• Non-fungible token fans in India may pay up to $50 per piece.
• India could become the next focus country for non-fungible tokens.
Since the non-fungible token market was launched in 2017 with the CryptoPunk collection, many countries have adopted them, including India. According to reports, South Asia has increased its adoption rate in non-fungible tokens in the last quarter of the year. Enthusiasts like Maeraj Shaikh have made huge profits after purchasing these one-of-a-kind items, which cost him about $200 and are worth more than $300.
But Shaikh reveals that the trade he applies is very varied, so much, so he has explored virtual plant auctions and is thinking of creating his NFT collection based on Bonsai. In this way, Shaikh thinks that the community of non-fungible token enthusiasts will grow in India through a little-explored market such as plants.
NFT auctions arrive in India
According to research, NFT auctions have increased in India, fans like Ashita Chibbar have explored this virtual market by buying pieces from the Amitabh Bachchan auction. This Non-fungible collection had a value of $10 per piece, corresponding to about 750 Indian rupees. The piece would be based on an advertisement for Nastik, a Hindi film from 1983.
Reports suggest that both Shaikh and Chibber would be NFT’s first investors in India, but the market is expected to grow. India is reportedly exploring these virtual auctions, and they are seemingly giving them an increased time to understand the crypto space in depth.
However, the growing non-fungible market in India could also be affected by crypto bans imposed in the country. Although the national government has not given a clear stance on crypto trading, many investors fear they will be prevented from entering their wallets from one moment to the next.
First non-fungible token collections in the South-Asian country
With the appearance of the first NFT auctions in India, many people wonder about their theme. With the Amitabh Bachan collection, the developer included audios of poems like Madhushala supported by artist Amitabh Bachchan. The collection reportedly raised a good amount of money, although the figure was not specified.
Following the success of the Amitabh Bachan collection, Indian stars such as Salman Khan have announced that they will release their non-fungible token collection. According to Khan, his collection will be available on BollyCoin, a non-fungible token platform that has supported various virtual artists.
India will be producing the next Non-fungible auctions that will stand out in the virtual market. However, many speculators suggest that NFT developers in India consider selling the parts at an affordable price. These opinions focus on how non-fungible trade is just arriving in the country and citizens are adapting to it.
Crypto fans in India might pay between $10 to $50 for each virtual piece, but they are unlikely to cover high fees like $1000 for an NFT.