Tag: NFT

Web3’s Impact on Indian Economy; $1.1 Trillion Growth by 2032
Web3 to add $1.1 trillion to India’s GDP by 2032. Over 450 Web3 startups in India raised $1.3 billion in funding by April 2023.

Web3 is the next generation of the internet, built on blockchain technology. It is a decentralized and open web that gives users more control over their data and privacy. Web3 is still in its early stages of development, but it has the potential to revolutionize many industries and sectors.

Web3 is impacting the Indian economy in several ways. One of the most significant impacts is on economic growth. A report by the US-India Strategic Partnership Forum found that Web3 could add $1.1 trillion to India’s GDP by 2032. This growth would be driven by several factors, including the creation of new jobs, the expansion of existing businesses, and the development of new industries.

A report by NASSCOM found that over 450 Web3 startups in India had raised $1.3 billion in funding by April 2023. This funding is being used to develop new Web3 products and services and to hire new employees. The Web3 job market in India is expected to continue to grow in the years to come, as more and more businesses adopt Web3 technology.

Another way that Web3 is impacting the Indian economy is by promoting financial inclusion. Web3 could help to bring financial services to millions of Indians who are currently unbanked or underbanked. For example, decentralized finance (DeFi) applications can provide loans and other financial services to people without a bank account. It is also fostering innovation in a wide range of sectors, including finance, healthcare, and education. For example, Indian startups are developing Web3-based applications for everything from supply chain management to medical records. These applications have the potential to improve efficiency, transparency, and security in a variety of industries.

Key Impacts of Web3 on the Indian Economy
Opportunities and Challenges for Web3 to Grow in India
Role of Government and Private Sector in Supporting the Growth
Web3’s Impact on Key Indian Industries

Key Impacts of Web3 on the Indian Economy

Mr. Alankar Saxena, CTO of Mudrex, said, “Web3 is starting to transform the Indian economy already. It enables secure digital identity solutions, reduces fraud, and improves supply chain transparency. NFTs and decentralized finance (DeFi) platforms are gaining traction, opening new investment opportunities. Overall, Web3 is poised to reshape various sectors, fostering innovation and economic growth.”

As per a recent report published by Chainalysis, India ranks first globally in Grassroots Crypto Adoption. In terms of the raw volume of transactions, the country has the second-greatest number in the world, beating out those of several other, wealthier nations. About 75,000 people in the country are engaged in the sector at present. This number constitutes 11% of the global talent.

Mr. Dilip Chenoy, Chairman of Bharat Web3 Association said, “The widespread adoption of Web3 in the country is visible across the spectrum of applications that have evolved out of the technology. For example, consider DeFi. The country has been the number one adopter of DeFi in terms of value received on the chain, with an estimated $88 billion received in 2020-21. The NFT market alone generated a revenue of $9 million in 2023 and is expected to grow significantly over the next few years.”

Further, he also mentioned that use cases of the technology have emerged across sectors over the years with public and private sector organizations implementing Web3 for solutions related to education, lending, real estate, service delivery, healthcare, and more.

The government of Maharashtra recently issued caste certificates to its 65,000 residents via LegitDoc — a polygon public blockchain-based platform. Further, the Delhi Forensic Science Laboratory (DFSL) and the Delhi Police have integrated blockchain technology into their e-forensic application, ensuring an immutable and transparent record of the chain of custody for evidence.

Investments in Indian Web3 Startups

Opportunities and Challenges for Web3 to Grow in India

Mr. Trishneet Arora, Founder and CEO of TAC Security pointed out a few key opportunities and challenges existing in the Indian Web3 space.

Opportunities
- Decentralized Finance (DeFi) Adoption: India’s financial landscape is poised for transformation with DeFi. The opportunity for decentralized lending, borrowing, and trading platforms to provide financial inclusion and accessibility to millions of unbanked or underbanked Indians is immense.
- Blockchain-based Supply Chains: India’s supply chain challenges, particularly in agriculture, can benefit from blockchain’s transparency and traceability. Blockchain-based solutions offer the opportunity to streamline supply chains, reduce fraud, and improve food safety.
- Digital Identity Solutions: India’s push for digital identity solutions is an opportunity for Web3 to provide secure, self-sovereign identity solutions.
- NFT Market Growth: India’s thriving art and entertainment industry can benefit from NFTs, allowing creators to monetize digital assets.
- Smart Contracts for Legal Tech: Smart contracts can revolutionize the legal industry by automating agreements and reducing the need for intermediaries.
- Data Privacy and Ownership: The growing concern for data privacy and ownership provides opportunities for Web3 solutions that empower individuals to control their data.
- DApps for Business: Decentralized applications (DApps) built on blockchain offer increased transparency and security. They can find applications in supply chain management, finance, and more.
Challenges
- Regulatory Uncertainty: The evolving regulatory landscape for cryptocurrencies and blockchain in India poses a challenge.
- Cybersecurity Threats: With the growth of Web3, cybersecurity threats become more complex. TAC Security faces the challenge of staying ahead of emerging threats and vulnerabilities to provide robust cybersecurity solutions.
- Lack of Awareness: Widespread adoption of Web3 technologies in India may be hindered by a lack of awareness and understanding. TAC Security can contribute to education and awareness efforts to address this challenge.
- Infrastructure and Connectivity: Web3 relies on a robust digital infrastructure and reliable internet connectivity. Addressing infrastructure gaps and improving connectivity in remote areas can be challenging but essential for Web3 growth.
- User Trust and Adoption: Building user trust in Web3 applications and encouraging adoption is crucial.
- Scalability: As Web3 platforms gain popularity, scalability becomes a challenge.
- Interoperability: The interoperability of different Web3 technologies and blockchains is vital for seamless integration.
Web3 presents a transformative potential for India, with opportunities spanning finance, supply chains, digital identity, and more. However, it also comes with regulatory, cybersecurity, and infrastructure challenges that TAC Security must address to facilitate its growth and secure its implementation effectively.

