crypto | NFTs | cryptocurrencies: Crypto exchanges bet on NFTs amid regulatory concerns

Mumbai: Indian cryptocurrency exchanges appear to have taken non-fungible tokens (NFTs) a boost. At least a half-dozen crypto platforms are breaking into the NFT space, assuming it wouldn’t be banned because NFTs hold an underlying asset that is traded digitally.

In fact, cryptocurrency exchanges that offer NFTs have grown 40-50% month over month, albeit on a smaller basis.

NFTs are a unique, non-interchangeable digital representation of photo art, video, text – that exist on a blockchain.



The global NFT market reached $ 22 billion in 2021, according to DappRadar, a global app store for decentralized applications. In March of last year, a digital collage created by artist Mike Winkelmann, known professionally as Beeple, sold for $ 69. 3 million.

The Indian creators sold NFTs worth Rs 2.4 crore on the WazirX NFT marketplace until December 20, according to a newsletter from the WazirX cryptocurrency exchange.

Crypto-NFT

The (NFT) space is evolving every day, with categories ranging from art to music, sports / games, utility, brands, influencers, literature, cinema / entertainment, between others, ”said Vishakha Singh, co-founder of WazirX. NFT Market. “We have 1,076 designers and 923 collectors on our platform. ”

Other crypto exchanges are also rushing to offer NFTs.

It is also a way to hedge their bets in case the government decides to ban cryptocurrencies.

“We have seen 30% month-over-month growth,” said Edul Patel, co-founder and CEO of Mudrex, a cryptocurrency exchange.

Patel said people started investing the minimum amount required and increased it dramatically once they realized the potential of NFTs.

The minimum investment amount is around 750? and the number of investors on the platform exceeds 1,700, he added. “We plan to launch an NFT marketplace in 2022,” said Charles Tan, chief marketing officer at Coinstore. “NFTs will drive greater use of cryptocurrencies and give crypto tangible value when used to its full potential. ”

The CrossTower crypto exchange is already launching its own NFT platform. “The platform is expected to launch by the end of the first quarter of 2022,” said Vikas Ahuja, CEO of CrossTower India.

Many new players in the space are experimenting with NFTs in real estate, hospitality and travel, outside of the usual ones such as paintings, dialogues and videos. The global LynKey platform, for example, plans to tokenize and offer NFT solutions for travel and tourism using smart contracts.

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George Wittet, who left beautiful fingerprints across Mumbai

George Wittet, who left beautiful fingerprints across Mumbai

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