Dublin, Dec. 20, 2022 (GLOBE NEWSWIRE) — The “India NFT Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs on NFT Investments by Key Assets, Currency, Sales Channels – Q2 2022” report has been added to ResearchAndMarkets.com’s offering.
NFT industry in India is expected to grow by 61.6% on an annual basis to reach US$3394.2 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 44.1% during 2022-2028. The NFT Spend Value in the country will increase from US$3394.2 million in 2022 to reach US$27067.3 million by 2028.
The emergence of NFTs has created a space for digital artists in India and has also offered them a more prudent way to reach the inaccessible audience. The NFT market has allowed artists who were previously working with brands and agencies to find a more independent option, creating endless possibilities for them.
In India, many artists have sold their work on different NFT platforms, thus creating a new source of revenue. The NFT ecosystem is attracting people from all walks of life. Almost every talent management agency and entertainment company has been looking at the NFT space to find new revenue streams while also connecting with the fans better.
In 2021, India’s most celebrated stars such as Rajnikanth, Amitabh Bachchan, and Salman Khan had already launched NFTs. In the cricketing fraternity, Sunil Gavaskar, Rishabh Pant, and Yuvraj Singh have also become part of the growing NFT ecosystem in India.
The growing NFT interest among Indian brands is expected to drive future growth in the country
In India, many brands are venturing into the NFT space. Businesses using NFTs as marketing tools to expand their operations to the digital world are expected to grow further over the next four to eight quarters. Few firms have already ventured into the space.
Mahindra & Mahindra, one of the leading car manufacturers in India, experimented with NFT marketing. The firm auctioned four Thar-themed NFTs, each priced at INR 2.6 million. The auction winner received a chance to enjoy an off-road experience to drive the Thar.
Similarly, MakeMyTrip, one of the leading travel-focused firms, launched virtual vacation NFTs themed on the best travel destination in India. Each of the NFTs from the firm was valued at INR 14,999.
MG Motor India also has plans to launch 1,110 NFTs at a starting price of INR 500. These NFTs are expected to have four themes: collaborative art, community and diversity, car-as-a-platform, and collectibles. Through these NFTs, the firm allows MG Motor fans to own a piece of the company.
As more and more brands across industry verticals enter the Indian NFT space, the publisher expects the market to record growth over the next four to eight quarters. This will also promote further innovation in the NFT industry from the short to medium-term perspective.
However, the digital asset interest among Gen Z is much higher compared to other demographics. Nearly two-thirds of the Gen Z consumers in India believe that an investment in digital assets, such as cryptocurrencies, will lead to better returns. The hype around cryptocurrencies and advertisements fuels this interest among Gen Z consumers.
NFT exchanges are experiencing strong traction for their cricket-based digital assets in India
India is one of the most cricket-crazed countries globally, with more than 500 million fans. Leveraging this huge fan base in India, NFT exchanges are launching cricket-based collectibles and experiencing strong traction.
In April 2022, GuardianLink launched cricket-based digital assets and experienced high traction for the collectibles in the Indian market. Jump.trade, a GuardianLink brand, launched the Meta Cricket League NFTs in April 2022. Jump.trade announced that 55,000 collectibles were sold on the platform within nine minutes of the launch.
Of these, 70% of the sales came from the indian market, whereas the remaining 30% were from across the globe.
Each of the NFTs was priced at US$25. During the live drop, GuardianLink witnessed traffic of over one million enthusiasts. With its success in the cricket NFT space, Jump.trade is now planning to launch NFT collectibles for Chelsea fans. The NFT collection will include match-day programs, menus, tickets, signed postcards, and photographs. . Along with sports, the NFT platform is eager to collaborate with firms who have successfully converted unicorns into NFTs, similar to unicorn India.
Indian fashion designers are jumping on the NFT bandwagon amid the growing popularity
With Bollywood stars and sports celebrities getting success in the NFT space, top Indian fashion designers are also jumping on the NFT bandwagon amid the growing popularity in the country.
Manish Malhotra, one of the top fashion designers in the country, dropped five NFTs in association with FDCI X Lakme Fashion Week. . The NFTs, which sold out in seconds, sparked a debate in the industry, and several designers have since entered the NFT market in India.
Anamika Khanna, the Indian fashion designer that runs the brand AK-OK, also launched NFTs. With these NFTs getting sold within a few minutes after launch, an increasing number of designers have started to see NFTs as a credible source of income for their digital fashion collection.
NFT auctions are gaining momentum in India
While the NFT market in India is small compared to other countries, auction houses are forecasting huge NFT demand over the next three to four years. Consequently, auction houses are conducting NFT auctions in India to tap into the market early.
In January 2022, Prinseps, the Mumbai-based gallery and auction house, initiated the NFT sale featuring 35 of Gobardhan Ash’s rare works on paper – figurative, earth-washed images, which the pioneering artist produced between 1948 to 1951.
The NFT collection was made available to buyers as the original physical works, as 1/1 NFTs, or both. While it was the first NFT art auction in the country, all lots of the Ash auction were sold, with some NFTs fetching prices between US$12,500 and US$35,000.
This report provides in-depth, data-centric analysis of NFT Market in India and below is the summary of key market segments:
India NFT Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
India NFT Market Size and Forecast by Key Assets, 2019-2028
- Collectibles and Art
- Real Estate
- Fashion & Luxury
India NFT Market Size and Forecast by Key NFT Collectible Assets, 2019-2028
- Digital Art
- Music & Sound Clip
- Memes & Gif
India NFT Market Size and Forecast by Currency, 2019-2028
India NFT Market Size and Forecast by Sales Channels, 2019-2028
India User Statistics, 2019-2028
For more information about this report visit https://www.researchandmarkets.com/r/lbt3a0
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