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<ul><li><keyword id="10879114" type="UNKNOWN" weightage="20" keywordseo="non-fungible-tokens">Non-fungible tokens</keyword> (NFTs) in India may be subject to <keyword id="142904" type="PERSON" weightage="20" keywordseo="double-taxation">double taxation</keyword>, according to a report by the Economic Times.</li><li>Not only will NFTs be subjected to tax under the <keyword id="6359833" type="UNKNOWN" weightage="20" keywordseo="Goods-and-services-tax">Goods and Services Tax</keyword> (<keyword id="6354679" type="DEFINITION" weightage="20" keywordseo="gst">GST</keyword>) but also the equalisation levy, which is normally reserved to foreign corporations.</li><li>Earlier this month, India’s Finance Minister Nirmala Sitharaman had clarified that the equalisation levy does not apply to investors — not to e-commerce companies.</li></ul>Non-fungible tokens (NFTs) have become a buzzword in India, even among those who may not necessarily be familiar with cryptocurrencies. But those looking to buy these digital collectibles in the country may have to end up paying more to the government. Sources told the <a href="https://economictimes.indiatimes.com/news/economy/finance/double-tax-for-nfts-deals-may-attract-gst-equalisation-levy/articleshow/85381175.cms">Economic Times</a> that buying a <keyword id="4668945" type="PERSON" weightage="20" keywordseo="nft">NFT</keyword> may not only attract the normal Goods and Services Tax (GST) but also a 2% equalisation levy, which is normally reserved for corporations based outside of India but operating within the country. The idea also made the rounds when it came to <a href="https://coindcx.com/">cryptocurrencies</a> being taxed in India, but the speculation was shot down by India’s Finance Minister, Nirmala Sitharaman, last month. “Equalisation levy is imposed on e-commerce operators, not on the investors,” she explained during the Monsoon Session of Parliament on July 27. The controversial levy, also called the ‘Google Tax’, has historically only been imposed on foreign companies — like Amazon, Facebook and others. The logic behind the tax was for these companies to compensate the Indian government for earnings revenue from Indians through online ads. If double taxation does indeed come into effect, the adoption of NFTs in India could get slower than what has been seen over the span of this year. There is also ongoing debate over the value of these digital assets. Not only are they volatile, as with cryptocurrencies, but they’re also entirely speculative — as with works of art and qualitative assets in real life. <cmsannotation type="cmsannotation" annotationid="What is an NFT?" comment="subhead" text="What is an NFT?">What is an NFT?</cmsannotation> The <a href="https://www.businessinsider.in/investment/news/what-is-non-fungible-token-nft-everything-you-need-to-know/articleshow/84754933.cms">blockchain-based digital collectibles</a> have been making headlines not just for their high valuations, but also due to new use cases popping up as a result of the pandemic. In a world where social distancing and traveling are restricted, being able to attain collectibles online has been a popular choice for both the sporting world and its fans. An NFT, as its name implies, is non-fungible. In technical terms, each NFT is a unique code or blockchain-based digital file. This means that one NFT cannot be exchanged for another like with cryptocurrencies, where one Bitcoin is identical to the next, aside from ownership. The world’s largest platform for selling NFTs, OpenSea, saw trade volume surge 950% in the last 30 days to hit $1.22 billion, according to <a href="https://dappradar.com/ethereum/marketplaces/opensea">DappRadar</a>. <cmsannotation type="cmsannotation" annotationid="NFTs are growing rapidly in India" comment="subhead" text="NFTs are growing rapidly in India">NFTs are growing rapidly in India</cmsannotation> In India, NFTs may not be the crypto investment of choice for everyone, but the <a href="https://www.businessinsider.in/cryptocurrency/news/rich-indians-are-buying-up-nfts-to-diversify-their-investments/articleshow/84135195.cms">rich kids</a> are using them to diversify their portfolios. And, as seen globally, NFTs are also <a href="https://www.businessinsider.in/cryptocurrency/news/indias-nft-space-is-growing-almost-as-fast-as-crypto/articleshow/84974126.cms">emerging</a> as a new avenue for Indian artists to showcase their work and generate revenue. Indie pop icon <keyword id="4735933" type="PERSON" weightage="20" keywordseo="ritviz">Ritviz</keyword> and visual artist Santanu Hazarika sold their collaboration for $391.80 on the Indian crypto exchange WazirX’s NFT marketplace within 10 seconds going live. TV host and actor <a href="https://www.businessinsider.in/cryptocurrency/news/vishal-malhotra-nft-sold-for-5500-on-wazirx/articleshow/84135817.cms">Vishal Malhotra</a> was another big wig to sell his NFT, but for a much higher amount of $5,500. These are only a few of the 160 pieces of digital art that the WazirX-backed platform sold within a month of its launch in June.After its initial success, the NFT marketplace launched collectibles solely focused on athletes participating in the Tokyo Olympics this year. The company has mined GIFs, artwork, and other digital mementos to capture the historical wins seen in Japan. In addition to WazirX’s platform, <a href="http://yptocurrency/news/a-new-nft-platform-by-an-iit-bombay-graduate-wants-everyone-to-be-able-to-set-up-their-own-shop-online/articleshow/84610361.cms">NFTically</a> is another NFT marketplace available to Indian investors, which also allows them to set up their own shop if they don’t want to operate on <keyword id="11683645" type="UNKNOWN" weightage="20" keywordseo="nftically">NFTically</keyword>’s main platform. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/hacker-behind-610-million-crypto-hack-conducts-ama-claims-returning-the-money-was-always-a-part-of-the-plan/articleshow/85268481.cms">Hacker behind $610 million crypto hack conducts AMA — claims returning the money was always ‘a part of the plan’</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/crypto-markets-are-recovering-and-mining-companies-in-north-america-are-raking-in-the-gains/articleshow/85237637.cms">Crypto markets are recovering, and mining companies in North America are raking in the gains</a>

