators. The total cumulative shipments of smartphones in the country are expected to reach 1.7 billion units from 2022 to 2026, creating a market of about US$250 billion. According to Deloitte’s analysis, smartphone demand in India will increase at a CAGR of 6 per cent in the rural market and at a CAGR OF 2.5 per cent in the urban market to reach a cumulative number of about 400 million units being sold in 2026. This is largely propelled by demand for internet services in the rural market with the adoption of E-learning, Fintech and E-health platforms. Internet enabled devices in the rural market will also get a push with the government’s plan to fiberize all villages by 2025 under the BharatNet program. 5G devices will alone contribute 80 percent (about 310 million devices) to smartphone demand by 2026. Furthermore, the recently announced incentive package of US$10 billion to drive semiconductor manufacturing in India and the PLI schemes will encourage handset manufacturing in India to service the second-largest smartphone market in the next five years. Peeyush Vaish, Partner and Telecom Sector Leader, Deloitte India, said “India will have 1 billion smartphone users by 2026. This growth will result in over 75 percent of the subscribers using smartphones by 2026 from a sub- seventy percent as on date. 5G enabled devices will contribute 80 percent to the devices being sold in the year 2026 and Indian consumers will purchase 840 million 5G smartphones over the next 5 years valued at US$130 billion. In addition, 5G will fuel an incremental sale of 135 million smartphone units over the next 5 years.” Media sector prediction: The Indian streaming industry to evolve dramatically Greater adoption by audiences, the popularity of international content (such as Korean, Israeli, or Spanish) in India, and the ability to attract a wider audience through subtitles and dubbed content, have broken previously held views on the characteristics of the Indian market. These trends have forced many streaming companies to revise their original strategies. Pricing for streaming services will remain competitive as service providers attempt to stabilise and consolidate their customer base. However, in a rapidly evolving market, streaming players would rather focus on customer acquisition instead of customer churn. As prices stabilise and content libraries become nuanced and structured, the focus will shift to the minimisation of churn. Jehil Thakkar, Partner, Media and Entertainment Sector Leader, Deloitte India, said “Evolving consumer behaviour in view of the pandemic has increased digital content consumption in India. Audiences are experimenting with genres and languages with regional content breaking out of its traditional boundaries. Fierce competition is likely to persist in the short-to-medium term with more than 40 service providers in the fray.” This growth will be driven by heavy investment in original content, pricing innovations, low data costs, and the rise of short-form content. However, this progression from the early to mass stage might come at a cost to the broader media industry as subscribers, especially in tier-1 and tier-2 cities, may switch to more streaming content from traditional linear TV. We, however, do not expect India to cut the cord. Gaming and commerce are important elements contributing to attract, retain and amplify consumer stickiness as the battle within the evolving digital world continues. Other highlights in the Deloitte “TMT Predictions 2022” report India all set to catch on to the global NFT revolution; entertainment and sports NFTs will disrupt the industry in India: Deloitte Global predicts that NFTs for sports media will generate more than US$2 billion in transactions in 2022, about double the figure for 2021. Given the global trends and the government of India’s pending policy/regulatory framework in this area, it is a matter of time before NFT-based market for movies and sports memorabilia becomes a reality in India. The future of AI in India: More market players are realising AI’s importance, including its ability to provide competitive advantage and sculpt the future of work. In 2022, we expect to see India’s AI priorities shift towards cost efficiencies and employee productivity. Mental health becomes a priority with increasing app penetration: Given the challenges related to awareness, access, and capacity, technology can play a significant role in building scalable solutions that can help the population at large. About **36 percent of the Indian millennials have a fitness app installed on their phones and ~45 percent think leading a healthy life is essential. Floating Solar Photovoltaics (FSPVs) as a means for scaling solar PV deployment: FSPVs is expected to play an important role in paving the path for India’s energy sufficiency given the natural advantage of a vast coastline. With reduced crude prices and improved designs, Deloitte India predicts a significant rise taking place as both central and state government agencies might announce more floating solar projects. Deloitte India further estimates that the FSPV sector in India has a high potential to become self-sustainable largely due to the benefit of economies of scale as and when the tariff rate reduces over the next few years.

