India, one of the largest potential markets for NFTs, is facing initial difficulties. In the past eight months or so, NFT experiments in India have grown rapidly. In June 2021, India’s largest cryptocurrency exchange, WazirX, launched an NFT marketplace primarily for Indian artists. Since then, many Bollywood celebrities and sports stars have launched NFTs. The world’s largest NFT sale to date, the $69 million Beeple auction, was also purchased by an Indian-born buyer, Vignesh Sundaresan, also known as MetaKovan. But it is strange that the Indian people have not started buying NFTs.
Supply and demand gap
There is a considerable supply and demand gap in the Indian NFT market. NFT creators are proliferating here, and collectors are still non-existent. The two sides paint a different picture of the opportunities for NFTs in India.
From a creator’s perspective, opportunities abound. India’s market for artistic and digital art talent is vibrant – from graphic designers and illustrators, to professional visual effects (VFX) artists working for Hollywood and Bollywood, to a rich heritage of traditional art spanning a wide range of styles . Young and savvy people have entered the NFT space and the number is growing. WazirX has an active Indian creator community of 1,300 artists, with another 20,000 artists waiting to enter the market.
SamosaRani is a successful creator with over 18 NFT sales and three series on OpenSea and other marketplaces. As an artist working for 20 years, she has found a good niche for her art in the NFT space.However, none of her loyal collectors are Indian, and only a small percentage of her one-time buyers are from India. “For most Indian artists, finding collectors is a daunting task,” she said. “
Interestingly, Indian NFT creators have turned into NFT collectors and traders. CreatiWitty is a standout on the Kalamint platform, he used to be a freelance graphic designer in a small town in the Indian state of Gujarat, designing logos and branding for companies. “It used to take three days for me to design a logo, and clients complained and needed constant revisions. Now, in a matter of minutes, I can flip an NFT and make twice as much profit, three times what I’ve been working on for the past three days,” he said in an interview.
However, from a mass adoption perspective, NFT collectibles are not very suitable for the product market in India. A handful of Indian collectors use NFTs for speculation. This small community of Indian collectors mentioned a preference for highly liquid NFTs, with PFP (profile photo) art and photos being the top performing categories.
Sandeep Sangli, founder of NFT platform Kalamint, said: “Historically, Indians are not collectors. Indians have not really embraced art as an asset class. For NFTs to work in India, they need to be practical. “
One of the parts where Kalamint performs better is that brands and entrepreneurs can cross-promote and sell NFTs that can be redeemed for merchandise on their website, Sangli said. WazirX is trying to sell NFT tickets for music festivals on its marketplace. The items sold out in record time.
It’s not for lack of experimentation that NFT collectibles haven’t caught on. Bollywood and cricket are two rich cultural categories, and it’s only natural that celebrities in both fields are drawn to NFTs. Between June 2021 and December 2021, several movie stars and cricketers released NFTs, but these releases received a relatively lukewarm response.
Bollywood’s biggest superstar, Amitabh Bachhan, affectionately known as “Big B”, has launched an NFT series featuring several collectibles, including poetry readings and even a Big B CryptoPunk. The entire collection sold for less than $1 million. While that’s not bad, it doesn’t compare to the high-priced NFT sales we’ve seen around the world, especially considering Big B is India’s biggest superstar with cross-generational appeal.Individual CryptoPunks have sold for many times that, ranging from $3 million to $12 million. The deal also pales in comparison to other celebrity NFTs.
Celebrities are now expanding from pure NFTs into the Metaverse. One of the first to experiment with this in depth was Bollywood star Kural Kapoor, who is now building the LoveABot/LABverse project. “I want to do something to change the narrative around tech dystopias and the tech-driven future we fear,” he said, and his mission is to build a creative Metaverse for technologists.
Another actor, Rana Daggubati, is venturing into an ambitious Indian Metaverse with Project Ikonz.According to Abhinav Kalidindi, “We need to drive a shift in mindset, but with it, India will become one of the largest Metaverse and NFT markets in the world. “
Drawing on the experience of other Indian projects, Kalidindi said that “building NFTs with utility for Indians” will be the key to their success.
Against the backdrop of India’s booming NFT industry, all stakeholders are now turning their attention to India’s gaming industry to find the ultimate product market that matches NFTs. India’s gaming industry exploded last year, with 170% growth between 2020 and 2021 alone, and the market is expected to triple by 2025, with over 450 million gamers, which industry insiders believe will increase NFTs create suitable growth markets.
Indian creators and collectors have already started working on gaming NFTs. Some respondents have already started experimenting with game skins and related NFTs. They often pre-sell NFTs that will be used in the game as a form of fundraising. “With enough hype about these games, we’re seeing a lot of collectors buying these NFTs ahead of time and turning them on,” Sangli said, arguing that games and content utility are probably Indians’ favorites.
“NFT collectibles may have value globally, but not for Indians,” Kalidindi said. The crypto game is huge, and in India, playing and earning is doing very well. This may be where India finds a niche for NFT products. “
It will be interesting to watch how attitudes towards NFTs evolve in India as NFT experiments in India accelerate.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/why-havent-indians-started-buying-nfts-2/
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