NFT International Day is celebrated on September 20, a celebration that began five years ago. Back in 2017, the term ‘Non-Fungible Tokens (NFTs)’ was officially coined by Dete Shirley, Chief Technology Officer of DapperLabs. NFTs, created for a market size of $25 billion (approximately Rs 1,99,272) last year, are blockchain-based tokens that represent a digital asset or collection unique and supported on different blockchains. Ethereum, Solana, and Polygon are popular among NFT creators as blockchains of choice.
What makes NFT unique is their unrepeatable characteristic. They are the only cryptographic tokens that exist on a blockchain and cannot be copied by other users.
Tarusha Mittal, COO and co-founder of UniFarm, said in conversation with Gadgets 360. UniFarm said: is a multi-token rewards staking program.
“NFTs cannot be duplicated, which makes them perfect collectibles, and their rarity adds monetary value to each NFT. This digital collectibles serve as important interconnecting links between the physical world and the super-island. NFTs provide a unique way to tokenize real-world assets and sell them to a global audience in a virtual world entirely governed by secure governance tokens,” Mittal said.
In India, the NFT has yet to find its official identity and place in the financial and technology sectors. Currently, NFTs are classified as ‘virtual digital assets’.
Buying and selling NFTs is not expressly prohibited in India. Last year, Bollywood stars Amitabh Bachchanand Salman Khan became the first mainstream celebrities to launch their own NFT collection in the country.
Meanwhile, Indian pacing Arshdeep Singh has teamed up with cricket-focused NFT platform Rario to launch his own NFT series on Tuesday. Previously, other sports such as Dinesh Kartik and Yuvraj Singh has also provided fans with access to their digital collections.
In an effort to strengthen the NFT portfolio in India, cryptocurrency exchange BuyUcoin has announced a strategic partnership with NFT cricket platform Jump.trade to enable users to sell, buy and mint NFTs with How to use the BuyUcoin NFT platform. These will include unique digital cricket collections such as autographed cricket bats.
NFT players on a global level marked this year’s International NFT Day with unique ideas.
OpenSea NFT Marketplacefor example, bookmarked several historic NFT projects on their homepage.
You may have heard that tomorrow is International #NFTDay :saluting_face:
To celebrate, we are planning to feature some historic NFT projects on our homepage.
Which OG NFT projects are worth bookmarking and why? Let us know in the reply: eyes::arrow_down:
– OpenSea (@opensea) September 19, 2022
NFT has become popular among brands looking to attract younger customers.
A report by NFTgators said that in August, a total of $260 million (approximately Rs 2,100) was raised by high-end brands including Nike, Gucci, Dolce & Gabbana in the sale of their NFT products in this year.
NFT also creates important factors in blockchain game industryan area where Indian entrepreneurs are making their breakthrough.
“In the evolving digital world, they can enable companies, brands and artists to maintain the authenticity of priceless artifacts. These documents have the potential to replace physical paper documents in every sector, ensuring better security,” said Edul Patel, CEO and Co-Founder of Mudrex Cryptocurrency investment platform told Gadgets 360.
India is considered an NFT-friendly country by brands that are experimenting with digital collections. Brands in the food and real estate sectors are turning to the world of virtual assets to create personalized connections with Indian customers.
In July, Mondelez International, the parent company of the Cadbury confectionery company, turned children’s art into an NFT series.
At that time, Mondelez International, the parent company of the Cadbury confectionery company, was told Gadgets 360 that India aspires to have an immersive experience.
Just last week, the Indian real estate giant Hiranandani group auctioned five NFTs for a total of Rs. 75,000. While these NFTs are a tribute to the engineers and designers who have contributed to projects undertaken by the brand, the funds raised have been donated to help disadvantaged engineering students. towels in Bengaluru.
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