NFTs for sports media will generate more than $2 billion in transactions in 2022, about double the figure for 2021: Deloitte report

<ul><li>Indian crypto exchange <keyword id="6672551" type="UNKNOWN" weightage="20" keywordseo="wazirx">WazirX</keyword> has announced a <keyword id="11046450" type="UNKNOWN" weightage="20" keywordseo="NFT-Marketplace">NFT marketplace</keyword> for <keyword id="480599" type="ORGANIZATION" weightage="20" keywordseo="Indian-artists">Indian artists</keyword>.</li><li>It is one of the first marketplaces for NFTs in India.</li><li>A NFT is a digital asset and it can be in the form of a picture, audio, video or even a tweet.</li></ul>Indian crypto exchange WazirX has announced the launch of a non-fungible token (NFT) marketplace for Indian artists and creators. The company has said that it is one of the first marketplaces for NFTs in India. The NFT marketplace from WazirX is being spearheaded by Sandesh B Suvarna, a Canada-based entrepreneur. Film actor Vishakha Singh has also joined the firm as an advisor. Speaking about the launch of its NFT marketplace, Nischal Shetty, founder of WazirX, said, “Both digital creators and collectors stand to benefit from the <keyword id="11047571" type="UNKNOWN" weightage="20" keywordseo="wazirx-nft-marketplace">WazirX NFT marketplace</keyword>. As of now, we are working around a certain nitty-gritty to make NFTs more lucrative for our customers.” <cmsannotation type="cmsannotation" annotationid="What is a non-fungible token (NFT)?" comment="subhead" text="What is a non-fungible token (NFT)?">What is a non-fungible token (NFT)?</cmsannotation> A non-fungible token (NFT) is a one-of-its kind digital asset that can be in the form of art pieces, audio files, videos, programs, digital goods and even tweets. What makes NFT unique is that it is non-fungible in nature, meaning that it cannot be replaced by another identical item and its copies cannot be created after its purchase. “Like the status of cryptocurrencies and Blockchain, even the non-fungible tokens that are NFTs are not recognised under any of the regulations in India. Having said that since the nature of NFTs is different from cryptocurrencies, there does not seem to be any specific restriction on usage of NFTs,” said Rashmi Deshpande, partner at law firm Khaitan &amp; Co. “Under the given legal structure, NFTs can at the most, be treated as a digital commodity and have taxation implications as any other asset. One needs to be clear that since NFTs are not competing with fiat currency in any possible way, there is no major issue on their usage in India as of now,” Deshpande explained. Twitter founder Jack Dorsey sold his first tweet on the platform for <a href="https://www.businessinsider.in/tech/news/twitter-ceo-jack-dorseys-first-tweet-is-expected-to-sell-for-2-5-million-on-sunday-this-is-why-the-nft-is-so-valuable-/articleshow/81619369.cms">$2.9 million</a> in an NFT-based transaction last month. The launch of the WazirX NFT marketplace will allow <keyword id="10910622" type="UNKNOWN" weightage="20" keywordseo="indian-creators">Indian creators</keyword> to place their digital assets for auction over the block-chain based marketplace and earn royalty. <cmsannotation type="cmsannotation" annotationid="What will be the charge for auctioning on the WazirX NFT marketplace?" comment="subhead" text="What will be the charge for auctioning on the WazirX NFT marketplace?">What will be the charge for auctioning on the WazirX NFT marketplace?</cmsannotation> WazirX has said that it will not charge its customers for creating and listing NFTs on its platform. However, a gas fee has to be paid to miners as NFT uses blockchains that allow smart contracts. A gas fee is the cost of the computational power used to verify the transaction. WazirX has added that it is working on removing this cost to make NFT minting more attractive for creators. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/the-man-who-bought-beeples-69-million-nft-reveals-his-identity-to-show-the-equalising-power-of-crypto-but-is-caught-in-a-controversy-himself/articleshow/81583375.cms">The man who bought Beeple’s $69 million NFT reveals his identity to show the equalising power of crypto — but is caught in a controversy himself</a> <a href="https://www.businessinsider.in/stock-market/news/snoop-dogg-and-lionel-richie-jump-in-on-nft-craze-as-crypto-com-launches-a-token-marketplace/articleshow/81655953.cms">Snoop Dogg and Lionel Richie jump in on NFT craze as Crypto.com launches a token marketplace</a> <a href="https://www.businessinsider.in/stock-market/news/nft-related-stocks-jump-as-investors-look-to-break-into-the-red-hot-digital-art-market/articleshow/81655687.cms">NFT-related stocks jump as investors look to break into the red-hot digital art market</a>

