NFTs are non-fungible tokens; in their unique way, NFTs cannot be replaced with anything else. If we take bitcoins as an example, then they are fungible. That means that you can trade a bitcoin for another one and will get the same thing in return. NFTs seem to have become more famous in recent years. Simple art, music or even tacos can be used as NFTs.
The NFTs came around 2014, and since then, they have become a popular way of selling and buying digital artwork. Every NFT is unique as it cannot be exchanged and shows the ownership of a unique item. This is one aspect of why NFTs are essential, and the other is that they are a significant advantage for digital creators as it is Digital art and a fresh way to monetize and share their work.
The Best Marketplace in India to buy NFT
WazirX is a cryptocurrency exchange and is the largest in India. It was founded in 2018 and is owned by the crypto trading company Binance, dedicated to regional, traditional and indie creators in the NFT marketplace. There are approximately 10 million users. The service fees on WazirX are 5%, and the transaction fees are lower than the Ethereum-based marketplaces.
Guide to buying NFTs on WazirX
- Have an account on WazirX to purchase tokens.
- After this, you will need to create a crypto wallet for Ethereum.
- Now choose the desired Marketplace to buy NFT
- After choosing, please register an account in it.
- Directly connect the Marketplace with your wallet.
- Choose an NFT that you like by browsing the Marketplace.
The second best NFT Marketplace is Jupiter Meta. It is India’s first wholly curated innovative Marketplace which has recently inaugurated and began running with a driven force on generating unique metaverse experiences through music, films, and games. Jupiter Meta focuses on providing an immersive metaverse experience and offering economical, entertainment and utility value to all the stakeholders. FOR INSTANCE, their NFT ‘Icons of Singara Chennai’ shows signs of bringing culture around through digital art. This Marketplace was founded in 2021 to sell NFTs and different creative and cultural sectors embedded within its metaverse.
This Marketplace offers:
- Set rates
- A personalized experience.
- It is powered by Rubix level-1 blockchain technology.
- Zero free gas.
BollyCoin is a marketplace characterized as a link between that Bollywood and blockchain. BollyCoin is an NFT marketplace exclusively committed to ideas and projects influenced and inspired by Bollywood. This NFT Marketplace wants to feature community-made projects, gamification and, at last, the BollyVerse. The site recently featured its debut Dabangg collection, which was created alongside the actor Salman Khan. In addition, BollyCoin sells snippets of infamous movies, classics, brand new movie posters, and movie stills, among its various other collectables. Progressively, BollyCoin would like the metaverse community to embark on innovation, a poll on what is created next and independently accomplished through their DAO. Users of the metaverse may buy NFTs with their cryptocurrency and get NFT rewards. Based on their activity and purchases on BollyCoin, users earn royalties.
Founded in 2016, BuyUCoin announced the launch of its Non-Fungible Tokens (NFT) marketplace for Indian artists and content creators. BuyUCoin is one of India’s most popular cryptocurrency exchanges, with over three hundred thousand members and over three hundred million dollars in digital asset transactions. The site charges users a 0.24 per cent creator fee. The site also has a specialized NFT marketplace with a user interface similar to Open Sea and features some of the most popular NFT projects for sale.
Rarible was inaugurated in the year 2020 and since then has become one of the leading NFT marketplaces. Rarible allows creators to dive headfirst into the metaverse of digital art by converting their ideas into creating – or “minting” – their own unique NFTs. Rarible gives a band to transactions on three separate blockchains. With numerous ways to purchase NFT, all depends upon is from where the token was created and the price. There are two paths to acquire an NFT on Rarible— Buying at a fixed or via an auction.
When BeyondLife offered NFTs of Bollywood superstar Amitabh Bachchan, a wave of limelight hit this NFT Marketplace, making it famous overnight. According to a reasonable estimate, about five thousand treasure boxes were sold in only fifty-three minutes. Around six million individuals were on the internet during the sale of those NFTs. Chakra The Invincible was a tremendous hit, with all six thousand plus loot boxes selling out in less than a minute and 5000 jukeboxes selling out in 49 seconds. People responded with excitement and a positive attitude to the platform, and it may be considered the first platform that brought India and NFT closer together. It’s all ready to deliver a fantastic trade experience.
