Innovative startups driving the growth of the NFT ecosystem in India

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Non-fungible tokens (NFTs) gained widespread popularity among businesses and individuals, alike, in 2021. Leading corporations expressed their interest in the emerging technology by launching their own projects and investing in NFTs such as Bored Ape. In India, like the global trend, major brands including music labels and automobile giants jumped on the NFT bandwagon. Furthermore, even cricketers and Bollywood celebrities launched their NFT collections to benefit from the widespread popularity of the digital asset class.

While NFTs turned mainstream in 2021, the drop-down in crypto valuations and the subsequent fall in the global equity markets, resulted in the fading popularity of NFTs. Globally, the NFT trading volume declined significantly, wherein floor prices of popular NFTs such as Bored Ape dropped below US$100,000. The trend has been no different in India, where the digital asset gained rising popularity in 2021. However, the ongoing macroeconomic challenges, including rising interest rates, have not stopped Indian startups to innovate in the NFT space.

Notably, innovative Indian startups are seeking to solve some of the most pressing concerns, such as climate action and ticketing fraud, through NFTs. For instance,

• OffsetFarm, the NFT startup built on the Polygon blockchain, allows investors to pre-finance different climate projects. These projects are available on the platform for investors to know and fund. The investment is represented in the form of NFTs, called SPROUT. Using their NFTs, investors can also access all the information related to the project. Furthermore, the innovative startup has launched the OFFSET token. This token is equivalent to one tonne of CO2 saved.
• Bru Finance, another innovative startup in the NFT space, offers a decentralized lending platform, thereby allowing farmers to gain access to capital through NFTs. Notably, the NFTs, represented in the form of warehouse receipts, are backed by agricultural commodities. Farmers can access the capital from banking institutions against these NFTs.
• Blocktickets, the NFT ticketing startup, enables event organizers to sell tickets for physical and virtual events in the form of NFTs. Notably, the NFT ticketing models help event organizers to overcome ticketing fraud issues and eliminate the inefficiencies of the offline ticketing system. The startup had sold over 5,000 NFT tickets for various events including music concerts and movies.
• FanTiger is an NFT startup that connects artists with fans through NFTs. Notably, the startup allows fans to own a fractionalized NFT of a song, thereby allowing them to earn royalty, which is based on the performance of the song on YouTube, Spotify, Gaana, and other music-streaming platforms. The platform has partnered with several music artists and is planning to further onboard more artists in the short term.
• Estate Protocol is yet another NFT-focused startup but with a focus on the real estate industry. Notably, the startup allows individuals to split the cost of real estate among several people. This process allows individuals to have fractional ownership of the real estate for themselves in the form of NFTs. With the process of fractionalizing, the cost to enter the market also gets reduced for individuals.
• Revise is another Indian NFT startup that allows developers to convert their static NFTs into more interactive ones. Notably, the platform allows developers to write a program which in turn allows them to connect the NFT to apps. Furthermore, the startups have also entered into a strategic collaboration with WeMeta, a metaverse platform. This collaboration will allow the firm to launch NFT billboards in the metaverse, thereby generating revenue for the firm through advertisement.

All of these innovative NFT startups operating in the Indian ecosystem are driving the growth of the market. Considering the digital growth story of India, TechInsight360 believes that the country is well-positioned to become the front-runner in the global NFT landscape. Over the next three to four years, Web3 is expected to become one of the biggest technological innovations. Consequently, it is imperative to have supportive policies around the NFT ecosystem, which can further drive innovation, investment, and growth of the market in India, 

To know more and gain a deeper understanding of the NFT market in India, click here.