Mr. Kumar Gaurav, Founder and CEO of Cashaa said, “Until the uncertainty in regulations persists, the investment community cannot go full steam in backing this technological development in the country and large-scale mass adoption will also not be possible. Educating the user base about the potential and challenges of this technology is also lacking at the moment.”

Top 10 Web3 Startups | Leading Web 3 Startups – 2022

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Role of Government and Private Sector in Supporting the Growth

The Government has taken a keen interest in the development of Web3 in the country with the Ministry of Information and Technology (MeitY) working to develop the National Blockchain Framework and advance the National Blockchain Strategy. The Bharat Web3 Association (BWA) also conducted a workshop in collaboration with the Ministry of Information and Technology as part of a larger effort to demystify Web3 and bridge the gap between the government and the private sector.

Mr. Chenoy, of Bharat Web3 Association, said, “The government and private sector have also been collaborating on Capacity Building and Education in the Web3 space. Private as well as government universities are increasingly integrating dedicated Web3 curriculums and programs to familiarize students with the nuances of Web3 and develop a specific skill set for future growth within the sector.”

He further mentioned that the governments can also provide financial support to startups engaged in the Web3 space through funding programs, grants, tax breaks, and other incentives to incentivize the growth of the Web3 sector in India.

India has also seen major developments in terms of regulation over the past 2 years. The major developments include MeitY releasing the National Strategy on Blockchain, The Advertising Standards Council of India releasing guidelines for advertising VDAs, inclusion of VDAs under the purview of the Income Tax Act, 1961, The Indian Computer Emergency Response Team (CERT-In) issuing guidelines for Virtual Asset Service Providers (VASPs) under the IT Act 2001, National Cyber Crime reporting portal creating a channel for customers to report fraud in the industry, and Prevention of Money Laundering Act registering VASPs as ‘reporting entities’.

Additionally, state governments have also taken a proactive approach to the growth of the Web3 sector. This can be seen through the development of regulatory sandboxes, which provide a controlled environment for testing and experimentation with Web3 technologies in a compliant manner. The Telangana Regulatory Sandbox initiated by the Government of Telangana, allows startups, innovators, and corporates to test their solutions in a controlled environment over up to 6 months. Several state governments are now interested in the creation of a regulatory sandbox to promote the growth of Web3 startups in their states.

Mr. Arora, of TAC Security highlighted several key developments in India’s Web3 landscape. Private sector entities, particularly startups, are actively driving Web3 solutions across sectors like finance, healthcare, and supply chain, bolstering Web3 technology’s growth. Private investors and venture capital firms provide essential funding, expediting innovation. Companies are integrating Web3 tech into their operations, such as blockchain for supply chain management and DeFi in finance. Collaborations between private organizations and educational institutions are addressing the skills gap in the industry, while advocacy groups promote Web3 technologies. Additionally, private cybersecurity firms, including TAC Security, are enhancing security for Web3 platforms. Mr. Arora stressed the significance of public-private collaboration in India, with the government working on regulatory frameworks and digital infrastructure, while the private sector fuels Web3 innovation, investment, and adoption, ensuring its sustainable growth in the country.

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Web3’s Impact on Key Indian Industries

Nishant Sachdev, VP-Strategy, Compunnel, mentioned that India’s extensive tech population has the potential to significantly contribute to Web3. He highlighted that Compunnel’s AI-supported recruitment platforms are dedicated to matching the appropriate talent with the changing requirements within this domain.

He also pointed out the significance of the rising middle class and how it can impact business dynamics. Nishant Sachdev emphasized that their market research, powered by OpenAI, is focused on identifying the evolving investment trends within this demographic. This research aids businesses in customizing their offerings to align with the changing preferences and needs of the middle class.

Web3 technologies have the potential to impact a wide range of industries in India. While their influence can extend to many sectors, some specific industries are likely to be significantly impacted by Web3:
- Finance and Banking: Web3 technologies, especially blockchain and decentralized finance (DeFi), can revolutionize traditional banking and financial services. They offer opportunities for faster and more cost-effective transactions, financial inclusion, and secure digital assets management.
- Supply Chain Management: Blockchain-based supply chain solutions can enhance transparency, traceability, and efficiency in industries like agriculture, manufacturing, and logistics. This can lead to reduced fraud, improved product quality, and streamlined processes.
- Healthcare: Web3 technologies can secure and streamline electronic health records, ensuring data privacy and interoperability. Smart contracts can automate insurance claims, and telemedicine can benefit from decentralized applications (DApps).
- Government and Governance: Blockchain has the potential to enhance government services, such as land record management, voting systems, and identity verification. This can lead to reduced corruption, increased transparency, and efficient public service delivery.
- Art and Entertainment: Non-fungible tokens (NFTs) on Web3 platforms have opened up new avenues for artists, musicians, and content creators to monetize their digital assets. The entertainment industry can leverage blockchain for rights management.
- Education: Blockchain can be used to verify academic credentials and qualifications, reducing fraud, and simplifying the verification process for educational institutions and employers.
- Real Estate: Property transactions and land records can be made more secure and efficient with blockchain technology, reducing the risk of fraud and disputes.
- Agriculture: Web3 can help farmers by providing transparent and secure supply chain solutions. It can also facilitate access to financing and markets for agricultural products.
- Energy and Utilities: Blockchain can enable transparent energy trading and reduce fraud in utility billing. Decentralized energy grids can enhance energy distribution efficiency.
- Legal Services: Smart contracts on blockchain can automate legal agreements, making legal processes more efficient and cost-effective.
- Insurance: The insurance industry can benefit from smart contracts for claims processing and more accurate risk assessment.
- Retail and E-commerce: Web3 technologies can enhance customer trust through transparent supply chains and secure online transactions.
- Cybersecurity: With the adoption of Web3, the need for robust cybersecurity solutions to protect digital assets and user data becomes even more critical.
Mr. Chenoy mentioned that Apollo Hospitals is employing the Metaverse for various purposes, including patient consultations before and after surgeries. Additionally, they are utilizing it for staff training to facilitate patient counseling in a virtual reality setting. The objective is to enhance patient outcomes by offering a personalized approach to each patient, ultimately leading to increased patient satisfaction.

