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Crypto Exchanges Make Bets On NFTs Amid Regulatory Uncertainty.

Indian cryptocurrency exchanges seem to have taken a shine to Non-Fungible Tokens (NFTs). At least half a dozen crypto platforms are foraying into the NFT space, assuming that it would not be outlawed as NFTs hold an underlying asset that is traded in digital form.

The number of cryptocurrency exchanges that offer NFTs has grown 40-50% month on month, albeit on a smaller scale.

A NFT is a unique and non-interchangeable representation of art – a photo, video, or text that exists on a blockchain.

According to DappRadar, a global app store for decentralized applications, the global market for NFTs is expected to reach $22 billion in 2021. A digital collage created by artist Mike Winkelmann, professionally known as Beeple, was sold for $69.3 million.

An Indian creator sold NFTs worth Rs 2.4 crore on the WazirX NFT marketplace till December 20, according to a newsletter by cryptocurrency exchange WazirX.

“The (NFT) space is evolving every day with categories ranging from art, music, sports/games, utility, brands, influencers, literary, movie/entertainment, among others,” said Vishakha Singh, co-founder of WazirX. As of today, our platform has 1,076 creators and 923 collectors.”

Other crypto exchanges are also offering NFTs.
In the event that the government decides to ban cryptocurrencies, this is also a way to protect their assets.
“We’ve seen a 30% month-on-month increase in numbers,” said Edul Patel, Co-founder and chief executive of Mudrex, a cryptocurrency exchange.
When people realized the potential of NFTs, they started investing the minimum amount required and significantly increased it.

Moreover, he noted that the minimum investment amount is about 750 and the number of investors on the platform exceeds 1,700. Charles Tan, head of marketing at Coin store, said, “We plan on launching an NFT marketplace in 2022”. “NFTs will drive more usage of crypto and give it a tangible value when they are used to the fullest.”

The cryptocurrency exchange CrossTower is in the process of launching its own NFT platform. Vikas Ahuja, CEO, CrossTower India, said the platform would be launched by the end of the first quarter of 2022.

In addition to the usual NFTs such as artworks, dialogues, and videos, many new players in the space are experimenting with real estate, hospitality, and travel NFTs. LynKey, a global platform that offers NFT solutions for travel and tourism, is planning to tokenize and use smart contracts to provide these solutions.

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