A Digital Magazine from IT Department

NFTs in India

NFTs Future in India?
Have you Heard about those Crazy pictures sold at millions of money. Yes, I am talking about NFTs The Non Fungible Tokens which are unique digital asset verified on blockchain network. NFTs can be a digital art, music, videos ,games and many more. Each NFT contain a unique digital code that verifies ownership and authenticity, stored on blockchain.
Today it is being said that “Data is Power” , Many Organizations that have access to this data are in position of power & Blockchain Technology can provide individual with greater control over their own data on a decentralized network ,rather than relying on centralized authorities. Smart contracts, the ownership of an NFT is verified by the blockchain, which serves as a public ledger that records all transactions. With increasing interest from artists and investors .India is rapid growing marketplace for NFTs including WazirX , Jupiter Meta , Bollycoin etc. Amitabh Bachchan’s NFT is the most Expensive NFT sold in India fetched near about 7 crore . Market value is expected to grow by 61.6% to reach $3,394 million in 2024. This can provide a more transparent and secure way to transfer ownership of real estate also can be used to create unique digital assets that are tied to charitable donations and social causes .There is promise in letting creators rely less on middlemen including social media companies ,art dealers etc.
Over the globe countries like China , Switzerland are already in support of NFTs .As US was the hub of Web1.0 & Web2.0 , India has the potential to become a hub of Web 3.0 technology because we have large number of skilled software developers and a big growing market for users And the powerhouse of creative minds. But on the other hand processing of verifying transactions on a blockchain requires a lot of computational power , which can consume significant amount of energy led to concerns about environmental impact of blockchain technology also factors such as scalability, complexity could come into play. So possibilities could be many but it will interesting to see How they are used in India.

~ Nakul Wanjari (2nd Year)