Furthermore, Flipkart has introduced the Flipverse, a marketplace designed to foster more immersive interactions between consumers and brands. It achieves this by granting access to brands, supercoins, and digital collectibles. The Flipverse is designed to provide gamified, interactive, and immersive shopping experiences.

In the automotive sector in India, several manufacturers have ventured into the world of the metaverse. At the recent Auto Expo 2023, MG Motor India unveiled the MGverse, a futuristic 3D metaverse platform. This platform allows users to virtually explore the MG Pavilion at the Auto Expo 2023 from any location, offering a virtual tour of the event.

Also, in West Bengal, the New Town Kolkata Development Authority (NKDA) has outlined plans to release 500,000 non-fungible tokens (NFTs) to enhance the land mutation process. Land mutation is a legal procedure involving the registration and transfer of land ownership.

While these industries stand to be significantly impacted, it’s essential to note that Web3 technologies are highly versatile and can find applications in various sectors, contributing to innovation and transformation across the Indian economy.
October 9, 2023
5 Ways You Can Make Money With Non-fungible Tokens (NFTS)
With the growing digitalization, a famous crypto trend is moving along. And that’s NFTs, Non-Fungible Tokens. NFTs are shining all over the internet. Through this, many creators and investors have made remarkable figures that have literally changed their lives.

NFTs began with 69.3 million sales, which broke over the internet and transformed the perspective of people towards these digital collectibles. Today, numerous people are getting on with NFTs. They are buying, selling, and investing tons in order to get the fancy outcome.

With such immense popularity of these crypto – NFTs, people are researching it more vibrantly. And on that note, we have presented this article carrying all the requirements information and ways to make money from NFTs. The world is growing and in order to keep up with it, you need to be smart and advanced. So, let’s get started with how to make money from NFTs.

What are NFTs?

Number of NFT Users in 2021

Before we move further with the ways to make money, let’s discuss what are NFTs?

NFTs are known as a collectible digital asset that carries value as cryptocurrency and art or culture. NFTs are elaborated as Non Fungible Tokens. NFTs are quite similar to Bitcoin and Ethereum. But, it’s a very distant form of crypto that can not be exchanged aka non-fungible.

The most significant thing about NFTs is that it is formed to store extra information, equalized above a pure currency and makes it into the vicinity. NFTs are classified into various exclusive parts, plus they can be formed in digital art form or music files, that can be easily sorted digitally and can carry a value. For example, you will get a JPG file instead of getting a physical oil painting on canvas.

Let’s move forward to understand how to make money with NFTs.
How to make money with NFTs?

Creating and Selling NFTs

OpenSea – NFT Marketplace to buy & Sell NFTs

If you are some sort of creator or artist and you want any of your work to monetize, then you can use them as NFTs. Basically, you create something and sell it as NFTs. Through this, you will increase your income. You can create original memes, music, audio clips, digital art, or any other.

This is a great chance for you to increase your income through your work as NFTs. Go, Get started with it!

NFTs Stake

In crypto, you can safely keep your digital assets in the form of a stake and allocate them to only those who are willing to manage their upkeep.

As in return, you will be rewarded with some share of the stake. Through this, you can win tons of rewards and inducements on numerous famous websites just by staking your NFTs.

Trading NFTs

NFTs Trading

Among the numerous ways, trading NFTs are quite popular. You can easily trade NFTs by selling and buying them in profitable deals. In fact, one of the creators has made 1,000 times more than their work’s initial price.

Although all NFTs don’t come out with the counterpart. As some of them hold a worth even higher than a million while some are as good as worthless. That’s why before getting started with your NFTs, you need to do a thorough analysis on where to trade and how.

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NFTs Games

NFTs also come with various games with advanced technology. Although NFTs games aren’t that much popular but with high potential as these have, they will rise pretty soon.

The gamers invest with tremendous fortune into virtual gaming. If any gaming company sells their potential game as NFTs, then this will bring enormous profit to the gamers as well as gaming companies.

Some of the NFTs game developers are known to be with the biggest ambitions towards the non-fungible tokens. Its in-game commodities are even more fascinating and are considered the future of the whole non-fungible technology. NFTs games carry a great future in hand with immense technology.

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Get into NFTs Startups

NFTs are known to have dozens of applications in several companies that hold the potential to transform the world. Therefore, investing in any of the NFTs startups is a great indirect way to earn money from NFTs crypto.

NFTs startups are growing vibrantly and are proven extremely innovative as well as promising. That’s why investing in these would bring great results to you.

Conclusion

In the upcoming future, NFTs crypto is going to rise even more brightly. It comes with various distinct applications that carry great potential in itself. And this is just the beginning of it. NFTs carry great potential but still, in the market, it does not have that much recognition and is very underrated. These are built with huge advancements and soon, they would be on the top.

Those who know its potential and capabilities are earning enormously. Celebrities are also promoting NFTs. These are making tremendous profits through NFTs. There are various ways through which you can earn by NFTs. And as we have listed those in the article, you’d find it very intriguing.

There’s still a long run for crypto, but with such growth and development, people are getting more and more attracted towards it. Stay tuned for more updates!

FAQs

What are NFTs?

NFTs can be used to represent items such as photos, videos, audio, and other types of digital files.

What is the best marketplace to sell NFTs?

Some of the top NFT Marketplaces are:
- OpenSea
- Rarible
- SuperRare
Can anyone sell an NFT?

Yes, anyone can create and sell NFTs.

How to buy and sell NFTs for profit?

The most popular way is to buy an NFT at a low price and then sell it at a higher price for a profit.

How to make money with NFTs?

Best 5 ways to make money with NFTs are:
- Creating and Selling NFTs
- NFTs Stake
- Trading NFTs
- NFTs Games
- Get into NFTs Startups
May 12, 2022
Top 5 Indian Brands That Are Launching Their NFT Collection in 2022
The world has now taken the form of a digital avatar. We are surrounded by technologies, artificial intelligence, digital currency, social media, you name it, and the world has it. To be honest, it is not the same world that it was 20 years ago; it has gone through a bewildering change.

