A recent survey places India in third place of countries with NFT firms. The nation is behind Singapore, which currently hosts 24 NFT producers, and the U.S. that has 91.
India Boasts of 11 NFT Firms
India currently boasts 11 NFT firms with their headquarters situated in its jurisdiction. It comes as a surprise considering the nation’s previous stance on crypto assets.
Nonetheless, the assets’ marketplace makes up more than 5% of the total non-fungible token firms in the world. As per the report, more than 3.5 million searches were entered on Google from India within the last 12 months.
The minimum number of searches about NFT on the search engine has been reviewed to be 254 searches per 1,000 Indians, while a notable difference was observed from Taiwan with 9,629 searches per 1,000 population, followed by Australia with 8,198 searches, while Canada came third with 8,127 Google searches per 1,000 population.
More on NFTs
NFT is a virtual asset that can be monetized by content creators and artists. Its worth cannot be interchangeable. Many investors have described the assets as durable and offer passive incomes.
Non-fungible tokens are based on blockchain. They contain hash values that are encrypted and can be identified cryptographically. These cryptographic signatures serve as distinct identification to authenticate the original and authorized owner of particular assets bound for NFTs.
Indians are also taking advantage of the potential it offers. As per reports, there are more than 71 firms in India that provide NFT-based services but are not formally recognized. Nonetheless, there have been other developments in the country’s NFT sector. Economically, its flourishing impact in the country makes more people in India invest in it.
The Hyderabad-based Blockchain startup intends to reduce its carbon footprint by implementing blockchain technology finalized on launching India’s first-ever carbon offset NFT. India is extensively outgrowing NFT in all fields to standardize the country and have an inclusive aspect.