Buying NFTs may get more expensive for Indians as the government mulls over double taxation

<ul><li>An <keyword id="61708" type="COMPANY" weightage="20" keywordseo="IIT-Bombay">IIT Bombay</keyword> graduate, Toshendra Sharma, has launched a new platform for non-fungible tokens called NFTically.</li><li>Sharma wants everyone to be able to set up their own <keyword id="4668945" type="PERSON" weightage="20" keywordseo="nft">NFT</keyword> marketplaces, but claims his product is not in competition with WazirX or ZebPay.</li><li>NFTically charges lower fees to artists creating their own marketplace, does not push on KYC and claims to be immune to any new crypto regulation in India.</li></ul>Toshendra Sharma, an Indian Institute of Technology (IIT) alumnus, wants to democratise the market for non-fungible tokens (NFTs). Rather than have artists list their creations on someone else’s marketplace, Sharma’s new <keyword id="11050714" type="UNKNOWN" weightage="20" keywordseo="nft-platform">NFT platform</keyword> — NFTically — lets artists set up their own shop, which also comes with lower fees when making a sale. And, the new NFT platform launched on July 20, is backed with seed funding from Polygon Matic’s CEO, Jayanti Kanani. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup></colgroup></colgroup></colgroup></colgroup></colgroup></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Marketplaces on NFTically </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fee </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Artwork sold on artist’s marketplace </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Artwork sold on NFTically marketplace </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.5% </td></tr></tbody></table> Sharma maintains that despite NFTically’s proposal, it’s not trying to compete with WazirX — India’s largest crypto exchange, which just launched its own NFT platform just one month ago. <div type="ExtQuote" text="We love what WazirX has done. We love what ZebPay has done. They’re doing a wonderful job. We just want to be a system that adds value. We’re not competing against them." auname="Toshendra Sharma, CEO and founder of NFTically, told Business Insider during the launch"></div> <cmsannotation type="cmsannotation" annotationid="WazirX wants remain exclusive — NFTically is calling in the masses" comment="subhead" text="WazirX wants remain exclusive — NFTically is calling in the masses">WazirX wants remain exclusive — NFTically is calling in the masses</cmsannotation> Unlike WazirX, which only allows a few ‘exclusive’ members to launch NFTs on its new platform, NFTically’s primary goal is to pump up volume and transactions. “We are focusing on adoption and use cases through the customer’s own marketplace,” said Sharma. This is why not only does the new NFT platform allow the minting of new NFTs but also allows users to set up their own NFT marketplaces as well. The process doesn’t require any substantial investment or cost — aside from the minimum amount of <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> a person should ideally have in their crypto wallet before signing up. This means anyone from a YouTuber to a TikToker to a journalist can list their digital products to be sold online without having to compromise on the intellectual property rights. NFT rights, or digital rights, are a category of ownership of their own and don’t have anything to do with how the original artist wants to sell their work offline. <cmsannotation type="cmsannotation" annotationid="NFTically is keeping the barriers to entry low" comment="subhead" text="NFTically is keeping the barriers to entry low">NFTically is keeping the barriers to entry low</cmsannotation> With