WazirX launches NFT marketplace for Indian artists and creators

<ul><li>From concert tickets, learning the language, albums, and photo books, to online or in-person meet-and-greets, K-pop fans leave no stone unturned in immersing themselves in their idols’ culture.</li><li>Now, with <keyword id="10879114" type="General" weightage="20" keywordseo="Non-fungible-Tokens" source="Orion">Non-fungible Tokens</keyword> (NFTs), owning a special item is always going to be attractive to all dedicated fans.</li><li>K-pop fans, brand experts and NFT marketplaces tell us all you need to know about the oncoming wave of K-pop NFTs.</li></ul>It was in 2012 that Korean Singer Park Jae-sang’s (PSY) song ‘Gangnam Style’ took the world by storm, became the <a href="https://www.usatoday.com/story/entertainment/music/2019/12/20/youtube-most-viewed-music-videos-from-gangnam-style-to-despacito/2702463001/">most </a>streamed song on YouTube and what followed was the birth of the South Korean Wave or Hallyu in India. <div type="image" title="Gangnam style gif" msid="90628215" hostid="261"></div> This global phenomenon was later driven by music, movies, and dramas, which further rose to popularity in India during the <a href="https://www.aljazeera.com/economy/2021/9/15/k-craze-korean-dramas-and-culture-are-taking-india-by-storm">lockdown</a>. For most fans, the affair with South Korean culture began with Korean popular music (K-pop) and its biggest bands such as Bangtan Sonyeondan (BTS), Blackpink, MonsterX, iKon, Big Bang, Twice, and Red Velvet. Slowly, the fondness expanded to the food they ate, the language they spoke, the make-up and jewellery they wore, and a highly enthusiastic, loyal and active fandom was born. As per research and analytics firm <a href="https://www.statista.com/statistics/956032/south-korea-kpop-popularity-in-india/">Statista’s </a>recently conducted survey in India between the ages of 15 and 59 years who had experienced South Korean cultural content, K-pop was considered to be very popular by 34.4% of respondents. Statista’s another <a href="https://www.statista.com/topics/5098/music-industry-in-south-korea/#:~:text=All%20in%20all%2C%20the%20South,to%20become%20a%20global%20phenomenon.">report </a>on Korean culture said that the South Korean music industry achieved an all-time high sales revenue of over ₩6.8 trillion in 2019, as well as an export value of over $756 million, <a href="https://www.washingtonpost.com/business/2020/01/30/bts-kpop-bighitentertainment/">which accounts for a sizeable 0.3% contribution to South Korea’s GDP</a>. The same survey found that the <a href="https://www.statista.com/statistics/937260/south-korea-reasons-for-kpop-popularity-worldwide/">main reason for its popularity</a> were the catchy rhythms and choruses. Indian digital content creator, Radhika Bangia, who often dresses up as her favourite Korean characters on Instagram, is followed by 1.6 million people. Her bio, “Crash landing on K-dramas”, explicitly declares her love for the Korean culture to the world. It was her Korean best friend in New Zealand who introduced her to K-pop. Bangia got really hooked on to the music when Boy With Luv, a BTS song, came out and in the world of K-drama, it was Boys Over Flowers for her. She says that she has been surprised at the speed which K-Pop and K-drama have grown in India. “K-Pop/K-Drama is mainly a love-it or hate-it affair (even though it’s so catchy I’m not sure how you can hate it). It’s so much fun to meet and interact with other K-Pop/K-Drama fans and see their enthusiasm for it,” says Bangia in an emailed reply to Business Insider. Why Indian advertisers need to take K-pop fandom more seriously Fans of K-drama and K-pop have created various groups on Facebook, <a href="https://www.reddit.com/r/kpop/">Reddit</a>, Telegram, Clubhouse, where they bond over their shared love for South Korean culture. Their loyalty for their favourite stars is most apparent in the <a href="https://www.d8aspring.com/eye-on-asia/the-power-of-k-pop-groups-in-endorsement-deals">rise </a>of K-Pop Twitter fancams, record-breaking YouTube streams, and sold-out concerts and merchandise. As per Southeast Asian e-commerce aggregator, iPrice Group, a devoted member of the BTS army across Southeast Asian countries, must have <a href="https://iprice.ph/trends/insights/how-much-money-do-kpop-fans-spend-on-their-idols/">spent </a>an average of $1,422, which is equivalent to buying an iPhone 12 Pro. This average purchase includes at