Rich Indians are buying up NFTs to diversify their investments

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As high net worth individuals (HNWIs) continue to invest in
Cryptocurrencies and try to diversify their portfolio, non-fungible tokens (NFTs) are slowly gaining credibility in the asset class.

Indians are also warming up to this new digital asset that offers creators and employees a new platform to earn better Moolah while adding more value to their work.



NFTs enable people to buy and sell ownership of unique digital items in
Cryptocurrencies, and keep track of who they belong to with the blockchain. NFTs can technically contain anything digital, including drawings, artwork, tweets, animated GIFs, songs, or even video games. TV presenter and actor Vishal Malhotra worked with artist Ishita Banerjee to release an NFT that last week sold for 2.5 Ethereum ($ 5,500) – five times its list price.

On the NFT marketplace of WazirX, India’s largest cryptocurrency exchange in terms of trading volume, a one-of-a-kind NFT, a collaborative work of art between pop icon Ritviz and visual artist Santanu Hazarika, was sold for US $ 391.8 within 10 seconds of going live – dollars sold.

WazirX sold more than 160 digital artworks on its platform for NFTs within a month of its launch.

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The crypto company launched South Asia’s first NFT marketplace on June 1st with 15 creators from different categories such as space 3D artists, digital artists, wall painter photographers, canvas artists, street artists and visual artists.

The platform came with no list price and extended 50,000 WRX (WazirX tokens) as bonuses for the community.

“Today, more and more artists and collectors around the world are leveraging the power of NFTs. NFTs ensure the exclusivity of property and can be viewed as a way to digitize works of art and other collectibles,” said Sandesh B. Suvarna, VP, WazirX NFT Marketplace.

According to Hazarika, the global NFT market is slowly becoming a vital promotional tool for all artists to monetize their work and to interact in unique ways with their community of collectors and fans who value art.

“With NFTs, artists are now open to working with anyone,” he said.

The WazirX NFT Marketplace is powered by the Binance Smart Chain, which is reducing the gas fee – a sum required to mint the NFT through a blockchain – from $ 60 to $ 100 to around $ 1.

Since the NFTs are interoperable, anyone can later transfer the NFT to another cryptocurrency such as Ethereum.

An exhibition of the works of art by Bengal-born artist Lalu Prasad Shaw, who is NFT certified, can be seen at Terrain.art until July 31st.

“Terrain.art is proud to be one of the first blockchain-based platforms in India to register works of art using NFTs and present new works and those with prehistory through curated exhibitions,” said founder Aparajita Jain.

On the global stage, digital artist Michael Winkelmann or Beeple sold one of his NFT works of art for almost $ 70 million earlier this year.

An NFT artwork by NSA Whistleblower Edward Snowden was sold for more than $ 5.4 million in April.

Twitter CEO Jack Dorsey even sold his first tweet as an NFT for over $ 2.9 million.

According to Capgemini’s World Wealth Report (WWR), given the recent surge in equity markets, HNWIs are looking to diversify their portfolios with alternative investments.

“Special Purpose Acquisition Companies (SPACs) are growing in popularity, while non-fungible tokens (NFTs) are slowly gaining credibility in the asset class,” the report said.

For a more in-depth discussion, visit Business Insider Cryptosphere
– a forum where users can dive deep into everything to do with crypto, have interesting discussions and stay ahead of their time.

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