NFTically, there is no Know-Your-Customer (KYC) obligation either. But, users will be flagged for suspicious activity like publishing someone else’s copyrighted material or having a wallet address that’s been flagged for illicit activities. “There is no KYC needed because that’s how the Ethereum blockchain system works,” Sharma told Business Insider. “If we find anything suspicious, or something wrong, we may ask you for the KYC. For now, we’re keeping it open.” NFTically is available to users all over the world except for those flagged by the Financial Action Task Force (FATF) for money laundering — countries like North Korea or Iran. <cmsannotation type="cmsannotation" annotationid="Regulations won’t affect NFTically, because it’s not dealing with banks" comment="subhead" text="Regulations won’t affect NFTically, because it’s not dealing with banks">Regulations won’t affect NFTically, because it’s not dealing with banks</cmsannotation> Also, unlike WazirX, NFTically claims that it won’t be affected by any changes in regulation by the Indian government or the Reserve Bank of India (RBI) because it’s not converting an Indian currency into cryptocurrency. <div type="ExtQuote" text="The Indian government’s regulations are more for exchanges." auname="Toshendra Sharma, CEO and founder of NFTically, told Business Insider during the launch"></div> The new NFT platform allows NFTs to be minted on either Polygon, Ethereum or the Binance Finance Coin. Those looking to make a purchase, but don’t own any cryptocurrency, can do so with their VISA or Mastercard. Even these transactions are not handled by banks, but by external entities. WazirX was already locking horns with the government over currency conversion and, more recently, the Enforcement Directorate (ED) has been sniffing around with accusations of money laundering. <cmsannotation type="cmsannotation" annotationid="What is an NFT?" comment="subhead" text="What is an NFT?">What is an NFT?</cmsannotation> NFTs are the latest trend in blockchain. Unlike cryptocurrencies, no two NFTs are identical. Simply put, you can’t exchange them and put one in place of another. And, their value comes from how rare they are — akin to collectibles or the art world. In India, Sharma isn’t the only one, nor is he the first, to see the potential of the NFT market. WazirX’s NFT platform, launched just one month ago, lets users post NFTs but the selection process, at least for now, is rigorous and not just anyone can sign up. ZebPay, on the other hand, has launched its own NFTs called Dazzle. According to the company, each Dazzle token will have unique properties and will also dole out rewards to the user — like lower fees on the ZebPay exchange or discounts on partner platforms. The NFTs will gain new powers over time, and give the owner more membership benefits. At some point, it will also be possible to generalize new tokens from pairs of existing ones. In India, the NFT culture has only just come in. According to Sharma, the Asian nation has the potential to be the frontrunner in the whole space. “Once it’s picked up, it won’t take time to beat the West in volume and transaction amounts,” he said. <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/indias-polygon-blockchain-is-launching-a-new-unit-to-focus-on-nfts-and-crypto-gaming/articleshow/84584445.cms">India’s Polygon is betting big on gaming and NFTs — so much so that it’s created a whole department for it</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/nso-groups-pegasus-can-hack-into-any-phone-it-wants-without-your-knowledge/articleshow/84582035.cms">NSO Group’s Pegasus can hack into any phone it wants without your knowledge — and there’s nothing you can do to stop it</a>

