Read This If You're Looking To Buy NFTs In India• 5 min read
NFTs have been gaining a lot of traction in recent times, and it's no surprise that people are looking to get their hands on some of these digital assets.
A few platforms allow you to buy NFTs, and the most popular one is probably Nifty Gateway. However, a few other platforms are worth considering, such as OpenSea, WazirX and BollyCoin.
When it comes to buying NFTs, there are a few things you need to keep in mind. And we cover all the bases in this guide, so continue reading to learn more!
What are NFTs, Exactly?
NFTs, or non-fungible tokens, are unique digital assets and cannot be replaced by another identical asset. This contrasts with fungible assets, which are interchangeable and can be replaced by other similar assets.
Put it simply, NFTs are like digital collectibles, and each one is unique.
They work on blockchain technology, which means that they are stored on a decentralized ledger. This makes NFTs immutable and transparent, as well as secure.
NFTs have various applications, from digital art and collectibles to in-game items and even real estate.
Why The Sudden Hype Around NFTs?
NFTs have been gaining a lot of traction in recent times due to the fact that they're seen as a new way to invest in digital assets. And given the current state of the world, it's not surprising that more and more people are looking to get their hands on NFTs.
This decade started with an NFT boom, with the sale of digital art NFT for over $69 million. This was followed by a surge in the prices of crypto assets, including Bitcoin and Ethereum.
NFTs have also been making headlines for all the wrong reasons, with some people saying that they're nothing more than a speculative bubble.
Whether or not NFTs are here to stay is still up for debate. But one thing's for sure: if you're looking to get your hands on some NFTs, there are a few things you need to keep in mind.
How to Buy NFT in India?
Now that you know what NFTs are let's look at how you can buy them in India.
To buy NFTs, you first have to purchase ethereum (ETH) and put it in a crypto wallet. Then use that ETH to purchase NFTs on Nifty Gateway, Beyondlife, OpenSea or another NFT marketplace.
You can buy ETH on almost all cryptocurrency exchanges like Coinbase, WazirX, Bitbns, andCoinDCX.
Do keep in mind that NFT marketplaces may require you to verify your identity before you can start trading. So make sure you have all the necessary documents ready before trying to make a purchase.
Is It Legally Any Different to Buy NFTs in India vs. The World?
The short answer is no; there is no difference.
However, it is worth noting that NFTs are still very new and unregulated. This means that there is a bit of uncertainty about buying NFTs in India.
That said, if you're looking to buy NFTs in India, we recommend that you only do so on reputable platforms and follow local guidelines and regulations.
Top NFT Marketplaces in India
As a matter of fact, every good NFT marketplace is a good one for India too.
Here are the top NFT marketplaces that have a global reach.
Nifty Gateway is one of the most popular NFT marketplaces in the world. It is affiliated with the popular cryptocurrency exchange, Gemini. Nifty Gateway allows you to buy, sell, and mint NFTs.
OpenSea is a decentralized NFT marketplace that allows you to buy, sell, and trade NFTs on the Ethereum blockchain.
SuperRare is an NFT marketplace that specializes in digital art.
Rarible is an NFT marketplace that allows you to buy, sell, and mint NFTs.
Decentraland is a decentralized virtual world where you can own land.
Top India-centric NFT Marketplaces
If you want to use NFT marketplaces that focus more on India, here are the top India NFT marketplaces.
Beyondlife is an NFT marketplace that provides a platform for NFT creators to showcase their work.
It is India's first curated athlete and talent NFT exchange.
Like other NFT marketplaces, you can buy, sell, and mint NFTs on Beyondlife.
ZionVerse is an NFT metaverse where users can play games and spend time with others in digital life.
It is an Indian Culture inspired universe that showcases Lakshmi NFTs.
The Bollywood NFT marketplace is an Indian exchange for NFTs of famous Bollywood films and celebrities.
The BollyCoin is the platforms governance token that brings Bollywood onto the blockchain.
Should You Invest In NFTs Now?
NFTs are still very new and unregulated, which may make you hesitant on buying NFTs in India.
That said, if you're looking to buy NFTs in India, we recommend that you only do so on reputable platforms.
At the end of the day, whether or not you should invest in NFTs is a decision that only you can make.
The decision of whether or not to invest in NFTs is a personal one. NFTs may not be for everyone, but if you're looking to get involved in the world of NFTs, there are a few things you need to keep in mind.
Do your own research; as we said before, NFTs are still very new and unregulated. This means that there is a lot of information (and misinformation) out there. That is why thorough research is critical before making any decisions.
Only invest what you can afford to lose: NFTs are a risky investment. Be sure only to invest what you can afford to lose.
NFTs may not be for everyone, but if you're looking to get involved in the world of NFTs, you can buy them on many platforms.
NFTs are a new and emerging way to invest in digital assets.
Whether you're in India or elsewhere in the world, we recommend that you only purchase NFTs on reputable platforms.
Be sure to invest carefully and after doing your own due diligence, as some NFTs are risky investments.