Essentially, #NFTs can represent any form of digital file, whether that's a jpeg of a piece of art, a video, or even real estate. Turning these files into 'tokens' and securing them on a blockchain make buying, selling and trading these files efficient and reduce fraud.


An NFT is a unique digital code stored on a blockchain, a form of distributed or digital ledger. In simpler terms, the NFTs are digital representations of ownership that are recorded on a blockchain. An NFT could be representing a digital or physical asset which has value. As the markets for NFTs continue to grow, we’re going to see the creation of more platforms to showcase them and manage transactions.


As per market data tracker #DappRadar data analytics, the sales of NFTs reached $25 billion in 2021 backed by the crypto asset surge and rising interest of celebrities and tech evangelists across the world. Considering India's digital growth story, the country is well positioned to become the front runner in the NFT space. At present, there are about 11 NFT companies headquartered in India, after the United States, and Singapore.


India is a powerhouse of creativity, rising talent, and young population. The NFTs provide immense opportunity to utilise this potential, and simultaneously the much-needed reach for artists/ originators to digitally showcase their work to a much larger audience.


Both the NFTs and cryptocurrencies are built on blockchain technology, and while cryptocurrency is fungible wherein one bitcoin is the same as any other bitcoin (like the cash in a wallet), the NFTs are ‘non-fungible’ and one piece cannot be exchanged for another.


Web3 is expected to be the biggest technology transformation of the Internet over the next decade. This will be a major employment generation opportunity for the Indian software, digital and allied sectors. The NFTs will be the commerce backbone of Web3, and it .