Although only a small portion of the Indian population has purchased non-fungible tokens (NFTs) so far, the market is ripe for growth as there is a lot of interest in creating and monetizing content there, Vishakha Singh, Co-founder and Vice President (VP) of WazirX NFT Marketplace, told Cryptonews.com at the Blockchain Economy Expo 2021 conference in Dubai last week.
Top India-based crypto exchange WazirX, which is owned by Binance and is planning to launch a non-custodial exchange, has launched its NFT Marketplace back in April this year. Since then, it has acquired a waitlist of 20,000 creators, according to Singh. However, out of these 20,000 creators, only 1,000 have been greenlisted so far. According to the VP, this is due to rather strict and elaborate Indian content-related guidelines.
“We’re a country full of many religions, many cultures, we have to be very very careful. So that was a reason why we did not want to be gatekeeper, but we had to do a bit of gatekeeping to ensure or actually build a culture around NFTs,” she said.
According to her, so far, only 0.000035% of the Indian internet population have purchased NFTs, which is a rather small number compared to 0.009% of internet users globally. However, this is set to change as the older generation that believes in traditional physical assets like gold, silver, or real estate more is being replaced by generation Z and generation Alpha, both of whom want to be “asset-light.”
Vishakha Singh, who comes from the film industry, also says that NFTs are going to get way more traction as more creators, as well as users, are going to discover the value and utility of the non-fungible tokens.
“It’s a new additional revenue stream for not just independent film producers like me but even for actors. You know all the content that we put out on social media – it’s just nightmare – you have ownership of…
