Many artists are finding it difficult to sell digital products due to the quick rise of NFT marketplaces. So, in this article, we’ll go through some of the most popular NFT markets that can meet all of your trading demands.
NFTs have been existing for a few years, but their popularity skyrocketed in 2021, and India has been quick to accept blockchain-based non-fungible tokens. The global NFT trading volume increased to more than USD 23 billion in 2021, and while India is not yet at the forefront of the movement, it is gaining traction. The most recent Union Budget statements regarding a crypto tax have all but encouraged crypto investors to buy even more. Marketplaces are gaining traction as actors, cricketers, and singers, like Amitabh Bachchan, launch their own NFT.
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What is an NFT marketplace?
An NFT marketplace is a platform that connects collectors and artists by serving as a middleman or meeting point. Creators are welcome to attend and list their NFTs on the marketplace. Collectors, on the other hand, only need to attend, bid, and purchase their favorite NFT. They get a step closer to their favorite celebrities, artists, or innovators as a result of this procedure. It’s a once-in-a-lifetime chance for creators to acquire a genuine deal. When the NFT collectible is sold, the makers receive a small portion of the profit as royalty. Here, we’ve compiled a comprehensive list of India’s leading NFT marketplaces:
Best NFT Marketplaces In India
To begin the process of purchasing your first NFT, you will need a crypto wallet, such as Metamask, Trust Wallet, or any other type of digital wallet. NFT Marketplace is a marketplace where you may buy Digital Assets with your Digital Crypto Wallet. Here’s a rundown of some of the best NFT marketplaces to check out.
WazirX is an Indian cryptocurrency exchange with over 7.3 million members that was created in 2018. Binance, a cryptocurrency trading platform, purchased the platform. They developed the NFT marketplace, which is geared toward regional and traditional artists. The platform is well-known for hosting its first NFT exhibition and for being a suitable choice for beginners. It costs users 5% of service fees, with the rest of the proceeds going to the creators. By November 2021, the platform had experienced $38 billion in trade in a record year, and it had even crashed due to strong user activity triggered by news of the Indian government’s cryptocurrency bill decision.
To access the WazirX marketplace, go here and connect your Metamask Wallet by clicking the Connect Wallet button at the top. The marketplace operates on the Binance Smart Chain network, and to place a bid or purchase an NFT, you must have a WRX token in your wallet.
Jupiter Meta just announced the debut of India’s first completely curated innovative marketplace. Its goal is to create unique metaverse experiences through music videos and games. Their NFT ‘Icons of Singara Chennai’ celebrates the city’s culture through digital art, cuisine, monuments, and beaches. It was formed in 2021 to trade NFT as well as the numerous creative and cultural divisions that it had integrated within its metaverse. Fixed rates and a customized experience are available on the marketplace. The site is powered by Rubix level-1 blockchain technology and has no gas fees.
This marketplace has been defined as a “bridge” between Bollywood and blockchain technology. Bollycoin is a non-fungible token (NFT) marketplace dedicated to collections based on Bollywood films. The platform recently debuted its Dabangg collection, which was created in conjunction with Salman Khan. In addition to movie clips, posters, and stills, the marketplace also sells other collectibles. Users can buy NFTs with their cryptocurrency and earn royalties based on their activities.
Founded in 2016, BuyUCoin is one of India’s most popular cryptocurrency exchanges, with over 350,000 members and over $300 million in digital asset transactions. The company’s stated goal is to get cryptocurrency into the hands of a billion Indians. It allows users to purchase, sell, and trade 33 different cryptos including Ethereum, Bitcoin, Ripple, and Stellar. Users are charged a 0.24 percent creator fee by the platform.
The site also includes a specialized NFT marketplace with a user interface that is similar to Opensea and hosts some of the most popular NFT projects for sale.
Rarible was launched in 2020 and is the leading NFT marketplace. It was made feasible thanks to their native ERC-20 governance token, RARI. They accept both ERC721 and ERC1155 standards, which are used to create many editions of the same item. Rarible is based on the Ethereum Blockchain, and they’ve worked with large names like Adobe and a slew of other well-known artists.
NFTs are the digital world’s present and future. It will be seen as a good investment, and you will be able to keep an eye on the trading process while attempting to conquer the NFT market. Today is the day to take on the NFT universe.