Such is the effect that now currency has also turned digital. Many people are aware of blockchain technology. Yes, the one on that cryptocurrency uses. Blockchain technology has created a way where one can exchange their currency without a help of the government or a mediator.

Apart from cryptos, NFT is also dependent on blockchain technology. The market of NFT saw a sudden rise in the year 2021 and it still growing big. India also seems to be a part of this growth. Many Indian brands are launching their NFTs. In this article, we will talk about the Indian brands that have decided to step their foot in the industry and launch NFTs. Here are the top brands that are launching their NFT collection.

As the value goes up, heads start to swivel and sceptics begin to soften. Starting a new currency is easy, anyone can do it. The trick is getting people to accept it because it is their use that gives the “money” value. – Adam B. Levine

T-Series
Hindustan Times
MG Motor India
Tech Mahindra
Viacom18

What is NFT?

NFT, also known as Non-Fungible Tokens are a form of assets operating on blockchain that can be sold and traded. They have unique identification codes and metadata through which, they can be differentiated.

Unlike cryptocurrency, NFTs are unique and they don’t hold the same value as cryptos. Single crypto is equal with another, that’s not the case with NFTs. Each of the tokens is unique and has a different identity that cannot be transferred or exchanged like other assets.

The craze of NFT is increasing day by day, anything can be converted into NFTs like art, videos, song and others.

Why are Brands Launching NFTs?

Brands are focusing on the NFT industry now, and they are doing it rigorously to attain some of its benefits. Some of the reasons why brands are launching NFTs are:
- To provide a unique experience to the customers while telling the story of the brand.
- Through NFTs, brand awareness will increase as it is willingly giving a unique experience to its customers. This also increases the loyalty of the customers towards the brand
- With the help of NFTs, brands can also fulfil their social responsibilities and improve their reputation in front of the world by supporting charities with the income from NFT and helping struggling artists by asking them to create art and give them the exposure that they needed through the brand.
- Once the brand enters into the NFT marketplace, it will get recognition which will lead to an increase of interest for the brand in the mind of the general public.
Top Indian Brands Launching NFT

T-Series

T-Series is an Indian music record label and film production company that was founded in the year 1983 by Gulshan Kumar. It focuses on producing Bollywood music and pop music. T-Series is India’s biggest music label as it holds 35% shares of the Indian Music Industry.

After conquering the music industry, T-Series is now set to enter the NFT market. T-Series has decided to collaborate with Hefty Entertainment; a subsidiary of Hungama Digital Media has decided to launch NFTs for their films.

Films like ‘Bhool Bhulaiyaa’, ‘Aashiqui 2’ and the upcoming movie ‘Radhe Shyam’ are on the list of NFT drops. T-Series is set to provide money can’t buy experience to their NFT buyers by this new step.

Hindustan Times

An Indian English- Language Daily newspaper, Hindustan Times founded in the year 1924 and is operating in the nation for 98 years. The company was founded by Sunder Singh Lyallpuri and it is one of the most circulated newspapers in the country.

Hindustan Times is getting to enter the Web 3.0 realm and is, therefore, has decided to launch NFTs. These NFTs will include their original historic creative that was published by the newspaper under their banner of HT Timeless Token.

HT Timeless Tokens

Some of India’s iconic moments have been witnessed by Hindustan Times and they have been captured in their historic creative sections. NFT is being launched by the brand, this way the customers can keep the historic moments with them by buying the NFTs, as they are being digitised. These tokens can be brought with the help of cryptocurrency and Fiat currency.

MG Motor India

The automobile manufacturer company is the Indian subsidiary of Chinese automobile manufacturer SAIC Motor and they are marketed under the British MG marque. MG Motor India was established in 2017 and started its journey in 2019 and now has over 1000 employees working for it.

MG Motor India has become the first carmaker in the country to launch its NFTs. It will launch 1111 units as its first collection. For any MG transaction, MG Motors will sell its NFTs through KoineArth’s NgageN platform and through this platform only they will introduce their first collection of NFT where customers can buy it.

Tech Mahindra

Tech Mahindra is an Indian Multinational IT company founded in the year 1986 by Anand Mahindra. It comes under India’s top 5 IT firms. The company has now decided to explore the NFT industry and will launch the NFT marketplace, their main aim is to give a platform to celebrities and creators to present their art and memorabilia in a digital form.

They are partnering with Mahindra & Mahindra and will be producing digital collectables which will then be sold on the NFT marketplace platform of Tech Mahindra.

Viacom18

Viacom18 is an Indian entertainment network; it was founded in the year 2007, it was a joint venture between Paramount Global and TV18. Various Indian channels are under Viacom18. Viacom 18 has decided to be a part of the NFT market.

Viacom18 has launched its NFT; it has gone with its first collection of 3013 tokens on 14^th February 2022. One can find the tokens and can buy them from the marketplace created by Viacom18, Fullyfaltoonft.com.

One can find various ranges of digital collectables based on pop culture. The digital artworks will be inspired by popular Viacom18 shows like ‘Kaisi Yeh Yaariyaan’, ‘Bakra’ and others.

List of Bollywood Celebrities Promoting NFTs and Cryptocurrencies in 2022

Cryptocurrency and NFTs have garnered all the craze these days. Hop in to see whether your favourite Bollywood celebrities have launched their NFTs or not.

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Conclusion

Many brands are using NFT as a part of their marketing strategy. Through this, the brands promise to provide its customers with a unique experience. It is a new way to engage with their customers and a new way to generate revenue. With the growing trend, it seems that NFT is here to stay and it’s only a matter of time before all big brands will start exploring this market.

FAQs

Are NFTs popular in India?

Yes, the NFTs craze has entered India and many people are interested in it. Many Bollywood celebrities are also launching their own NFTs which explains its success.

What is the best NFT marketplace?

OpenSea, Axie Marketplace, CryptoPunks, NBA Top Shot Marketplace, Rarible, and SuperRar are some of the best NFT marketplaces.

How can I buy NFT from India?

