Crypto exchanges bet on NFTs amid regulatory concerns

Mumbai: Indian cryptocurrency exchanges appear to have polished non-fungible tokens (NFTs). At least half a dozen crypto platforms are entering the NFT space, assuming it would not be banned as NFTs have an underlying asset that is traded digitally.

In fact, cryptocurrency exchanges offering NFT have grown between 40% and 50% month-over-month, albeit on a smaller basis.

NFTs are a unique and non-interchangeable digital representation of photographs, videos and artistic texts, which exist on a chain of blocks.

The global market for NFT reached $ 22 billion in 2021, according to DappRadar, a global app store for decentralized apps. In March of last year, a digital collage created by artist Mike Winkelmann, known professionally as Beeple, sold for $ 69. 3 millions.

Indian creators sold NFTs worth Rs 2.4 crore on WazirX's NFT market until December 20, according to a newsletter from cryptocurrency exchange WazirX.

"The (NFT) space is evolving every day, with categories ranging from art, music, sports / games, utility, brands, influencers, literary, film / entertainment, among other things," said Vishakha Singh, Co-founder of WazirX . NFT market. “We have 1,076 creators and 923 collectors on our platform. "

Other crypto exchanges They are also rushing to offer NFT.

This is also a way to hedge your bets in case the government decides to ban CRYPTOCURRENCY.

"We've seen 30% month-over-month growth in numbers," said Edul Patel, co-founder and CEO of Mudrex, a cryptocurrency exchange.

Patel said that people started investing the minimum amount required and increased it significantly once they realized the potential of NFTs.

The minimum investment amount is 750 pounds sterling and the number of investors on the platform exceeds 1,700, he added. "We have plans to launch an NFT Marketplace in 2022," said Charles Tan, Coinstore's chief marketing officer. “NFTs will drive greater use of cryptocurrencies and give cryptocurrencies tangible value when used to their full potential. "

Crypto exchange CrossTower is already in the process of launching its own NFT platform. "The platform is scheduled for launch at the end of the first quarter of 2022," said Vikas Ahuja, CEO of CrossTower India.

Many players new to the space are experimenting with real estate, hospitality, and NFT travel in addition to the usual ones such as paintings, dialogue, and videos. Global platform LynKey, for example, plans to tokenize and offer NFT solutions for travel and tourism using smart contracts.