A new NFT platform by an IIT Bombay graduate wants everyone to be able to set up their own shop online

<ul><li>The country has seen three new <keyword id="4668945" type="PERSON" weightage="20" keywordseo="nft">NFT</keyword> marketplaces emerge in less than two months.</li><li>Some NFT marketplaces in <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> have brought down gas fees to $1.</li><li>Artists and creators in India are using NFTs to get away from traditional market barriers.</li></ul>The NFT trend is picking up in India almost as fast as the country’s <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">cryptocurrency</a> industry did. As <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword> exchanges use the bear market to focus on other aspects of their businesses, the country has seen three new marketplaces for selling <keyword id="10879114" type="UNKNOWN" weightage="20" keywordseo="non-fungible-tokens">non-fungible tokens</keyword> (NFTs) come up in less than two months. On July 17, Twitter said conversations around NFTs are also growing in India. The company said volume of conversations around these crypto tokens have grown by 43% between April and June this year. NFTs are digital tokens that <a href="https://www.businessinsider.in/investment/news/what-is-non-fungible-token-nft-everything-you-need-to-know/articleshow/84754933.cms">can be used</a> to signify the ownership of digital or physical items, by blockchain platforms. They’re the digital equivalent of land deeds, which signify the ownership of a piece of land. <cmsannotation type="cmsannotation" annotationid="Three new NFT marketplaces in two months" comment="subhead" text="Three new NFT marketplaces in two months">Three new NFT marketplaces in two months</cmsannotation> India’s top crypto exchange, WazirX, was the first to start in the space. It launched its NFT marketplace on June 1, but already has competition. Another NFT marketplace, called <a href="https://www.businessinsider.in/cryptocurrency/news/a-new-nft-platform-by-an-iit-bombay-graduate-wants-everyone-to-be-able-to-set-up-their-own-shop-online/articleshow/84610361.cms">NFTically</a>, followed suit after its seed funding round on July 20th, while a third one called Wall.app, is going to launch soon. According to a <a href="https://www.livemint.com/technology/tech-news/artists-turn-to-nfts-to-break-free-from-traditional-norms-11625682752990.html">report</a> by Mint, artists in the country are using NFTs to break traditional industry norms. “I think it’s about time we change this notion of a starving artist and I think the NFT marketplaces, WazirX, OpenSea or other digital platforms are actually helping change that," poet Priya Malik, who sells her <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">NFTs</a> through WazirX, said. Poets, artists etc. in India have to turn to traditional exhibitions and brands to make money. But this involved going through middlemen, waiting for years at times, and often paying high commissions. YouTube was a solution for those who could showcase their art through videos, but that doesn’t work for everyone. “I look at NFTs as an extension of that digital stage. This is where I’m going to be, for the lack of a better word, ‘minting’ money from art that I already own or can create specifically for this market," Malik told Mint. <cmsannotation type="cmsannotation" annotationid="Rethinking the NFT model" comment="subhead" text="Rethinking the NFT model">Rethinking the NFT model</cmsannotation> While WazirX is taking the traditional NFT route with its marketplace, NFTically and Wall are rethinking the business. <a href="https://www.businessinsider.in/cryptocurrency/news/a-new-nft-platform-by-an-iit-bombay-graduate-wants-everyone-to-be-able-to-set-up-their-own-shop-online/articleshow/84610361.cms">NFTically</a> doesn’t just allow users to sell through its marketplace, it also offers a software-as-a-service (SAAS) product, that allows anyone to create their own NFT marketplace too. This is different from global platforms like OpenSea as well, since it allows artists and creators a whole new level of autonomy. While they will have to pay NFTically to gain access to its SAAS platform, they won’t have to pay commissions on the auctions that happen through the platforms they build. On the other hand, Wall <a href="https://www.livemint.com/technology/tech-news/nft-adoption-gaining-traction-in-india-11627233964069.html">wants to build</a> its own social commerce platform hinged on NFTs. The company is inviting artists and creators to showcase their art and create a community of buyers and sellers, all at one place. The company is planning to launch sometime in this quarter. According to a <a href="https://economictimes.indiatimes.com/markets/cryptocurrency/nfts-find-credibility-among-indians-as-crypto-fever-continues/articleshow/84113433.cms">report</a> by the Economic Times, WazirX had sold over 160 pieces of digital art a mere month after launching its NFT marketplace. Platforms in India are also bringing down the gas fee, which is required for minting NFTs, which might give them global relevance too. Platforms like OpenSea require between $100-150 in gas fees for listing a single NFT. On the other hand, WazirX has brought this amount down to $1 by using the Binance Smart Chain, while NFTically is using the Polygon platform to offer similar results. <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/chinas-crackdown-on-cryptocurrency-trading-will-continue-as-the-central-bank-raises-the-heat-on-financial-institutions/articleshow/84970738.cms">China’s crackdown on cryptocurrency trading will continue as its central bank raises the heat on financial institutions</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/nfts-are-gaining-more-acceptance-through-the-olympics/articleshow/84893261.cms">The Tokyo Olympics are a hive of NFT activity — from pins to moments to artwork</a> <cmsannotation type="cmsannotation" annotationid="Three new NFT marketplaces in two months" comment="subhead" text="Three new NFT marketplaces in two months"> </cmsannotation>