First, you need to visit an NFT marketplace, add ether tokens to your wallet and then you can purchase your desired NFTs.
March 21, 2022
List of Bollywood Celebrities Promoting NFTs and Cryptocurrencies

From newspapers to radio, it’s almost impossible to have not come across the term “crypto” in today’s world. Tv channels and social media is filled with ads about cryptocurrency endorsed by the most prominent personalities in the movie industry. So, what is crypto, and why do such big names endorse it and have those big names invested in them too?

If you’ve been wondering about these questions on your mind, you’ve arrived at the right place. Let’s take a look at what cryptocurrency and NFTs is and whether any of our favourite Bollywood celebs are promoting this emerging trend.

What is Cryptocurrency?
What is NFTs?
How to Purchase NFTs?
Bollywood Celebrities Who Have Invested in Cryptocurrency or NFT
FAQs

What is Cryptocurrency?

Bitcoin

Though the phrase cryptocurrency is well-known, not everyone comprehends what it is and how it functions. So, let’s commence with a primer on cryptocurrency.

A cryptocurrency is a digital or virtual currency secured by encryption, making counterfeiting or double-spending practically impossible. Many cryptocurrencies are autonomous networks built on blockchain technology, a distributed ledger enforced by a network of computers.

Under the pseudonym, Satoshi Nakamoto, the founder of Bitcoin, a programmer or group of programmers invented this lucrative technology in 2009. Following the advent of bitcoin, a slew of new cryptocurrencies was launched by a variety of businesses. Some of them include Dogecoin, Ethereum, and Litecoin.

WazirX, CoinDCX, and CoinSwitch Kuber are some of India’s most popular cryptocurrency exchanges. Celebrities such as Amitabh Bachchan, Ranveer Singh, Dinesh Karthik, and many others have endorsed these.

Now, this raises another question, Have any Bollywood celebs invested in cryptocurrency? Before we get there, there’s another crypto notion you ought to be acquainted with: NFTs.

What is NFTs?

NFTs

NFTs is an abbreviation for Non-Fungible Tokens. NFTs are tradable cryptographic assets. These assets are managed digitally with distinctive metadata and identification codes that set them apart from other copies. NFTs are distinct from cryptocurrencies in that they are not interchangeable.

NFTs are used to represent real-world assets like paintings and books and digital assets such as digital art, GIFs, and videos. The item’s copyright is retained by the NFT inventor, who is free to sell as many copies as they desire. Each copy is regarded as one-of-a-kind. When bought, buyers have full authority over them and could also use them to exchange real-world services.

As NFTs are built on blockchain technology, each transaction is recorded in a public ledger that is accessible to the public and may be used to verify who owns the commodity.

How to Purchase NFTs?

Purchasing NFTs

Cryptocurrency can be purchased on any cryptocurrency platform or application. Purchasing NFTs shares a similar procedure. To obtain NFTs, any cryptocurrency application can be utilized. However, because NFTs are secured by Ethereum blockchain technology, only Ethereum crypto can be used to acquire them. As a result, it is necessary to purchase ETH before purchasing NFTs. You can visit any NFTs marketplace to purchase NFTs.

NFTs, as previously said, are digital assets. These assets can be anything like game posters, stickers, pieces of literature, etc.

If you enjoy gaming, you might be able to find a rare NFT gaming collection. If you are an art collector, you can purchase stunning NFT artworks. The NFT marketplace covers a diverse range of NFT artefacts, from literature to sports.

The assets or NFTs sold have a value that may increase or fall in the future. Based on its value, you can exchange the assets for other services.

Bollywood Celebrities Who Have Invested in Cryptocurrency or NFT

When you’re enjoying an interesting YouTube video and an unpleasant unskippable ad interrupts you. That feeling is certainly aggravating. But, if the commercial is about cryptocurrency, your ears sure will perk up — mainly if it features your beloved Bollywood diva.

Due to the numerous commercials, awareness of cryptocurrencies has propagated throughout the majority of Indian consumers, making it one of the most widely discussed topics in India.

The majority of well-known Bollywood celebrities have voiced support for Cryptocurrencies. However, whether or not they have invested in them is unconfirmed. The majority of them, though, have launched their own NFTs, luring their fans to the innovative network.

The following are some of our favourite celebrities who have established their NFTs:

Amitabh Bachchan

Amitabh Bachchan NFT

The Shahenshah of Bollywood was the very first actor in the Bollywood industry to launch his own NFTs. BeyondLife.club hosted the auction, which was powered by Guardian Link.

The sensational collection included Madhushala NFTs, The Loot Box NFT, Iconic Vintage Posters NFT, and BigB Punks.

The Madhushala NFT is an anthology of poetry written by Harivansh Rai Bachchan, the actor’s father, and recited and recorded in the superstar’s voice. On Day 1, the widely anticipated Madhushala NFT collection garnered bids totalling over $480,000.

Amitabh Bachchan Madhushala NFT

The Loot Box NFT collection, on the other hand, featured art pieces valued at $10 each. With 5000 artefacts, this NFT collection drew offers of over $50,000 from around the world and was sold in just 54 minutes.

The limited-edition vintage posters, including seven autographed posters and a digital NFT certificate of authenticity, fetched $94,052, while BigB Punks and NFT Arts fetched $66,900.

Sunny Leone

Sunny Leone NFT

Following Amitabh Bachchan’s successful NFT sale, Sunny Leone also launched her first NFT collectables, making her the first Indian Bollywood actress to do so.

The actress collaborated with Mintdropz, a Silicon Valley business, to create her NFT website for her ‘MisFitz’ collection. Her collection comprises over 9,600 collectables, the majority of which were purchased within hours of the auction.

Vishal Malhotra

Vishal Malhotra NFT

Vishal Malhotra, an actor, teamed up with artist Ishita Banerjee to launch his first-ever NFT sale. He is the first Indian actor to collaborate on an NFT with an artist.

This collection consisted of an animated art piece layered with music in Vishal’s voice. In addition to the NFT, the customers will receive a video call with the actor and the possibility of a meet-up. The NFTs were purchased for 2.5 ETH (₹4.13 lakh) within an hour.

