Home Bitcoin & Crypto Guide How to Purchase NFTs in India

How to Purchase NFTs in India

The Indian art market is localized, and it is difficult for an Indian artist to outreach the bigger, global market. Can NFTs solve this? Here's a look at some platforms enabling this.

how to purchase NFTs in india

India is a country known for its rich culture and heritage. Multiple art styles have emerged over the years. Most of them have maintained their high standards and integrity. While there is a wide variety of art available, artists face a common problem. The Indian art market is localized and it is difficult for an artist with limited resources to outreach the bigger, global market.

Can NFTs in India solve this? How can Indian artists leverage the NFT hype?

The Global Art Market

As per a report by Statista, in 2021, the value of the global art market was $65.1 billion. It is interesting to note that online sales of art and antiques contributed to one-fifth of the total art market value. NFTs have emerged as a big stimulus for online art sales. Considering the current bear market, the numbers have taken a considerable dip, but are still encouraging. The monthly sales (considering both primary and secondary) peaked at $0.8 billion in Sep 2021. In July, the number is hovering around $45 million/month.

NFTs in India
Source: Statista
The Indian Art Market

So where is India placed in all of this? The State of Art Market report for 2021 states that 2021 was one of the best years for the Indian art auction market. The estimated total turnover was about INR 880.9 crores ($117 million). This is a 57.3% increase over the previous years.

NFT Marketplaces in India

NFTs are the way forward for digital art. It solves many problems that artists currently face, like forgery, ambiguous resale commissions, difficulty in reaching a global audience, unfair competition, etc. This is true for Indian artists too. The current Indian NFT marketplace ecosystem is in a very nascent stage, plagued with a lack of regulatory guidelines.

However, it is imminent that Indians will adopt these marketplaces sooner or later. The earlier you get in, the more you benefit. As an artist, it gives you a head start to create your NFT brand. As a collector, it gives you the time to collect good art early when competition is less.

Here are some of the interesting NFT marketplaces you can try:

WazirX NFT

The WazirX NFT marketplace is powered by Web3. You can link your MetaMask to buy and sell in a decentralized manner. The platform gives you some basic tools like search, sort, and filter. However, it also lacks tools like an auction, authenticity checker, etc.

NFTs in India
Source: WazirX NFT

Buyer Tips:

  • Download the image and do an image scan in Google to check the authenticity.
  • Use the tabs like “Creators.” They will give you a better idea about who are the authentic sellers. Ideally, a creator with a high number of followers and a decent number of creations should be a safer bet than the ones with a very high number of creations or a very low follower count.
  • Go to the creator’s profile and check their social handles. You will have an idea about the genuineness of the creator.
Beyond Life

Beyond Life is India’s first curated talent and athlete NFT exchange. They teamed up with India’s top artists, athletes, and music bands to provide a best-in-class NFT experience. The project became popular with the launch of famous Indian movie star Amitabh Bacchan’s NFTs.

They have also launched Stan Lee’s Chakra the Invincible NFTs. The marketplace has a good UI with basic options like sort, search, and filter. The NFTs are minted on the Polygon Network. However, you do not have to pay gas fees. You can directly pay in crypto, USD, or INR.

NFTs in India
Source: Beyond Life

Buyer Tips:

  • Download the image and do an image scan in Google to check the authenticity.
  • This is a centralized exchange. You don’t actually own your NFTs. In case of any negative government regulations, there is a chance that you will lose the NFTs.
  • Though both Amitabh Bacchan and Chakra NFTs are highly valued, always check the demand and the liquidity, so that you are in profit when you sell.
Rario

Cricket is a top-rated game in India. Rario brings cricketing moments, player images, etc. in the form of NFT collectibles. The NFT owners can also participate in Rario’s own strategy game called D3 and win rewards.

Rario looks pretty interesting and ambitious. From its humble beginnings, it now has partnerships with six international cricket leagues, 19 brand ambassadors, and 1000+ players.

NFTs in India
Source: Rario

Buyer Tips:

  • While purchasing a player, check the total cards of that player. Check the tier of the card. The higher the tier, the better the card value. Black is the rarest, followed by Gold, Silver, and Bronze.
  • Check the popularity of the player.
  • Check if you can use the player in the D3 strategy game to earn rewards.
  • The value of a player decreases with age, so, in case the player you have is not a legend, sell the card when the player is at his prime.
  • Rario, again, is a centralized platform.

Coincidentally, we also interviewed Rario recently. Check the full interview here.

Conclusion

NFTs in India, and their marketplaces, are still in a nascent stage. The volume is low and the quality of artists needs to improve. This is also a good opportunity to identify and collect some good and rare NFTs. For now, you can also use Web3 global marketplaces like Rarible, OpenSea, Binance NFT, etc. Many Indian artists are available on these platforms. As these platforms directly integrate with the blockchain, you can easily own the NFTs in your wallet, irrespective of geography.

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