Binance, T-Series the Latest Entrants In the Indian NFT Space

Several big players, including Binance and T-Series, are now entering the Indian non-fungible token (NFT) market. NFTs are digital assets that use the blockchain to document the ownership of items such as images, videos and other collectibles.

Earlier this week, the world’s largest cryptocurrency exchange, Binance, launched its first-ever Indian NFT collection inspired by Indian mythology and Southeast Asian, Japanese and Chinese folklore, PTI reported. The first in the series would be MetaMaster MahaDev, as per the description on Binance. The floor price of the NFT has been fixed at $387.92 and 3,564 items have been listed for sale.

Recently, T-Series, a movie and music company, also tied up with Hefty Entertainment, a division of Hungama Digital Media, to launch digital art pieces and NFTs for some of their films, according to a press release.

Some of the NFTs on the block are Akshay Kumar's vector digital creative art from the movie Bhool Bhulaiyaa, as well as motion art and illustrations from the film Aashiqui 2 and upcoming movie Radhe Shyam, the press statement said. "We look forward to expanding and enhancing the value of our content that leads to a further and rapid expansion of the global digital entertainment industry. Offering a future full of potential, interactivity and collaboration for our communities around the globe," says Bhushan Kumar, CMD, T-Series. Founder of Hungama Neeraj Roy adds, "We look forward to redefining content consumption with this Web 3.0 initiative as we find new ways to collaborate and engage with fans." 

Viacom18’s Youth, Music and English Entertainment (YME) cluster has also announced its NFT marketplace Fullyfaltoonft.com. The marketplace will go live on February 14, 2022, and offer digital art created by the team that works with brands such as MTV, Vh1 and Comedy Central in India, according to a press statement. “The global media and entertainment industry has recognised the power of NFTs. As one of the world’s largest media markets, India is uniquely positioned to be at the focal point of this ‘Web3 revolution," says Anshul Ailawadi, Head, Youth, Music and English Entertainment, Viacom18.

At present, the total global NFT market is valued at $23,352,646.77, up 7.19 per cent in the last 24 hours. Moreover, sales volume is $298,393.91, up 192.29 per cent over the same period of time, Coinmarketcap.com data on January 25 showed.