Salman Khan

Salman Khan NFT

The tiger of Bollywood had also announced that he would be launching his NFT range in December. The actor has partnered with Bollycoin, a Bollywood NFT marketplace, as well as notable production studios such as Salman Khan Films, Arbaaz Khan Production, Sohail Khan Productionz, and Reel Life Production Pvt. Ltd. The platform is also collaborating with several renowned artists, the identities of whom will be announced soon.

In November, the NFT platform concluded a presale of 20 million tokens worth $2 million. The fact that nearly a million BollyCoin tokens were sold in the first three hours of the presale is noteworthy, highlighting how popular NFTs are becoming.

Conclusion

With the increasing popularity of cryptocurrency, more Bollywood actors are likely to launch their own NFT collections in the near future. Even though most actors haven’t acknowledged investing in cryptocurrencies, they almost probably have plans to introduce their own NFTs. If you’re a serious collector who enjoys collecting one-of-a-kind pieces, buying NFTs is undeniably the best way to do so. So, what are your thoughts on NFTs?

FAQs

Have any Bollywood celebrities invested in crypto?

Amitabh Bachchan, Sunny Leone, Salman Khan, Vishal Malhotra, Kamal Hassan are some of the Bollywood celebrities to have to own the NFTs.

What is NFTs?

NFTs are tradable cryptographic assets. They usually contain art, collectables, and in-game items that one can trade online.

How to buy NFTs in India?

NFTs can be purchased using ETH, To buy NFTs, you need to open a digital wallet and then transfer ETH to that wallet. Just visit any NFTs marketplace and buy NFTs you like.

January 5, 2022
How to find the best upcoming NFT projects? | Best & Easy Ways

Decentralized finance, which is generally known as DeFi, is composed of more than just cryptocurrencies. Blockchain technology allows several use cases, and the NFTs market is one of the most famous and biggest in recent days.

The requirement for NFT tools has increased with more investors that try to find the upcoming nft drops. The perfect and right tools can give powerful insights to guide your investment strategy, and as with DeFi and trading in general, this will also apply to NFTs. In this short guide, we list the best NFTs tools that will help you find the best upcoming NFT drops.

Nansen

Identifying opportunities in the NFT world has been a long-time desire of several investors, and the first NFT tool to deliver it is Nansen. This NFT analysis platform gives its users the leader board of the NFT wallets by total profit made. The insights of the analysis can provide you with an opportunity to manage your assets and create a strategy.

Highlights of Nansen:

This tool gives you detailed data for every wallet in the leader board, like minting fees, secondary market fees, and all data about the ERC-20 tokens. It will also let you see the leader board for each particular project, making it easy to see and analyze owners. Furthermore, Nansen lets you follow these wallets and observe their investments over time.

NFT Stats

It is also one of the best and easy-to-use NFT tools. NFT Stats offers basic insights for NFT collections. The NFT rankings have trending collections, the latest collections, and the top collections in the last 30 days. The ranking for the collections has the numbers of sales and the total volume as well.

Highlights of NFT Stats:

This NFT tool gives you a quick overview of the top NFT collections which sell in the last 24 hours, 7 days, and 30 days. Data includes the NFT and the collection. It’s a part of when it was sold and at what price. Each collection page has complete details on the recently sold NFTs, and also there are price charts for the last three months.

Rarity Tools

Rarity is one of the major tools to consider for buying NFTs. The best NFTs are rare, and every collector wants those NFTs. It will help them to drive their price up. Rarity tool is the perfect NFT tool that will help you to examine the NFT world. You can easily find and analyze the top NFTs on rarity.

Tools, which include CryptoPunks, Bored Ape YC, and Mutant Ape Yacht Club. Each collection has its page on this platform, where you can easily find all the NFTs of that collection. Each NFT has its detailed card, on which you can see the clear attributes of that specific asset.

Additionally, this tool also has some additional advantages of providing each NFT a rarity score. Rarity tool charges creators listing a fee that is why it might not include all NFTs since some might be unaffordable or be willing to pay the platform’s fees. This tool is one of the best ways to find the upcoming nft drops.

Highlights of Rarity tools:

You can easily navigate on the platform and analyze an NFT collection with the help of this tool. It is a user-friendly platform, and you can find complete information with this tool. These benefits make the rarity tool a great NFT tool to use, especially for those seeking lucrative NFTs.

Icy Tools

On icy tools, the first thing that you see is the Trending Collections from the last day, but you can filter the ranking to the last 3 days or last 15 or 30 minutes if you have a connected wallet. The leader board provides you with a clear understanding of the floor price, average price, volume, and sales for each listed collection. With the help of this tool, you can easily find the upcoming nft drops.

Highlights of Icy Tools:

The interface of this tool is user-friendly that will help you to analyze the NFT, even for new investors, easily. There is also an option of the “Discover” tab, which will help you to find the top mints, from the last day to up to the last 15 minutes. Additionally, you can also find the wallet addresses of the top buyers and sellers.

Conclusion

All those mentioned above are the best tools to find the upcoming NFT drops. These are the best and easy ways you can use to get the best NFT projects.

November 1, 2021
Why does Coinbase Co-founder Fred Ehrsam believe that NFTs will be worthless in 3 to 5 years?

Cryptocurrencies have been gaining popularity and with cryptocurrencies, in the recent times, a new crypto asset called the Non-Fungible Token (NFT) had amassed a huge amount of popularity. Many believe NFTs to be the future for art and other valuable items. But Fred Ehrsam has a difference in his opinion regarding to that and in an interview had conveyed about it. In this article let’s look at why Fred Ehrsam had conveyed that the 90 % of the NFT Collectibles would be worthless.

Fred Ehrsam on NFT – Latest News
Who is Fred Ehrsam?
Fred Ehrsam take on NFT
Fred Ehrsam on Cryptocurrency
What Fred Ehrsam said about Bitcoin’s energy consumption?
FAQ

Fred Ehrsam on NFT – Latest News

Fred Ehrsam who is the co-founder of Coinbase conveyed in an interview that he feels that the NFTs are going to lose their worth. On 16 June 2021, he had conveyed in an interview that 90% of the NFTs would eventually become worthless. He also added in his interview that he believes that people shouldn’t dismiss the doge coin.

