Impact of NFTs on artists and their marketplaces in India.

NFTs have had a trajectory like no other sector in the trading realm. The growth in the year 2021 alone makes up for a record-setting bar for the trading sector that only NFTs could beat in the following years. The impenetrable firewall security that comes with blockchain makes NFTs the ideal vessel for a growing trade and investment ecosystem than the other flawed traditional sectors.

What are NFTs?

The NFTs are the tokenizable assets backed up in the relevant blockchain that are non-fungible in nature. Imagine a digital object or the ownership to a tangible asset that could be stamped with a value, and owned, traded, bought, sold as code through the internet, the whole phenomenon in the inner workings of an NFT.

Blockchain is the backbone of the crypto trade industry, and every cryptocurrency and NFT are developed in relevant standards on the blockchain. They are the online ledger, which makes a note of every transaction, exchange, and authenticates the ownership of the asset in multiple systems spread all over the globe, which makes it impossible to tamper with. Since the platform is transparent and decentralized, blockchains have been famously known to be tamper-proof.

Since the genesis of the sector, art has dominated the field, but as the industry evolved, so did the use cases. Many creators and businesses are finding newer and innovative ways to integrate new objects to mint and develop in the blockchain. Music, animation, videos have followed suit after digital art, and digital copies of physical objects were introduced. Some of the other growing sectors within the NFT realm that have adopted the new technology are the gaming industry and even celebrities and famous personalities taking advantage of the sector’s use scenarios.

How NFT molded and shaped the different industries it influences today.

From the first-ever NFT titled “quantum” from artist Kevin McCoy to the recent developments in the art trade in the context of the NFTs, they have been the primary focus between the investors and collectors. Not taking any credit away from the other industries on their own path to dominate the sector, the arts remain the OGs of the market. The NFT marketplace was essentially deemed to be the online manifestation of the physical art gallery, so it makes sense why many flocks list their pieces and there is much demand for said collections.

The NFT sector has infiltrated and changed the foreseeable trajectory for the industries that it uplifts along with its use cases. The music and the gaming industries are the other entities that are making good use of the NFT impact. Musicians now make exclusive sound bites and projects exclusively to be released as NFTs. The gaming sector has taken up with itself to release characters, accessories, and any asset that could be monetized. The use cases do not end there for the assets. The characters and basically any mintable object can be showcased in private and public yet customizable showrooms or museums in the dedicated platforms.

The NFTs allow for ownership of the said assets and personal one-on-one insight and connection to the creator. These factors are the perfect tool to boost and grow the arts and the commerce behind them. That aspect is what makes them as valuable as they are deemed and unique in their own right.

The sacred bond between NFTs and artists.

The knife cuts both ways. Artists help grow the sector and vice versa. The platform gives global exposure to the creators on top of being an active platform of competitive pricing standards. This helps in two ways, one being – helping the sector to reach more investors and collectors across the globe and the artist to establish themselves in the eyes of critics and NFT connoisseurs alike. This unprecedented concept is more or less lacking from the more traditional trading and auctioning of the arts sector.

This problem-solving feature of the NFTs has made it possible for it to be considered the oasis for artists of the new age to turn to for exhibition. The scenarios for arts are also being challenged by the NFTs, as more and more discoveries are being made in the field in real-time. This also signifies anyone with an idea could potentially pierce the market and make big strides within the sector.

Some NFT serotonin-inducing sales to inspire you.

The sector is booming with great examples and use cases of past and future projects to inspire the new generation of artists to take their first steps in the field.

BeyondLife and their iconic launches of Amitabh Bachchan “BigB” NFTs, and “Chakra The Invincible” NFT drops made a huge dent in the market with record-breaking sales and exquisite collections. The NFTs were specifically curated for the Indian audience globally and fans of the names the projects are attached to. The sold-out collection is coming back to their secondary market soon for listing and purchase.

Many of the famous personalities like BigB are jumping at the opportunity to connect with their fans on a much personal level, collaborating on their own signature pieces like Superstar Rajinikanth with, Kamal Hasan with Fantico, and even an exclusive and elite cryptocoin that is made with the die-hard fans of the Indian film industry in mind named – “Bollycoin” made some unique launches that were received by the audience with open arms.

Not just the big names, but indie artists like Karan Kalra, Sneha Chakraborty, and Shreya Daffney have established themselves beyond recognition on Warix, a public marketplace for artists as such to publish their body of work. Gobardhan Ash is one of the most notable names on the NFT art auction platform.

Trailing the tail end of the thought train on the benefits of NFTs.

NFTs have cemented their dominance in the trade sector for years to come with money-reaping potential that is second to none. The fresh waters of the sector still have so much to offer for upcoming artists who dare to jump the most expensive free fall of their lives.

The honest decentralized platform makes for hassle-free and trustworthy purchases and trades which are key tools for a trade sector to flourish in. The investors also get a bigger slice of the pie as the artists without the middle-men interference.

Do check out the thriving marketplaces that have made headlines to learn more about the industry and to gauge your trade journey in the right direction.

About Eva Conner

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