India’s NFT space is growing almost as fast as cryptocurrencies did

<ul><li><keyword id="12512152" type="General" weightage="20" keywordseo="lysto" source="Orion">Lysto</keyword> provides API and infrastructure to enable other platforms to distribute their own NFTs.</li><li>The company is now backed by founders of Polygon, BookMyShow and other noted startups in the country.</li><li>Lysto is one of many <keyword id="4668945" type="General" weightage="20" keywordseo="nft" source="Orion">NFT</keyword> and crypto platforms that have been gaining traction from VCs in India.</li></ul> Homegrown non-fungible token platform Lysto announced a seed funding round worth $3 million today. The round included investments from venture firms BEENEXT, Better Capital, Cloud Capital and other investors. Angel investors and entrepreneurs from the <a href="http://coindcx.com">crypto community</a> in India were also involved, including Polygon founders <keyword id="11257748" type="General" weightage="20" keywordseo="sandeep-nailwal" source="Orion">Sandeep Nailwal</keyword> and Jaynti Kanani, Flipkart’s <keyword id="6364080" type="General" weightage="20" keywordseo="binny-bansal" source="Orion">Binny Bansal</keyword>, and CRED founder <keyword id="192201" type="General" weightage="20" keywordseo="kunal-shah" source="Orion">Kunal Shah</keyword>, all of whom invested in their personal capacity. Sadiq Ahamed, Founder &amp; CEO of Lysto, said that he expects e-commerce firms, entertainment and gaming companies and more to launch their NFTs to raise funds in future, which is a sentiment that many experts <a href="https://www.techcircle.in/2021/09/23/from-bollywood-to-cricketers-nfts-catch-celebs-attention-in-india/">have echoed</a> in the past. Lysto’s investors also include Nitish Mittersain, the founder of Indian gaming giant Nazara Games, ticketing platform BookMyShow’s founders Ashish Hemrajani and Parikshit Dhar, and Shaadi.com founder Anupam Mittal. The company has offices in Bengaluru and Singapore and was founded earlier this year. It aims to bring NFTs to the public through platforms they are familiar with, and said that the funds will be used to expand its teams right now. “Lysto has an ambitious vision of democratising NFTs for every internet user in the world,” said Hero Choudhary, Managing Partner at BEENEXT. <cmsannotation type="cmsannotation" annotationid="Not the first Indian startup to look into NFTs" comment="subhead" text="Not the first Indian startup to look into NFTs">Not the first Indian startup to look into NFTs</cmsannotation> Lysto is not the first platform of its kind to be funded in India though. NFT, crypto and other blockchain firms have <a href="https://www.livemint.com/companies/news/vc-interest-in-crypto-firms-rising-despite-regulatory-uncertainty-11628621392415.html">been gaining</a> VC interest rapidly in India. The company builds APIs and infrastructure tools to enable NFT distribution in India, which is in a way similar to NFTically, a software-as-a-service (SAAS) company catering to platforms and users who want to build their own NFT platforms. NFTically announced a <a href="https://www.livemint.com/technology/tech-news/nft-adoption-gaining-traction-in-india-11627233964069.html">seed funding</a> round in July this year, extending the round to nearly $1 million in October. The company had partnered with Zee Studios in September to help the production house build its own NFT marketplace. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/openseas-nft-trade-quadruples-to-10-billion-in-under-three-months-but-axie-infinity-continues-to-be-the-crowd-favourite/articleshow/87609137.cms">OpenSea’s NFT trade quadruples to 10 billion in under three months but Axie Infinity continues to be the crowd favourite</a> <a href="https://www.businessinsider.in/investment/news/jack-dorsey-square-says-not-to-nfts-wants-to-make-bitcoin-the-native-currency-for-the-internet/articleshow/87607372.cms">Jack Dorsey’s Square is steering clear of NFTs — wants to make Bitcoin the ‘native currency for the internet’</a>

