Even if crypto industry’s fate is in jeopardy in India yet the country’s crypto space is always eager to use advanced crypto products. NFTs are coming to India and trading platforms hoping India to become the highly valued NFTs market of the world.
NFT trending which was apparently increasing worldwide has finally made its way in India as well.
Almost all major Indian crypto exchanges have announced that they are adding up NFTs on their platforms. They were of the view that NFT is a most appreciated way of strengthening bonds between celebrities and their fans. They said that India has best industries of the world relating to film, tv, music, arts and culture. However, all these industries are still unfamiliar with crypto and how it can be used to promote their causes in great deal.
The first amongst the top crypto trading platforms in India, which has launched the NFT, is WazirX. The NFTs have been proposed to comprise of collectibles belonging to globally acclaimed Indian artists as well as creators.
The firm told that their platform is open for every individual artist who intends to show their love towards their fans. For this purpose, the firm will be providing services for developing NFTs on demand for intending artists. The firm told further that NFTs can be established comprising files of audio, video, tweet posts or even imagery. Once an NFT product is prepared then the same will be put for sale through a marketplace which will be operating on blockchain.
WazirX has claimed that in India, people are not familiar with Non-Fungible Tokens (NFTs). In fact they don’t even know how beneficial NFTs can be for artists and celebrities associated with Bollywood. It was claimed by the firm that they are the pioneers of bringing in NFT in the Indian market. The firm further claimed that India will soon become the world’s highly valued NFT user.
Initially the firm will not charge any money from the customers who wish to use its services for developing NFTs. The firm told that this is part of their promotion campaign to help kick-start a totally different industry in India. Once the industry has been put on the track, then they will start charging the customers. For the time being, NFTs can be developed free of any charge whatsoever at WazirX.
It was stated by WazirX that sale of Indian NFTs will be available to local as well as customers from abroad. The buyers will be allowed to pay either through local currency or the currency of their choice, as the case may be. In fact crypto payments too will be accepted at WazirX’s platform for purchasing NFTs.
Yet the Indian Government’s actions are seen as not complimenting the local crypto industry. There are induction of laws in India that have been aimed towards curtailing the growth of Indian crypto industry.