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NFTs, or non-fungible tokens, provide a new range of possibilities for Indian artists, as well as an unprecedented chance to display their work on a worldwide scale.
Amrit Pal Singh and his success
Amrit Pal Singh, a 32-year-old digital art maker based in Delhi, minted his first NFT. Back then, he was unfamiliar with the technology behind it. However, his NFT, a signature digital toy face of artist Frida Kahlo, sold for around 3.9 ETH (approx Rs 6,63,651). Singh has had increasing success in the area of NFTs since then.
Singh has over nine years of 3D creative expertise. He then discovered that his toy face designs sell well on platforms such as FoundationApp and Zorra. Among his more successful Foundation works was a Daft Punk doll face, sold for 8 Ethereum (ETH) (approx Rs 13lakh).
Benefits Regarding NFTs
Singh, who has sold roughly 35 of these sculptures, added:
“The most significant benefit I received from NFT was the increased value of digital art. Previously, such prices were only heard about when traditional art was auctioned off. NFTs have now made it feasible to gather digital art. It has given my work a lot of worldwide exposure.”
Additionally, the majority of his collectors are from lands outside of India.
The Potential of NFTs in India
The potential of NFT innovations is clearly not lost on Indian firms. Among them, platforms like WazirX entering the market in April of this year. According to Vishakha Singh, Vice-President of WazirX NFT, while NFT has become a “big buzzword” with no “lack of creators,” only “genuine earnest creators who have been at it for years and years” would thrive.