Another Indian NFT startup is in the works — backed by Binny Bansal, Kunal Shah, Sandeep Nailwal and others

<ul><li>More cricket teams in India plan to join the world of crypto by launching fan tokens in the coming months.</li><li>Fan tokens give followers access to a number of membership perks, like having a say in club decisions, rewards, merchandise design and so on.</li><li>Teams within the <keyword id="6354831" type="General" weightage="20" keywordseo="indian-premier-league" source="Orion">Indian Premier League</keyword> (IPL) will reportedly be launching these tokens on Polygon, a blockchain solution based out of India backed by billionaire Mark Cuban.</li></ul>After soccer clubs around the world, cricket teams in India are getting ready to take advantage of the internet’s most recent fad — fan tokens. According to a report by <a href="https://economictimes.indiatimes.com/markets/cryptocurrency/cricket-and-crypto-polygon-based-ipl-fan-tokens-soon/articleshow/87189474.cms">Economic Times</a>, the next edition of the Indian Premier League (IPL) could see a flurry of fan tokens from teams participating in the tournament. Fan tokens are a subset of non-fungible tokens (NFTs). Fans can buy these tokens with non-digital money like the rupee or the US dollar to get certain rights or advantages when it comes to their favorite club. Simply put, a fan token lets followers have a say in club decisions -- or at least some level of influence. For clubs, it’s a way to get their hands on more capital, especially after the year of the COVID-19 pandemic where ticket sales were scarce and stadiums lay empty. It is unclear what kind of perks Indian fans will get for investing in their favorite cricket club. In the world of football, fan tokens give voting rights on kit designs, celebratory music, and other minor decisions. Sources said that it’s likely that most of these tokens will be powered by the Indian <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">blockchain</a> platform, Polygon, which has been gaining popularity, not just in India, but amongst NFT platforms worldwide. According to ET’s report, the first of these fan tokens might be available as early as December this year. Polygon’s co-founder, Sandeep Nailwal, also indicated that “interesting announcements” from the Indian sports community are expected to go public soon. <cmsannotation type="cmsannotation" annotationid="Cricket NFTs are not a new thing" comment="subhead" text="Cricket NFTs are not a new thing">Cricket NFTs are not a new thing</cmsannotation> To be clear, while the speculation around <keyword id="12365683" type="General" weightage="20" keywordseo="cricket-fan-tokens" source="Orion">cricket fan tokens</keyword> could be the industry taking advantage of the lull between the recently concluded IPL season and the upcoming World T20 Championship, they are anything but new. IPL teams like Kolkata Knight Riders, Royal Challengers Bangalore and Punjab Kings are <a href="https://www.socios.com/socios-partners/">listed as</a> partners on Socios, one of the leading platforms for sports NFTs worldwide. NFTs from cricketers have also been a burgeoning phenomenon. Collectible platform Rario <a href="https://www.techcircle.in/2021/10/18/rishabh-pant-newest-entrant-into-nft-craze-to-sell-digital-assets-on-rario">partnered