He also added that decentralized finance would be a riskier technology of the blockchain world and conveyed that the United States would get the regulations of bitcoin wrong and there could be a danger in that.

Fred Ehrsam also added that criticism made on the bitcoin’s energy use must be reconsidered by Elon Musk and Bill Gates.

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Who is Fred Ehrsam?

Fred Ehrsam is an American based business man and an investor. He was the co-founder of one of the largest cryptocurrency exchange Coinbase. He had left Coinbase in the year 2017 and the company had gone public with a valuation of USD 100 billion.

Fred Ehrsam is currently the co-founder and the managing partner of the cryptocurrency investment firm Paradigm. As of 2020, the company had made more than 25 investments in cryptocurrency related companies. He was born in the year 1988 in Boston.

Fred Ehrsam’s take on NFT

Fred Ehrsam conveyed in his interview that people are going to try all sorts of stuffs and added that in the coming future there would be millions and millions of cryptocurrencies and crypto assets. He compares cryptocurrencies and crypto assets to the millions and millions of websites that were developed during the boom of the .com phase in which the most of them wouldn’t work.

He conveyed that around 90 % of the NFTs will have no value in the next 3 to 5 years just like the early internet companies in the late 90s. He added that the value of NFTs would probably be the same as those companies.

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Fred Ehrsam on Cryptocurrency

Fred Ehrsam conveyed in the interview that if cryptocurrency has taught us something it is not to dismiss a good meme and adds that it could display much more progress. He refers to dogecoin and other crypto assets.

Speaking about decentralized finance he added that one thing that totally changed in the year 2017 was that the doors suddenly opened to much broader applications. He added that Ethereum came out of nowhere and proved that various applications and projects could be build using the blockchain technology. He said that in the coming future we will be able to see a lot of mainstream consumer applications.

Market Cap of NFT

What Fred Ehrsam said about Bitcoin’s energy consumption?

Speaking about the criticism of the environmental impact of cryptocurrencies he conveyed that Elon Musk and Bill Gates will have to examine the issue much more closely and added his personal view which stated that it would be much more energy efficient in order to use these digital coins and transfers in the coming future. He added that it is totally understandable that there would be a lot of confusion in the beginning stage.

He added that, the world doesn’t change overnight but he said that we will be able to see the seeds of exponential growth that is already occurring. He added that we would live in a future where we would not require central currencies or a central system in order to co-ordinate with each other.

He added that it has already been proved by the financial services where we do not require a central system in order to hold our money or transfer our funds and we could be our own banking system.

Conclusion

Fred Ehrsam conveyed that history is yet to be written and added that in his view he is at a very strong place where the brand is trusted not only by the users but also the regulators. He added that being that bridge in the world of cryptocurrencies is a really great place to start.

FAQ

What is the net worth of Fred Ehrsam?

The net worth of Fred Ehrsam is 290 crores USD.

What does NFT mean?

NFT is non-fungible token. It’s generally built using the same kind of programming as cryptocurrency, like Bitcoin or Ethereum. NFTs can be used to represent items such as photos, videos, audio, and other types of digital files.

How does NFT prove ownership?

Nonfungible tokens prove ownership of a digital item – image, sound file or text – in the same way that people own crypto coins. Unlike crypto coins, which are identical and worth the same, NFTs are unique.

June 19, 2021
Why did Thailand ban Meme coin (Dogecoin), NFTs, and other exchange tokens?

The cryptocurrencies have been receiving a lot of regulations. A lot of Government’s has been banning certain digital coins are a certain type of transaction with the latest news being from China. The most recent news is from Thailand where the government has banned a set of digital coins introducing a new regulation for the cryptocurrency market. Let’s look at the reason why Thailand banned meme coin and other NFT’s.

Thailand Dogecoin Ban– Latest News
What is the the Law laid by Thailand regarding crypto exchanges
Reason Why Thailand banned Dogecoin and other Crypto exchange
Other norms laid by Thailand
FAQ

Thailand Dogecoin Ban– Latest News

Thailand had conveyed that they have introduced a selective ban on the cryptocurrency market which focuses on meme coins, Fan tokens and Non-Fungible Tokens. The Securities and Exchange Commission Board has set a prohibition for the exchanges dealing with the digital assets from providing the services related to these assets.

On 9 June 2021, there was a meeting held by the Securities and Exchange Commission where the new resolution was passed. The new law that was passed was under the Rules, Conditions and Procedures for undertaking Digital Asset Business as per SEC Secretary General Ruenvadee Suwanmongkol.

The new law had been come into effect from 11 June 2021 following the publication in the Government Gazette.

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What is the the Law laid by Thailand regarding crypto exchanges

The new law has laid down restrictions regarding the crypto exchanges in the country from listing the Utility Tokens and certain types of cryptocurrencies on the exchange. This will include the meme coins, Fan tokens, Non-Fungible tokens and Digital Tokens.

The new law will be effective from 11 June 2021 and the Securities and Exchange Commission of Thailand directed the Digital Asset exchanges to remove the listing of such currencies within the time period of 30 days.

Number of Dogecoin Transactions

Reason Why Thailand banned Dogecoin and other Crypto exchange

The new regulation is focused to protect the interest of the cryptocurrency or digital asset traders as stated by the Thailand Securities and Exchange Commission. The SEC of Thailand had conveyed that the Meme coin has no specific objective or an underlying principle and added that the price of the coin is entirely dependent on the hype created on the social media platforms.

The price fluctuates according to the trend on the social media platforms. Some of the famous examples of meme coins include Dogecoin, Shiba Inu Coin and SafeMoon.

The SEC of Thailand has also conveyed that Fan tokens are just based on the influence of certain influencers in the society and considered them to be unfit for the traders.