least 15 studio albums, five concerts and numerous merchandise. <div type="image" title="k-pop" msid="90628210" hostid="261"></div> Fans of K-pop across South Asian countries and globe, do not shy away from spending money to support their idols. It is a quality that brands look for in their ambassadors -- the ability to start a conversation among a huge fan following and their social currency. BTS followers are also one of the major representatives of the <a href="https://www.bloomberg.com/news/features/2020-10-28/bts-k-pop-stans-are-fighting-qanon-and-maga-on-social-media?utm_campaign=socialflow-organic&amp;utm_medium=social&amp;utm_source=twitter&amp;cmpid=socialflow-twitter-businessweek&amp;utm_content=businessweek">online “stan” culture,</a> where super fans use different online channels, especially social media, to continuously promote and defend their idols. According to <a href="https://www.rollingstone.com/music/music-news/bts-twitter-account-mentions-fans-1128480/">Twitter</a>, BTS has been the most-tweeted-about band on Twitter for four consecutive years. However, in India, only multinational food chain McDonald’s has tried to leverage on this huge stan culture. Last year in April, McDonald’s launched the BTS Meal across 11 countries in Asia, including India. The internet <a href="https://www.campaignasia.com/article/bts-campaign-in-asia-has-been-phenomenal-mcdonalds-asia-marketer/469926">exploded </a>with messages from ARMY, fans of BTS, and McDonald’s. Apart from that, we have only seen international collaborations such as Samsung, Coke and Hyundai with BTS. Telling us why Indian brands have failed to jump in the whirl of Hallyu, Lloyd Mathias, business strategist and marketing expert, says, “Indian brands have yet to tap into the immense potential of K-Pop as a marketing tool, partially because of the inability of marketers to fully comprehend the phenomenon and more specifically as Indian brands will have to enter into specific licensing arrangements with them. For global brands like Coke and McDonald’s and Korean brands like Hyundai and Samsung, this clearly poses no problems.” K-drama fan Bangia was thrilled at the idea of two cultures coming together. “I would personally love to see some Indian brands collaborating with BTS or BlackPink. I think the mixing of cultures would be cool to see!” While Indian fans are getting their dose with international collaborations and the merchandise available online, the unconditional love that ARMY and various K-pop fans extend, offer an immense potential for brands in bringing in new consumers. Anjali Malthankar, national strategy director at digital advertising agency Tonic Worldwide, says, “Indian brands are treating K-pop as topical content, but there is a big opportunity for Indian brands to ride the wave and appeal to the K-pop fanbase. What fans in India would want, is to be as close to the K-pop stars as possible, and to have access to them. In fact, that’s what K-pop has cracked on social media. They know what their fans want and the whole model is about giving power to the fans to make their favorite stars more popular. I feel, a live concert, physical or virtual/experiential can be a big platform for Indian brands to participate.” On the other hand, founder and chief executive officer (CEO) of blockchain analytics company bitsCrunch, Vijay Pravin Maharajan points out that it would be unfair to say that Indian brands have failed to capitalise on its popularity as there are so many different opportunities for brands to draw in audiences. “It is important to remember that, like South Korea, India is home to a thriving local entertainment industry and is a melting pot for entertainment worldwide. Even among those who were favourable to K-pop, there are certainly other genres and industries they engage with. It is highly unlikely that the average Indian K-pop fan engages exclusively with the genre. Indian brands are likely to go with local entertainment and artists, of which there is an almost continuous supply,” says Maharajan. Can NFTs be a place where fans get their due? Any fan is not just a spectator or silent admirer of art, they are active stakeholders who go out of their way to support their idols. From concert tickets, learning the language, buying albums, and creating photo books, to online or in-person meet-and-greets, K-pop and K-drama fans leave no stone unturned in <a href="https://homegrown.co.in/article/803152/merchandise-events-more-a-guide-to-everything-k-pop-in-india">immersing </a>themselves in their idols’ culture. And Non-fungible tokens (NFTs) are pushed toward heavily engaged fandom. Apart from <a href="https://www.verizon.com/business/small-business-essentials/resources/beliebers-why-care-231604811/">Beliebers</a>, <a href="https://fandomwire.com/popular-actors-who-are-bigger-potterheads-than-you/">Potterheads</a>, <a href="https://www.diggitmagazine.com/articles/taylor-swift-and-story-swifties-fandom">Swifties </a>and fans who form a beeline diligently in front of Amitabh Bachchan and Shahrukh Khan’s bungalows in Mumbai, K-pop and K-drama lovers are amongst the biggest communities. With K-pop NFTs, fans can own a special collectible item that would stay with them forever, even transfer onto different clouds. It would get them an opportunity to support their artist directly, flaunt their fandom and become a part of the larger community. So, can K-pop NFTs be the next big wave in the growth of Korean culture in India? Brand guru Mathias says yes. “I believe NFT can help take this to the next level given that many can now ‘own’ part of the phenomenon in the metaverse.” Korean culture has successfully built a sense of connectivity and relativity with the Indian masses, owing to the commonality of culture in terms of food habits, manners, and behaviour. With NFTs, fans of these two cultures can support their favourite artists. Ramkumar Subramaniam, CEO and cofounder of no-code NFT platform GuardianLink, says, “With the rise of NFTs aided by the popularity digital currency and assets have garnered, especially in the entertainment and art fields, even the globally famous South-Korean band, BTS, entered the red-hot NFT space in November. Given that India is rapidly adopting NFTs as a way of building connect with their favourite artists, NFTs are anticipated to be the next big thing fuelling Korean culture’s penetration in India.” Sai Krishna VK, founder of visual tech company Scapic, who is also known for his content around crypto and investment, says, “NFTs intrinsically capture value that fandom has always had, the only difference is that this value is now a direct relationship and with ownership too, in some cases. Industries like K-pop will be among the biggest to benefit from this as the chance to interact, engage and be closer to the stars you idolise is the sort of technology product that was simply not possible before this.” The initial buzz around the world of NFT was by crypto investors. They finally found a medium to spend their digital money on. Now, from <a href="https://timesofindia.indiatimes.com/entertainment/telugu/movies/news/prabhas-posters-from-radhe-shyam-to-be-available-as-nfts/articleshow/90054402.cms">Prabhas </a>fans to K-pop, NFTs are attracting more diverse audiences and fandoms. Finfluencer Neha Nagar has been talking about the growth of NFT and crypto in India. She thinks that the introduction of K-pop NFTs to India will give a push to both Korean culture and NFT’s adoption. “K-pop fans are a very strong community, now every K-pop fan will be forced to think about NFTs, which will lead some of them to actually buy those NFTs for the sake of love for their k-pop stars. K-pop fans already have spent on merchandise and tickets to support their stars. Owning k-pop, NFTs will now be called ‘a proof of being a k-pop fan,’ especially genZ will get more attracted to NFTs now, which will push the NFT craze to next level. This is going to be quite exciting!” Maharajan of bitsCrunch says, “With the growing popularity of K-pop in India, moving the production of music videos to the digital realm may be the way of the future.” While K-pop fans are voicing their <a href="https://www.theatlantic.com/technology/archive/2021/12/nft-kpop-environmental-problems/621091/">concerns </a>over carbon-torching NFT, various <a href="https://www.businessinsider.in/cryptocurrency/news/binance-and-the-record-label-behind-k-pop-sensation-blackpink-will-work-on-creating-eco-friendly-nfts/articleshow/89435868.cms">labels </a>have started working on launching greener NFTs. Bangia is optimistic that K-pop fans will accept NFTs that support their favorite artists, “but my personal hope is that we can find a way to minimise the amount of energy that blockchain requires,” she adds. K-pop has been able to make international inroads in recent years and now with the arrival of various K-pop NFTs, the future of hallyu in India looks <a href="https://youtu.be/gdZLi9oWNZg">Dynamite</a>!

