India is the 2nd largest country in the world and holds around ⅕th of the population. So metrically it is obvious that India is a potentially big market for NFT’s but till now while writing this it’s not. India is facing teething trouble in finding buyers. Few celebrities and sportspeople have launched NFT but did not taste much success. Sadly India has not started buying NFTs just yet.
The major one is the supply and demand gap. There is a bunch of artists who are creating NFTs. There is a long waiting list of artists on multiple marketplaces. This is not the same case in terms of buyers. The core collectors community in India is yet to show some interest in this category. In fact, some creators are being collectors now as they can earn much more by just flipping some NFTs and then scratching their heads on client changes.
Big B (Mr Amitabh Bachan) has recently launched his NFT collection and the entire collection was sold for just under $1 million. This seems to be good but it does not compare to the big-ticket size of some NFT sales, which is $3 million to $12 million per NFT)
How can this be changed?
We all know that India is always a different market than the rest of the world. From this Mr Amitabh Bachan (one of the biggest stars of Bollywood) example, we learn that big followers of big celebs don't just want a piece of art from them, instead of a piece of their memories in the form of NFT. Let’s take an example, the first-ever poster of the iconic film Sholay in the form of NFT or a picture of Big B from his struggling days which no one has access to (till now).
Short story things which are rare in the real-life and have direct or indirect connection with celebs. The fans would be more excited to have the first hand and this would be reflected in the price of their NFTs.
How NFTs can change Creator’s ecosystem
The merchandise of the creator is a long old model and a way to support creators. NFT has the potential to change this. Let us understand with some examples;
Creator 1, is a small creator with 100k followers and s/he is a travel content creator but s/he wants to upgrade its content by upgrading the camera. S/he doesn't have enough money. The only way is fundraising which is difficult and the supporter does not get anything except some peers from the creator itself. NOW s/he can launch fundraising NFTs of Rs 500 each if only 0.2% of the followers buy them that turns out to be Rs 1,00,000 which seems enough to buy a new camera and also the supporters get NFT which they can flip after the creator grows and exit within times of returns.
Creator 2, is a relatively big influencer with million followers. S/he can launch NFTs as their merchandise with a limited collection. NFT not as a piece of art but a piece of memories.
There is No doubt that India has big potential in NFT but they are not into where the rest of the world is. It is and will be a difficult market to crack on. So keep experimenting.