The Nyan Cat meme sold for $600,000. Twitter's founder Jack Dorsey auctioned his first tweet for $2.5 million.
One 22-year-old sold $1 million worth of NFT selfies,
And in India, Amitabh Bachchan, Sunny Leone, and others are launching their digital tokens.
I think it's even more critical now that actor turned politician Kamal Haasan along with collectible digital platform Fantico have announced the release of his own NFT.
These are some latest trends of NTF.

Let's take a quick look at NTF and where it is positioned in India in the context of these TRANSACTIONS.

What are NTF?

An NFT (non-fungible token) is data added to a file to create a unique signature. It may be anything from a different image file to a song, a tweet, a text posted on a website, or a physical item. This means Digital files are just like other files -- people can own them.

From large businesses to small businesses, from e-learning to Digi-health, pandemics have made us shift everything to digital. As with every field that needs digital technology to develop in this unprecedented era of a pandemic outbreak, Non-fungible Tokens (NFTs) are bringing hope to the downslide traditional art market and creating a level playing field to the artists and creators interested in overcoming traditional market barriers with digital art.

Compared to traditional physical markets, the digital era and social media revolution create more opportunities for artists. It is a place where artists can reach a broader market, gain a better audience, and receive good value for their work. 

We use artists or art for easy understanding, but NTF's do not exclusively deal with skills. Rather,

An NFT is a digital asset-backed by blockchain technology. Often, it refers to digital assets linked to one-of-a-kind tangible or digital goods such as music, artwork, films, or real estate. These are seen as collectibles of today. They are available for sale and purchase online, with a digital record of ownership of any items sold.

Rising popularity of NTF.

Throughout history, finance has been defined and viewed differently in different generations. During ancient times people exchanged their products through the Barter system; later it was the latent money system that appeared; now we have reached a level where bitcoins are the major players, in evolution, there is a new player who has changed the digital asset industry. 

The popularity of non-fungible tokens (NFTs) has increased over the past year. From April 2021 to June 2021, the volume of NFTs traded in the market increased by 43%. Reuters reports that the proportion of NFT sales in the first 6 months of 2021 grew to $2.5 billion. One of the major reasons for their exceptional growth is their distinctiveness. Since then, NFT sales have grown at an accelerating rate.

NTF’s legal position in India

The regulation of NFT trading in India does not exist as of October 2021. However, the Banning of Cryptocurrency & Regulation of Official Digital Currency Bill was drafted in 2019 and was supposed to be presented to parliament during the monsoon session of 2021.

The draft bill outlines criminal penalties for dealing directly or indirectly in digital currency, ranging from 10 years in prison to fines. In addition to the said bill, the Reserve Bank of India (RBI) published a notice in 2018 that prohibited dealing in that currency.

There is, however, an essential turnaround in this series of dramas: the Supreme Court ruled that the RBI cannot impose restrictions on the trading of cryptocurrencies in the absence of a legislative ban. Further in that judgment, the court concluded that such limits would interfere with citizens' fundamental right to engage in any legitimate trade as defined by law.

NFTs in India: the future

Cryptocurrencies and NFTs are becoming more popular in India, so clear regulations are needed as soon as possible. Many economic and financial experts have characterized recent hype in NFTs as unsustainable. In addition, there are further concerns about NFT transactions using Ethernet since this results in higher carbon footprints.

The future of NFT will depend on how quickly it develops. The NFT revolution seems promising and exciting at the moment, especially for artists looking to monetize their creations while protecting them from countless digitizations.


sources: 

India: Demand To Clarify Legality Of NFTs In India Grows

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