NFTs may finally leverage India's fandom for Korean drama and music, which Indian brands have failed to cash in on

<ul class="summary-list"><li>"<keyword id="12435437" type="UNKNOWN" weightage="60" keywordseo="gamefi" source="Orion">GameFi</keyword>" could transform <keyword id="6357332" type="UNKNOWN" weightage="60" keywordseo="gaming" source="Orion">gaming</keyword> business models and power the digital economy, according to Huobi's Jeff Mei.</li><li>Investors are fired up by the rapid use case of decentralized finance and excitement around making money off <keyword id="11919795" type="UNKNOWN" weightage="60" keywordseo="nft" source="Orion">NFT</keyword> games like <a href="https://markets.businessinsider.com/news/currencies/ethereum-axie-infinity-cryptocurrencies-tokens-slp-axs-markets-2021-8">Axie Infinity</a>.</li></ul><a href="https://www.coindesk.com/learn/gamefi-how-to-earn-crypto-playing-games-online/">GameFi</a> is one of the hottest technologies in the <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> ecospace, and early investors can expect gaming-related collectibles to power virtual economies, according to Jeff Mei, director of global strategy at crypto exchange Huobi. "Users want the hottest, most innovative, the most creative, the most promising assets on the market," he told Insider in a recent interview.GameFi, the intersection of decentralized finance and the gaming industry, is attracting mass attention from the crypto community and the biggest gaming guilds in the sector. The business model allows for players to obtain a share of the dividends brought in from game development, with their most common feature being "play to earn".Mei laid out two reasons behind its rise: the evolution of financial mechanisms in games, and users liking that they can make money by playing.He said Huobi, which has a<a href="https://twitter.com/HuobiVentures/status/1437767564214558727"> $10 million fund</a> dedicated to emerging GameFi projects, is invested in coaching and incubating several early-stage projects because "this is going to be a very hot industry."Huobi's fund will back GameFi projects in the start-up stage to make an impact in the blockchain world, via marketing and PR support, financial and legal advice, and introductions to potential partners. "Our investment teams and our research teams are always working around the clock to find these products," Mei said. Supernova, Immutable, and Rangers Protocol are some of the first projects Huobi's investment arm funded. <div type="image" title="Jeff Mei, Huobi's director of global strategy." height="539" width="1078" msid="87431631" hostid="261"></div>"We want to help users find the best projects that might have value, the best projects that might have some type of innovation, some type of quick adoption," he said. "There's so many projects out there that are 'vaporware' - they're fake. They just want to make money and run away."Huobi, which was founded in China in 2013, no longer operates in its country of origin. The exchange is now looking to expand its presence in countries with high crypto adoption rates and a large retail trader base, including India, Vietnam, and Turkey.Mei explained that the rationale behind Huobi's expansion strategy, which seems concentrated in Southeast Asia, is that GameFi has huge potential in the region. "We'll be focusing a lot on more retail uses," he said. "For example, in Vietnam right now, one of the most popular GameFi projects is Axie Infinity." The ethereum-based game, created by Vietnamese developer Sky Mavis, saw its daily active users <a href="https://markets.businessinsider.com/news/currencies/ethereum-axie-infinity-cryptocurrencies-tokens-slp-axs-markets-2021-8">top a stunning 1 million</a> for the first time in August, in just three years of its launch.The game's main characters are axolotls called Axies, which are non-fungible tokens, or NFTs, that can be sold or purchased.<a href="https://dappradar.com/nft/collections">NFT collections</a> have surged this year, driven by burgeoning demand for play-to-earn games, or as some call it - GameFi. The NFT market hit a record $2.5 billion in sales by July 2021, versus just $13.7 million in the first half of 2020, according to NonFungible.com. Huobi is set to launch its own NFT marketplace in November.That boom comes from the emergence of layer 2 scaling solutions for ethereum, which has allowed crypto enthusiasts and web 3.0 gamers to trade and mint NFTs without exorbitant transaction fees. "Gaming has always been hot in Southeast Asia, for example in Korea and Japan. That's the kind of area where we want to go in," Mei said.While Huobi itself is building some unique projects, it's mostly testing the waters with new, cutting-edge players.

A top crypto exec shares why GameFi is so hot right now - and lists 2 reasons why play-to-earn-games like Axie Infinity are taking the market by storm

