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NFT Craze Continues to Sweep India

NFT Craze Continues to Sweep India 

photo 1624996379697 f01d168b1a52 scaled Business Connect MagazineThe NFT has become one of the most significant areas of growth in the world of blockchain technology over the past couple of years. With the introduction of the first non-fungible token in India late last year, it looks set to become more prevalent across our part of Asia.

Many eyebrows were raised when Bollywood acting sensation Salman Khan unveiled the country’s first social crypto-token, the GARI, in October 2021, at a star-studded event attended by Vaani Kapoor, Nucleya and other high profile celebrities.

The token, brought to the public by India’s most popular video-sharing app, Chingari and developed with the help of the Solana blockchain, is backed by celebrities. The NFT’s come in the form of videos of the stars, which fans can buy and sell, with the celebrities citing the NFT as the perfect way and medium to enable creators to grow their income and ‘establish better ties with fans’. Therefore, as people engage with their favourite creators on the platform; they get rewards, including the chance to get their own NFT video tokens.

The sales of the branded tokens began at just ₹14.88 each; however, prices are expected to rise to well over ₹74.39 as interest grows, which is a value in line with the established cryptocurrency XRP, proving just how lucrative a market it is.

It’s not just in the celebrity world that sales of crypto-based tokens are booming. Around the globe, we have seen massive sales in the worlds of video gaming and sport. There are some astronomical numbers, with a game yet to be published already raking in over ₹4b, and now some of the biggest game developers are involved too, as they see it as a place of enormous potential.

Football, in particular, has become very interested in the world of the NFT. Barcelona in Spain, AC and Inter Milan in Italy, Palmeiras in Brazil and English Premier League giants Manchester City and Arsenal have put their support behind the technology. These clubs are just a handful who have adopted fan tokens which are not too dissimilar to those social tokens being backed by Khan, as clubs are using these NFTs to enhance their engagement with their supporters.

Purchasers gain ownership of a club branded token and get extra incentives, allowing them to connect directly with their favourite sporting organisations, from exclusive offerings like VIP experiences, unique merchandise, and the chance to offer their opinion on club matters via polls. It allows them to help influence decisions that shape the future of their clubs.

In fact, this is in line with something that Khan referenced at the announcement of the GARI back in October; the new Indian NFT is about providing value beyond the simple purchase and ownership experience. “Creators are shaping the future of entertainment. With the GARI reward program, they will get motivated further to create newer and more engaging videos on the Chingari app,” he said.

While we’re in the infancy of blockchain tech being used in India, this sense of community, unity and the ability to influence is already being used worldwide to great success. So it’ll be interesting to see how well it’s received here, now and in the future.

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