NFT Marketplace India: The talent of local artist is amazing in remote areas, there is a lot of demand for hand made art. With the help of NFT market place, their financial condition can improve.
Storing and selling photos, videos, music as NFTs.
Cryptocurrencies have been a topic of discussion around the world for the past few years. Ever since the introduction of cryptocurrency exchanges in India, the interest of retail investors towards it has increased a lot. According to the report, the number of retail investors of cryptocurrencies in our country is about 15 million. As we know cryptocurrency is based on blockchain technology. Blockchain is considered to be very revolutionary in the world of technology, as it is fully decentralized.
NFT based on Blockchain technology is also very popular and its craze is increasing all over the world. Twitter founder Jack Dorsey sold his first tweet in the form of NFT for $ 2.9 million, or close to 200 million. A similar artwork is “Everydays: the First 5000 Days.” was sold as an NFT and was sold for $ 69.3 million i.e. around Rs 500 crore. In such a situation, it is necessary to know what is NFT (non-fungible token).
NFT based on Blockchain Technology
NFT is a kind of unit data which is present in digital ledger under blockchain technology. This storage data is unique in itself, which is called non-fungible. Apart from this, a token or ownership is used to identify the uniqueness. That’s why this data unit is called NFT. For example, Jack Dorsey’s first tweet is available in the public. Everyone can see it, but it is unique. Its copy is not available in the world. Due to this uniqueness, he converted his tweet to NFT. Then that NFT was sold. As another example, the original painting of Monalisa is in the Louvre museum in Paris. Although there are millions of copies available in the world, there will be no reduction in the price of the original. In such a situation, if the original painting of Monalisa is converted into digital form, then this NFT will be valuable.
Selling everything as NFT
Overall, NFT is a technology whereby whatever wonders in the world you put into the blockchain ledger with tokens. The craze of NFT has increased so much that people are storing and selling their photos, videos, music as NFTs.
The growing craze of NFTs
Talking about the NFT market in India, as the cryptocurrency market is expanding, its acceptance and popularity is also increasing. Amazon is selling digital artwork on its platform as NFT.
Women artists, musicians can change the fate
Experts say that women of the country can be empowered with the help of NFT. The participation of women in the cryptocurrency market is increasing rapidly. In the last one year, the participation of women in the crypto market has increased by close to 1400 percent. As we mentioned earlier, the specialty of NFT is uniqueness. The type of art made by the women of rural India is unique in itself. There are immense possibilities of hand made art here. In such a situation, if he sells his artwork on a cryptocurrency exchange as NFT, then there will be a big improvement in his financial condition. With the help of this technology, the art industry of India can again reach its golden period. Artists, musicians of the country can get new opportunities with the help of NFT.
Podcast on June 6th
Dr Ayush Gaur of LLRM Medical College said that in May I had got corona, then I came to know about NFT technology during the quarantine period. I have already been interested in art. After learning about NFTs, I sold my artwork on a cryptocurrency exchange. Along with Joel Comm and Travis Wright of America’s largest cryptocurrency podcast “The Bad Crypto Podcast”, he has also recorded a podcast which will be broadcast on June 6. Dr. Ayush Gaur is also a Spotlight Artist on the WazirX NFT platform.
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