Crypto Exchanges Betting Over NFT Amids Regulatory Concerns
In the past few months, there has been a growth of NFT in India. More than dozens of crypto platforms are getting into the NFT space, helping to push its market growth. Cryptocoin exchanges offering NFTs witness a growth of 40-50% right from the base point. One of the reasons for their growth is the NFT’s nature of being a unique crypto adaptation in the form of photo, text, and video.
At present, the NFTs global market has hit around $22 billion by the end of 2021. Last year, many of the artists, including Mike Winkelmann, called Beeple, sold his digital collage for $69.3 million. Moreover, others celebrities and artists sold NFTs worth Rs 2.4 crore at the crypto exchange platform named WazirX NFT until 20th December.
According to Vishakha Singh, WazirX NFT, the NFT is getting better and better, offering a platform for art, sports, music, influencers, and others to buy and sell their creative art in NFT form. There are around 1000 creators and 923 collectors on the platform at present. There is, and every month, growth of 30%, and people have started investing in NFT on a larger scale. Lately, people have started realizing the importance of NFTs.
The initial investment is 750, and platforms have different plans for the launch of the NFT market in 2022. NFTs are going to have cryptocurrencies and tangible value with great potential.
One such firm is CrossTower, which is launching the NFT platform. It is targeting by the end of 2022. There are many platforms that are working towards real estate, travel NFTs and hospitality in the form of paintings, dialogues, digital form, etc. LynKey, a global crypto platform, plans to tokenize and introduce NFT items for tourism companies in the form of smart contracts.