What is an NFT marketplace?
Put simply, non-fungible tokens (NFTs) are crypto asset chits that confer “ownership” of a piece of digital art or music on the buyer. NFT marketplaces are websites where users buy, sell, or mint NFTs. NFT marketplace is a sizable online store where people can explore the enormous assortment of goods offered for purchase and place orders. Since NFTs are housed on the blockchain, most NFT markets will require users to have a crypto wallet to store NFTs after making a purchase.
India has a large market for NFTs, with celebrities such as Amitabh Bachchan and Sachin Tendulkar launching their NFT collections. We have handpicked five of the top NFT marketplaces in India for you.
Top 5 NFT marketplaces in India
Some major NFT platforms are listed below, each offering a distinct set of features and costs.
WazirX, founded in 2018, is an Indian crypto trading platform with more than 7.3 million users. Following its acquisition by Binance, it launched an NFT marketplace to support local and traditional creators.
The forum is renowned for hosting the first NFT exhibition and musical NFTs. If you’re a newbie, WazirX is a platform worth considering. It charges consumers about 5% as processing fees, with the remaining proceeds going to the producers.
Jupiter Meta is India’s first entirely curated innovation marketplace, focusing on the generation of unique metaverse experiences through media, games, movies, and music. For instance, their NFT “Icons of Singara Chennai” uses digital art to represent culture through food, landmarks, and beaches.
Jupiter Meta, founded in 2021, integrates different cultural and creative industries into its metaverse. The marketplace, which offers fixed rates and a customized experience, is supported by level-1 Rubix blockchain technology and charges no gas costs.
The online store BeyondLife.the club shot to fame when it offered NFTs of Bollywood icon Amitabh Bachchan. According to sources, over 6 million users were active on the internet during the auction, and almost 5,000 loot boxes changed hands in just 53 minutes.
After a month, it released its second drop with Chakra The Invincible, a character co-created by Stan Lee. 5,000 Jukeboxes and all 6,865 treasure boxes sold out in 49 and 51 seconds, respectively.
Bollywood and blockchain have a common link through the Bollycoin exchange. The NFT marketplace known as Bollycoin is focused on products based on or inspired by Bollywood-related initiatives. Salman Khan and the marketplace revealed their Dabangg collection in October 2022.
In addition, among other collectibles, the market even has banners, film clips, and still images. Members can purchase NFTs with crypto and earn royalties based on their activity.
Colexion, located in Asia, is a large NFT marketplace. Besides, the world’s largest NFT digital museum, where members and users may meet and engage with famous people and learn about their lives, is now under construction. The NFT market even contains trump cards in the form of electronic tokens. It also features a game platform that incorporates sports figures and lets users trade, own, and trade their personas and other goods.
Colexion has teamed up with several cricketers, including Yuvraj Singh and Glen Maxwell to produce trading cards. Additionally, artists like Salim Sulaiman are included in the Entertainment section.
Make these NFT marketplaces your entry point into the NFT world to start trading in digital assets, works of art, and collectibles. Depending on the sort of NFT you want to buy and the crypto you want to use for transactions, choose the market that best meets your purchasing style and storage needs.
Of course, the NFT market is speculative. Investors would do well to remember that the worth of digital artwork and collectibles works similarly to the value of tangible artwork and collectibles: The subjective value depends on several variables, including the item’s originality and the reputation of the artist who made it. Consider your net worth, investing time horizon, and overall investment plan before making any purchase.
Which is the biggest NFT project in India?
“Polygon Studios” by Polygon (previously Matic Network) was a prominent NFT project in India, focusing on blockchain gaming and NFTs. However, the NFT space is dynamic, so there might have been developments since then.
Which is the best NFT marketplace in India?
One of the top crypto platforms in India is WazirX, which has millions of registered users and a massive user base. The WazirX NFT exchange opened in June 2021 to let Indian residents mint, purchase, and trade their own NFTs.
How can I buy NFT tokens in India?
First, make a wallet with a few crypto holdings. Next, the NFT portal you plan to use should be connected to your wallet. Now you can trade NFTs.
Can NFTs be sold in India?
Currently, you can own and exchange NFTs in India. There are several active NFT exchanges that you may use to buy NFTs online.
How many NFT marketplaces are there in India?
India is home to 11 NFT firms and is the third-largest developing NFT market worldwide.