5 Best NFT Marketplaces In India To Quickly Think About
In 2017, the first NFT appeared. But last year, its popularity gained momentum. The prices of NFTs are skyrocketing. It is attracting more and more people towards itself. India is also accepting non-fungible tokens. However, India is not on the top countries list. But the trend is getting popular and attracting the community.
Indian actors, cricketers, and singers have released their NFT, including Amitabh Bachchan. Indian entrepreneurs and digital tech experts are investing in non-fungible tokens. One of the most trusted and best NFT Marketplaces In India is WazirX.
In this post, we’ll highlight the list of the top 5 NFT marketplaces in India. Suppose you are interested in buying and selling NFT. If you want to know which marketplace is good, then keep reading.
What is NFT
Before heading towards NFT marketplaces in India, look at what NFT is.
NFTs are cryptographically unique tokens that are stored on the blockchain. The ownership details of each NFT are recorded on Ethereum Blockchain. These records can not be modified and hacked by the hacker. They are more secure than bitcoin and crypto.
Non-fungible tokens are digital assets, and they are unique because their information makes them unique and is smartly recorded in the blockchain.
Due to each NFT uniqueness, NFT can not be replaced, swapped, or altered. So, there is no conflict between the two records. NFTs can be exchanged if their value is the same.
NFT are digital assets that include music, games, virtual lands, pieces of art and memes, etc.
Due to blockchain technology records, an NFT sells and buys without any fraud. This technology secures non-fungible tokens.
The Top 5 NFT MarketPlaces In India
There are specialised NFT marketplaces for selling and purchasing NFT. You can sell your NFT by listing their NFT on Marketplace. On the other hand, buyers bid on your NFT., the collector who bid the highest purchase NFT.
If you create your NFT and sell it on the Marketplace. Then you will get little profit as a royalty whenever your NFT is sold on the platform. The list of top 5 NFT marketplaces in India are
1. Wazir X
Wazir X is the first marketplace in India for selling and buying digital assets. It was launched by Wazir X company in 2017. The digital collectable exchange company is based on Binance Smart Chain. It is a decentralised platform, and you will have to attach your wallet for selling and buying digital assets. Wazir X only accepts Binance and MetaMask wallets.
On the platform, many NFT artists of India are hosted. The NFTs of Indian culture and their famous personalities, such as actors and athletes featured on the platform.
Wazir X has a commission fee for exchanging on the market. The company charges a 5 per cent commission fee on trading a token on the platform. This fund is distributed to miners for making the transaction.
In November 2021, the marketplace hit $38 billion in trading in a year. The marketplace went down due to heavy traffic on the platform after the decision of the Indian government cryptocurrency bill.
2. BeyondLife.club
BeyondLife.club is another Indian Marketplace for exchanging NFTs. It is a marketplace for actors and fans. Artists, brands, and innovators may mint and sell NFTs in under three minutes using the platform.
The marketplace came into sudden lame light after the announcement of popular superstar Indian actor “Amitabh Bachchan”.
According to reports, Marketplace sold out 5000 loot boxes within 53 minutes. During these loot boxes auction, the audience of 6 million was live on the platform.
One month later, it released Chakra The Invincible, which was co-created by Stan Lee. It sold in seconds! The 6865 loot boxes sold out in 51 seconds, and the 5000 Jukeboxes sold out in 49 seconds.
BeyondLife.club can be credited as being the first platform to bring India and NFT together. And with its marketplace launch on January 26, 2022, it is clear that it is well on its way to providing the worldwide community with an exceptional trading experience.
3. Bollycoin
Bollycoin is an NFT marketplace that makes a bridge between Bollywood and NFT. Bollywood projects inspire the NFTs on the platform. The platform released digital assets related to Bollywood. So, the Bollywood enthusiasts could own their favourite actors and Bollywood movies NFTs.
The marketplace is best known for Bollywood actors Salman Khan and Sonu Sood NFTs. Bollycoin released the Bollywood movies NFT collection in collaboration with Salman Khan.
Bollycoin also sells movie clips, posters, photography, and other collectables. Members will receive royalties based on their activities if they use their crypto-coin to buy NFTs.
4. Nifty Gateway
Nifty Gateway is an NFT marketplace owned by Gemini LLC. Nifty Gateway is a one-of-a-kind NFT platform that has swept the blockchain industry. The platform combines cryptography and collectable art to generate a diverse range of high-value, tradable assets, opening up a whole new universe of financial opportunities.
Nifty Gateway is a marketplace for trading artwork and music created by the Nifty team. Popular DJs and musicians, including Deadmau5, Carl Cox, Gramatik, Ozuna, and rapper Lil Yachty have had drops on the platform, with sales in the thousands of dollars.
Nifty Gateway is famous for selling Beeple $69 million NFT. The platform also has the Murals of famous NBA player, Kobe Bryant.
5. Rarible
Rarible was launched in 2020 and is owned by Alexei Falin and Alex Salnikov. It ranked on the top of NFT marketplaces. Rarible build on Ethereum Blockchain. It has partnerships with famous brands like adobe and with popular artists. It is a global NFT marketplace. It allows creators to create digital arts and sell them on the platform or keep them on hold.
It allows the creation of a unique token under the ERC-721 token and multiple editions under the ERC-1155 token. You can use Rarible tokens at OpenSea. OpenSea is also another well NFT platform.
At Rarible, you can find thousands of digital arts because it is a worldwide NFT trading market. It is free to create NFT at Rarible. But Platform charges a 2.5% service fee from seller and buyer on transaction.
Other NFT MarketPlaces
There are a total of 217 NFT Marketplaces running around the world. Most of them are working globally. The famous marketplaces outside India are OpenSea, Larva Labs Foundation, Automic Market and SuperRare.
You also keep an eye on all of these platforms if you want to make wise investments. Try to be updated on these platforms’ plans and the release of the new NFT collection.
It is wise to invest in an NFT collection that famous artists or organisations release because a sharp increase in prices has been seen for the famous NFT collection after their release.
Conclusion
So, it is a list of the top 5 NFT marketplaces in India where you can find thousands of NFTs for purchasing. You can also sell your NFT if you are the creator and sell them on these platforms. You must have some digital currency in your wallet if selling and purchasing. If you want to purchase an NFT in India, keep getting updates from these platforms. So you could get an NFT that could turn into a profit in future. Because NFTs are the present and future of the digital world.
About Author
