Focus on NFT- VII ( last)
Concluding our week long look at NFT in India
December 10 2021: It’s a wrap! Today we bring to a close our week long focus on Non Fungible Tokens, the technology that is sweeping sports, entertainment and fashion brands, offering them a hot new marketing opportunity.
NFTs, will become an integral part of the “tech investment megatrend” of the next decade, affirms Nigel Green, deVere Group chief executive and founder the CEO of one of the world’s largest independent financial advisory and fintech organisations.
NFTs are digital collectibles that are encoded onto a blockchain - the same technology on which cryptocurrencies run - creating a unique digital watermark showing ownership and the digital rights to that collectible. In recent months many major global sports franchises, fashion brands and household name artists and musicians have launched NFTS.
In April, auction house Christie’s sold “Everydays” the First 5000 Days,” a digital artwork in JPEG form by an artist known as Beeple, for US$69.3 million – making it the third-most-expensive work ever sold by a living artist.
“Technology will inevitably be the investment megatrend of the decade and, I believe, that we can expect NFTs to become an integral part of this,” adds Green.
Green says there are four main reasons why this is the case.
“First, our daily lives are becoming ever more tech-driven – and this is picking up momentum all the time.
“Second, it is about demographics. With the younger demographic – who “digital natives,” having grown up under the ubiquitous influence of the internet and other technologies – who have increasing spending power, there will be increasing demand for tech-orientated products such as digital investments.
“Third, there’s increasing interest and investment in cryptocurrencies, which is how NFTs are purchased.
“Fourth, NFTs are positively changing business models, especially in the creative industries.
“Artists and musicians for example can provide enhanced virtual experiences for collectors and buyers, they can prove their works are not counterfeited, and they can include criteria to get royalties every time their works are resold in the future.”
Said Abhay Aggarwal, Founder and CEO of Colexion, Asia’s largest NFT marketplace: We are fully aware of the Indian government guidelines and we are committed to work with them throughout the process. Although the bill seeks to ban private currencies, certain exemptions are allowed in order to promote the technology behind cryptocurrencies and their uses. We will definitely be part of that exemption. We are a Digital art platform and a source of employment for digital artists and gamers. Clearly, a new industry is emerging here. We are transpicuous in every way and will be giving our full cooperation.”
Siddharth Menon, Founder of Wazirx and a 15-year veteran in the Fintech sector, is an Advisor to start-up enthusiasts and entrepreneurs across the crypto and Fintech ecosystems. said, "I believe cryptocurrency is not just an investment opportunity, but it's an ecosystem that can offer significant innovation across every industry. This will help prompt blockchain-related careers in technology, engineering, marketing, data engineering, infrastructure, etc. and my intent is to help creators understand this opportunity waiting to be disrupted!”
Here are links to six earlier pieces in our series on NFT:
- Toonz partners GuardianLink to create integrated NFT design lab (indiatechonline.com)
- India's celebrities harness NFTs (indiatechonline.com)
- Brands should embrace NFTs to unlock value (indiatechonline.com)
- Zee Studios launches NFT drop to market its memorabilia (indiatechonline.com)
- NFTs can be used to protect intellectual property (indiatechonline.com)
- Mobile game developers can monetize with this NFT payments model (indiatechonline.com)