NFT is a platform that allows the sale of one-of-a-kind artworks such as photographs, films, music, paintings, photos, and graphic creations, among others, for a set price in exchange for the buyer acquiring copyright to the piece of art. The copyrights are the primary reason why collectors of such artworks spend so much money on products that are already available on the internet. Even though it has been on the market since 2014, the new platform is gaining traction at the moment. Since 2017, there has been a total financial inclusion of $174 million NFTs. In contrast to ordinary digital creations, which are unlimited, each of the unique assets is identified by a unique code making them scarce. According to this model, a hypothetical value is created in the market based on consumer demand assumptions. As a result of the high demand, the investor bids for the NFT in hopes of a better profit.
Since last year, sales of the trendsetting cryptocurrencies have increased. As a consequence, the value increased by 55%, from $250 million to $389 million. Creating an NFT may appear hard, but it is a simple procedure that allows anybody with no prior knowledge in the cryptocurrency industry to produce one-of-a-kind digital assets. The first stage is to decide on the blockchain technology that will be utilized to create the token. Currently, the NFT coins are based on Ethereum, Solana, and Polygon. As a result, the coins are created utilizing Ethereum, Solana, and Polygon. Designers may experiment with a variety of blockchain technologies, including Binance Smart Chain, Flow by Dapper Labs, Tron, EOS, Tezos, and Cosmos. For each of the NFTs, there are specific compatible markets and wallet services. Ownership of an NFT does not automatically grant copyright or intellectual property rights to the digital asset represented by the token. While someone may sell an NFT representing their work, the buyer does not always get copyright protections when ownership of the NFT changes, and the original owner is free to generate other NFTs of the same work. In that regard, an NFT is essentially separate evidence of ownership from copyright. Rebecca Tushnet, a law researcher, claims that “In some ways, the buyer obtains whatever the art world believes they have purchased. Unless the copyright to the underlying work is formally transferred, they do not own it”. In actuality, NFT customers do not often get the underlying artwork’s copyright. NFTs came to India with a bang, and they’re here to stay as the technology continues to grow into a worldwide phenomenon.
As of October 25, 2021, the worldwide NFT market was worth $43.08 billion. Its trade volume is around $3.6 billion says Vishakha Singh, VP and Co-Founder of WazirX NFT Marketplace. The OpenSea NFT Marketplace, which sells on the Ethereum Blockchain, has seen NFTs reach $150 million. NFT sales also reached a new high in the second quarter of 2021, reaching a record volume of 1.24 billion. Because India is a new market, it will take some time for the NFT to establish itself, but the linkage of NFT with celebrities has already hyped it up, and it is only a matter of time before Indians, like the rest of the world, accept NFTs in the mainstream.