with</a> Polygon back in August to launch the first cricket-focused <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">NFT platform</a> in the country. Since then, blockchain platform Zebi <a href="https://www.techcircle.in/2021/09/15/cricket-foundation-launches-nft-marketplace-for-cricketing-collectables">has powered</a> Singapore-based Cricket Foundation, which was backed by cricketers VVS Laxman and Parthiv Patel. Wicketkeeper Rishabh Pant also signed on with Rario earlier this month. Polygon, the proposed destination for these fan tokens, is backed by billionaire and Mavericks owner Mark Cuban. It provides a solution that allows <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">NFT platforms</a> to reduce transaction fees on the Ethereum network, which at times has been <a href="https://www.businessinsider.in/cryptocurrency/news/ethereums-scaling-issues-strike-again-as-time-magazines-nfts-sell-for-30-times-their-price/articleshow/86490791.cms">exorbitantly high</a> when there are too many users.. Polygon has been used by many new platforms in India, like <a href="https://www.businessinsider.in/cryptocurrency/news/a-new-nft-platform-by-an-iit-bombay-graduate-wants-everyone-to-be-able-to-set-up-their-own-shop-online/articleshow/84610361.cms">NFTically</a> and Wall.app, and has also been adopted by global platforms like OpenSea. <cmsannotation type="cmsannotation" annotationid="NFTs gaining steam in India" comment="subhead" text="NFTs gaining steam in India">NFTs gaining steam in India</cmsannotation> The last two or three months have actually been great for NFT platforms in India even as the global hype around the tokens drummed down during the September lull. In August, Bollywood actor <a href="https://www.businessinsider.in/investment/news/coindcx-onboards-amitabh-bachchan-as-brand-ambassador-to-raise-crypto-awareness/articleshow/86773400.cms">Amitabh Bachhan</a> announced that he would be minting NFTs on a platform called BeyondLife.club. Superstar <a href="https://www.businessinsider.in/cryptocurrency/news/after-amitabh-bachchan-salman-khan-also-to-launch-his-nft-collection-with-bollycoin/articleshow/87015734.cms">Salman Khan</a> also joined the craze this month, promoting NFTs on a Bollywood-only platform called BollyCoin and short-video platform Chingari’s new crypto play. Even though regulations remain unclear, Industry experts <a href="https://www.techcircle.in/2021/09/23/from-bollywood-to-cricketers-nfts-catch-celebs-attention-in-india">have said</a> that many more celebrities are expected to join the fray, and conversations are ongoing at the moment. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/solana-is-the-bigwig-cryptocurrency-still-in-the-green-as-crypto-markets-correct/slidelist/87198481.cms">Solana is the only bigwig cryptocurrency still in the green as crypto markets correct</a> <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musk-posts-a-raunchy-tweet-about-bitcoin-hitting-69000-and-the-crypto-community-loves-it/articleshow/87185865.cms">Elon Musk posts a raunchy tweet about bitcoin hitting $69,000 - and the crypto community loves it</a>

IPL teams are reportedly launching fan tokens, which will give followers a bigger say in club decisions