Celebrating the spirit of unity and freedom this August, renowned artists <keyword id="2590998" type="PERSON" weightage="20" keywordseo="Priya-Malik">Priya Malik</keyword>, <keyword id="2092069" type="PERSON" weightage="20" keywordseo="Vinay-Kaushal">Vinay Kaushal</keyword>, DJ Shaan, <keyword id="1306623" type="PERSON" weightage="20" keywordseo="Nehha-Rajpal">Nehha Rajpal</keyword>, Abhishek Bhaskar, among others, are set to launch non-fungible digital tokens on the <keyword id="11356849" type="UNKNOWN" weightage="20" keywordseo="WazirX-NFT">WazirX NFT</keyword> Marketplace. A special tribute to 75 glorious years of <keyword id="11843716" type="UNKNOWN" weightage="20" keywordseo="indias-independence">Indias Independence</keyword>, the creations dropped by these top artists are bound by a common theme of challenging the norms, staying fearless, and breaking free. Taking the center stage in the <keyword id="11046450" type="UNKNOWN" weightage="20" keywordseo="NFT-Marketplace">NFT marketplace</keyword>, popular poet and writer Priya Malik have bowled the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=r[…]nnel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true" data-type="tilCustomLink">NFT</a> marketplace over with some of her stellar creations 'Broken But Beautiful' and 'Main 2019 mein 1999 dhoond rahi hoon'. Her next <keyword id="4668945" type="PERSON" weightage="20" keywordseo="nft">NFT</keyword> drop, 'Azadi', which consists of a poem, written exclusively for WazirX, will be a tribute to women and their journey towards financial freedom. Musician Vinay Kaushal's creation 'Trapped - Moral Boxes' is one of the most talked-about <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=r[…]nnel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true" data-type="tilCustomLink">NFT</a> creations on the marketplace. His breakthrough theme to bust the stereotypes that we are often kept boxed in makes it an apt freedom day release. The three-part series consists of parallels drawn about society and greed, through music and dance. Along with the digital asset, for the first collector, Vinay Kaushal will be giving a physical copy of the album with additional perks. Symbolising strength and individuality, DJ Shaan minted a masterpiece called 'The Forbidden Tiger', which sold for 799 <keyword id="4090915" type="PERSON" weightage="20" keywordseo="WRX">WRX</keyword>, within a few hours of dropping on the platform. The reason why he chose a tiger for his creation for this occasion is special to DJ Shaan and the country. The National animal of India, the tiger symbolizes individuality, fearlessness, strength, and stealth. The music in this symbolizes the energy and strength a tiger possesses while the visual art is meant to depict the royal and fierce nature of a tiger. Identifying this massive trend, Vice President of WazirX NFT Marketplace <keyword id="144619" type="PERSON" weightage="20" keywordseo="Vishakha-Singh">Vishakha Singh</keyword> says: "The passion economy has presented a new way for artists to capitalize on creativity and engage with a wider community. WazirX NFT marketplace has been on a mission to create more opportunities for our South Asian native artists who inspire their community every day through their creations. "No matter what the form, art, and tech has been uniting people for centuries. NFTs is that business solution for the passion economy. For the month of August, we are excited to have onboard some of the most sought-after artists who will be dropping <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=r[…]nnel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true" data-type="tilCustomLink">NFT</a>s based on their personal interpretation of unity and freedom." Since the crypto market gathered momentum in India, NFTs have been gaining traction amongst the millennials and Gen Z. NFT marketplaces are a great platform for artists to monetize their work. Because the sales of the NFT majorly depend on virality, Indian creators are gaining popularity in the international NFT market as well. NFTs not only puts the power back in the hands of the artists but these are also considered a tool for artists and creators to engage with their audience and unite them with the power of art. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/messis-impending-arrival-drives-the-value-of-psgs-crypto-token/articleshow/85175455.cms">Messi may or may not be going to PSG, but the French club is already seeing gains from the 'potential' signing</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/crypto-firm-mudrex-which-offers-mutual-fund-like-crypto-investment-tools-raises-2-5-million-in-a-seed-round/articleshow/85205115.cms">This Indian crypto company just raised $2.5 million to launch crypto mutual funds and ETFs</a>

You Searched For "india nft market" and got 5 results

NFTs for sports media will generate more than $2 billion in transactions in 2022, about double the figure for 2021: Deloitte report

BI India Partner

WazirX launches NFT marketplace for Indian artists and creators

Rounak Jain

NFTs may finally leverage India's fandom for Korean drama and music, which Indian brands have failed to cash in on

Karuna Sharma

A top crypto exec shares why GameFi is so hot right now - and lists 2 reasons why play-to-earn-games like Axie Infinity are taking the market by storm

Shalini Nagarajan

Priya Malik, Vinay Kaushal, DJ Shaan and others to drop NFTs on India's Independence Day

IANS

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