In 2018, the OpenSea marketplace was founded, offering the most extensive selection of NFT, including virtual worlds, art sports and collectables trading cards, and censorship-resistant domain names. For the most part, the Marketplace is the go-to NFT trading platform, accounting for more than 75% of all transactions on the Ethereum Network. The most notable characteristics are digital asset creation, purchase, and sale. Among the numerous celebs who utilize the site are Mark Cuban, Logan Paul, and others.
Binance NFT marketplace
With its large numbers, Binance attracts artists, musicians, and producers to join and engage in their newly formed NFT marketplace. More than a thousand plus producers have listed nearly 2.5 million NFTs since the debut of its NFT Marketplace in June. Binance NFT Marketplace provides innovators with the reassurance of a safe place to experiment with their creativity and ideas. The site has sold over one million mystery boxes and has a trading volume of over 360 million dollars. Binance has increased its reputation through partnerships with artists, athletes, news organizations, singers, actresses, and award-winning personalities. On this service, celebrities may communicate with their followers through merchandise, meet-and-greet events, customized tokens, passes, and tickets to matches and tournaments.
The Colexion is said to be the largest licenced Marketplace for digital artists to purchase and sell their work, according to the NFT. They are now working on the world’s largest NFT digital museum, which will allow users to meet celebrities and learn about their lives. Digital tokens are another trump card in the NFT economy. They have a game platform that includes sports personalities and allows players to own, trade, and sell avatars and other items. Colexion has formed partnerships with several players, including Yuvraj Singh and Glen Maxwell.
The NFTs on Nifty Gateway are stored in a secured wallet and powered by Gemini’s state-of-the-art custody technology, making it stand out from the rest of the Marketplace. This allows the platform to charge the artists no petrol expenses. The goal of Nifty Gateway is to make NFTs more accessible. They allow anyone to apply to become a creator on the site in this regard. Additionally, each artwork sold on the platform will provide artists with lifetime royalties. And the royalty rate is totally up to them to decide. Overall, if you wish to manufacture and sell NFTs, Nifty Gateway is an essential NFT marketplace to consider.
Finally, we may deduce and picture from the preceding information that NFTs represent the present and future of the digital world. Investing in them will be a sensible decision; thus, maintain a close check on the trading process and try to conquer the NFT globe. To get started in the NFT world, go to the NFT markets listed above and start putting money in— digital assets, art, and collectables. Be cautious to select a marketplace that meets your purchasing and storage demands depending on the kind of NFT users want to purchase and the crypto you want to utilize for transactions before selecting one. Furthermore, remember that this is a young industry. Thus it is very speculative. Occasionally, a few NFTs will skyrocket in value, but this isn’t always the case. Keep in mind that the value of digital arts and collectables works in the same way as the value of natural art and collectables do: The value is subjective, based on criteria such as distinctiveness and the renown of the artist who produced it.
Q. Is there any NFT marketplace in India?
There are several NFT Marketplaces in India. To name a few, WazirX, Jupiter Meta, BollyCoin, BuyUCoin, etc., are among the top NFT Marketplaces which offer security and the best experience to their users. Other platforms like Rarible, BeyongLife, OpenSea, Binance, Colexion and Nifty Gateway, etc., are among the best NFT Marketplaces in India.
Q. Can I buy NFT in INR?
Since there is no legal framework cap in India, users can efficiently purchase one from NFT Marketplaces such as BuyUCoin, Binance, WazirX and numerous others.
Q. Is NFT a marketplace?
NFT and NFT Marketplace are two different things. NFT is a non-fungible token, a digital asset that means that, in its unique way, it cannot be replaced with anything else. NFT Marketplace is a digital platform where anyone can buy or sell NFTs.
Q. Which is the best Marketplace for NFT in India?
The sudden rise of NFT marketplaces has made buying and selling digital products a fashionable trick for many artists. Some popular NFT marketplaces are WazirX, BollyCoin, BuyUCoin, OpenSea, Rarible, and so on. You can select the best NFT Marketplace for yourself according to the features that suit you best.