<ul><li>The Ethereum-based cryptocurrency Ether’s prices have improved substantially, but gas fees — the amount charged to conduct a transaction — will take longer to stabilise.</li><li>Ethereum’s average gas fee was pegged at 41 Gwei at 1:45 pm IST on August 12.</li><li>The network has burned over 31,000 ETH in the seven days following the <keyword id="6354968" type="LOCATION" weightage="20" keywordseo="london">London</keyword> Hard Fork update.</li></ul>Ethereum’s London Hard Fork update, which went live on August 5, is said to be the biggest change to the world’s second most valuable cryptocurrency so far. The update is expected to reduce gas fees — or transaction fees — on the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">Ethereum</a> network, a problem that has plagued the platform since its inception. It does this by burning most of the gas fees involved in transactions and hence taking them out of the active circulation. The computation required for authenticating Ethereum transactions is called gas, and the fee required for these transactions is called gas fees. Burning gas fees also limit the supply of Ether, the cryptocurrency that facilitates the Ethereum network, making the available tokens more valuable. According to Etherchain’s burn <a href="https://etherchain.org/burn">tracker</a> and <a href="https://ultrasound.money/">ultrasound.money</a>, over 31,000 Ether tokens have already been burned, at a rate of 2.51 ETH per minute. Gwei is a smaller denomination of currency on the Ethereum network, which is used to determine the gas price. And, as of 12 August, at 1:08 pm Indian Standard Time (IST), Ether’s average gas fees was pegged at 33 Gwei, according to Etherscan’s tracker. This is pretty much in the normal range that you would see before the update. <cmsannotation type="cmsannotation" annotationid="Deflationary effect on Ether" comment="subhead" text="Deflationary effect on Ether">Deflationary effect on Ether</cmsannotation> A report by Coindesk two days after the update noted that 5,000 ETH had been burned at the time. A week later, data shows that the number has grown by over six times. Burning these tokens was expected to create a deflationary effect on Ether, driving its price upwards — and, that’s exactly what seems to be happening. Data from Coinmarketcap <a href="https://coinmarketcap.com/currencies/ethereum/historical-data/">shows</a> that Ether’s price rose from around $2,700 on August 4 to over $3,100 today. “A spike in the Ethereum transaction fee burn rate has resulted in at least two hours when the supply was deflationary. The network has come under heavy load over the past couple of days, which has resulted in a lot more gas being burnt,” Cointelegraph <a href="https://cointelegraph.com/news/ethereum-supply-flips-briefly-into-deflation-as-gas-fees-spike">reported</a> yesterday. <cmsannotation type="cmsannotation" annotationid="Gas fees yet to fall substantially" comment="subhead" text="Gas fees yet to fall substantially">Gas fees yet to fall substantially</cmsannotation> That said, the gas fees haven’t really lowered just yet. And some experts have said that it may not happen anytime soon. “It’s not that easy for the average user to predict what the fee will be for the next one or two minutes,” Anonymous Ethereum user Face Shaver <a href="https://www.coindesk.com/ethereum-burns-5000-coins-in-2-days">told</a> Coindesk. Shaver explained that since the fee is as volatile as the price of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">Ether</a> itself, it’s difficult to predict what fee you will encounter when your transaction goes through. For instance, the average gas fee had gone up to 41 Gwei at 1:45 pm IST, while it dropped again to 39 gwei at 1:48 pm IST, while writing this story. “If you are [trying] to get in, either in this block or the next block, the most [fee] volatility you face is ⅛ of the current base fee, but if you think of the average user as someone who is price sensitive, and so is willing to wait one, or even something like three minutes for their transaction to go through … then you have to consider what happens to the fee in next three minutes,” Shaver said. To be fair, no one expected the gas fees to stabilise overnight. “The London Fork is going for the proof-of-stake model, which will ultimately bring down the gas fees on Ethereum. Overall, for the ecosystem, it will be good news for the ecosystem of app developers, (people selling) NFTs and more,” Toshendra Sharma, founder and chief executive of Indian NFT platform NFTically, <a href="https://www.livemint.com/market/cryptocurrency/ethereums-london-hard-fork-to-help-india-s-nft-users-blockchain-app-builders-11628172486786.html">told</a> Mint on August 5. “The cost will probably go down to about one-tenth of the current fees," said Anuj Kumar Kodam, founder of another Indian NFT platform called Wall.app, told the publication. <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>

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Buying NFTs may get more expensive for Indians as the government mulls over double taxation

Prabhjote Gill

A new NFT platform by an IIT Bombay graduate wants everyone to be able to set up their own shop online

Prabhjote Gill

India’s NFT space is growing almost as fast as cryptocurrencies did

BI India Bureau

Another Indian NFT startup is in the works — backed by Binny Bansal, Kunal Shah, Sandeep Nailwal and others

BI India Bureau

IPL teams are reportedly launching fan tokens, which will give followers a bigger say in club decisions

BI India Bureau

London Hard Fork is affecting Ether’s prices already, but gas fees stabilisation will take longer

BI India Bureau

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