The Thailand Securities and Exchange Commission had also mentioned that they have banned the Non-Fungible Tokens that are issued by the Cryptocurrency exchanges or Digital Asset exchanges and also from the related persons known to the traders as exchange tokens.

Non-Fungible Tokens act as a certificate of ownership for the unique Digital art and exchange tokens are offered by the cryptocurrency exchanges to the traders or their users for further investments or transactions.

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Other norms laid by Thailand

The Thai SEC had also defined another Norm where the there is a requirement that is imposed in the event that digital tokens that are issued by their own exchange or related persons are listed on the stock exchange.

It was also mentioned that any issuer of the token who would fail to comply with the white paper and the relevant rules will have their tokens being removed from the listed token in the exchange.

As mentioned earlier Thailand is one of the earliest countries to have been laid down regulation on the cryptocurrency market. Earlier China had laid down a set of regulations into the digital asset market which was specifically targeted on cryptocurrency mining which focused on bitcoin.

Conclusion

However, it is seen that the Government of different countries has taken their efforts to tackle down on the cryptocurrencies with a lot of cases coming up against the digital assets. The blockchain technology on the other hand has proved to be really effective and useful for the Governments’. We will have to look forward to knowing what the future holds for these digital assets.

FAQ

Why did Thailand ban Dogecoin and other NFT’s?

Thailand Securities and Exchange Commission stated that they have imposed a ban to protect the interest of the cryptocurrency or Digital Asset exchanges.

Who is the owner of Dogecoin?

The popular meme coin dogecoin was created by Billy Markus, he claimed that he created the crypto in just two hours.

Why is dogecoin called a meme coin?

Dogecoin is often referred as meme coin because it was created as a meme on the popular meme dog Shiba Inu.

June 15, 2021
Which NFT Auction Marketplace is Right for you

NFTs (Non-Fungible Tokens) have gained a lot of popularity in recent years. You would have already been through certain social media posts or gone through some news about NFT’s of certain arts being sold for billions of dollars.

Let’s understand what exactly NFT auction Marketplace are.

What is NFT?
OpenSea
KnownOrigin
Which NFT Auction Marketplace is Best for you?
FAQ

What is NFT?

NFT (non-fungible token) this term revolves around the word fungibility. Fungibility means any product which cannot be replaced with another identical item.

For example, the chair you use, your mobile phone, your laptop all these items cannot be replaced with other identical items. You may get the same model of your mobile phone, but you wouldn’t be able to buy the same model of your mobile phone which you have used for so many months or years. Other examples would be certain artworks such as the art of Mona Lisa and many other such items.

For getting a clear understanding, let’s look at an example of fungible items. A fungible item can be money. A note of INR 10 can be replaced with any note of INR 10. Even if the serial numbers on the note change with INR 10 we can buy the same number of items. This concludes, Money can be an example of fungible items.

But again, a fungible and non-fungible item changes from person to person according to his perspective. As explained in above example, a chair can be fungible as well as non-fungible.

You can buy the same model of your chair from the store. But your chair can be a non-fungible item only when you have developed an attachment to it, and you feel that there is something special about it.

A coin would just be a coin for you, but it would mean much more for a coin collector. This makes the item fungible for you and non-fungible for the coin collector.

Non-fungible tokens are unique digital items with their ownership managed through blockchain technology. Some of the examples of Non-fungible items would include collectibles, game items, digital art, event tickets, domain names, and even records for the ownership of physical assets.

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OpenSea

OpenSea is the largest marketplace for digital goods that are user-owned. It has a broad set of categories of around 200 and more. OpenSea has the most items in the digital goods which is more than 4 million and the has the best prices for new items. It includes collectibles, gaming items, digital assets, and digital arts. You can buy, sell, or trade digital goods with anyone around the world using OpenSea.

OpenSea Website

OpenSea is also a decentralized marketplace which means there is no central authority guiding this platform. Instead, you will be able to store your items in your own wallet of your choice.

KnownOrigin

KnownOrigin was founded by David Moore, Andy Gaye, and James Morgan. This is one of the fastest-growing digital art platforms. KnownOrigin is also a decentralized platform that uses blockchains for recording the transactions.

KnownOrigin has more than 330 artists and more than 12,000 digital artworks have been sold on the platform. It is an artist-driven platform that makes it easier for digital artists to create and sell their arts.

KnownOrigin Website

An artist can create their digital art and upload the file and documentation through KnownOrigin. Later the art will be tokenized by the platform and it will be live on the KnownOrigin’s gallery.

If you are a customer or a collector you can browse through the gallery, find the artwork of your choice, finish the payment, and make the purchase. The Ethereum address will be captured during the purchase.

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Which NFT Auction Marketplace is Best for you?

OpenSea is an NFT Auction Marketplace, which is more like an eBay for digital products. You can find anything related to digital products on OpenSea. It is the largest and the first peer-to-peer NFT platform for crypto goods.

Whereas KnownOrigin is mainly concentrated on the digital artists. Since it is concentrated on artworks. You wouldn’t find anything other than art in KnownOrigin. The items on KnownOrigin would look more like items on sale in an Art Gallery.

If you are an artist or a collector of artworks you should prefer KnownOrigin as you would find a wide range of options and if you want some other crypto goods you can prefer OpenSea as it is the largest NFT marketplace.

FAQ

What is a NFT auction?

NFTs, or non-fungible tokens, are essentially blockchain-based certificates validating that someone owns a piece of digital art.

How can I buy NFT?

Most NFTs are Ethereum-based tokens, many marketplaces for these collectibles accept Eth tokens as payment.

What are DeFi products?

DeFi is short for decentralized finance, an umbrella term for a variety of financial applications in cryptocurrency or blockchain.

Conclusion

There are a lot of NFT platforms other than KnownOrigin and OpenSea. Some of them include Rarible a platform to create NFT, SuperRare, Atomic Assets, Axie Marketplace, Decentralized marketplace, Viv3, TreasureLand, NFT Showroom, and many more.

NFTs will gain a lot more popularity in the coming years. Some big players such as Mark Cuban, Gary Vaynerchuk, and many others have also expressed their interest in NFTs.

April 1, 2021