[Opinion] Introduction to Non-Fungible Tokens

Dr. Khushboo Bhardwaj – [2025] 170 taxmann.com 152 (Article)

Non-Fungible Token (hereinafter referred to as “NFTs”) have been popular online in recent years. Blockchain-based NFTs are rare and verifiable. Both makers and collectors are drawn to them in the art, gaming, and collectibles industries. India’s dynamic creative scene and digitally proficient population have led to the rise of leading NFT marketplaces that meet the need for rare and unique digital items.

1. What is a NFT Marketplace

1. Public blockchains: Non-Fungible Token (NFT) marketplaces are evolving. Developers and companies are interested in this platform, which is still young.
2. Digital asset marketplaces are a hot topic in fintech. When entering the digital world, you must create your own marketplace. Bitcoin trading and blockchain technologies have made the marketplace a hub for item exchange. Top Indian NFT Markets To get your first NFT, you need Metamask or Trust Wallet. These digital wallets are portals. These digital assets can be purchased using a bitcoin wallet in an NFT marketplace.

2. Top NFT Marketplaces

• WazirX: Established in 2018, WazirX is a significant Indian cryptocurrency exchange with over 7.3 million members. The renowned cryptocurrency trading firm Binance purchased this innovative platform. WazirX’s local and traditional producer marketplace marked its NFT entry. WazirX’s initial NFT exhibition made it a popular starting location for NFT newcomers. WazirX charges buyers a small 5% service fee, letting producers keep most of the revenue. Trade volume reached $38 billion by November 2021, a milestone for the platform. However, an increase of user involvement after India’s bitcoin bill announcement caused a brief malfunction in its resilient infrastructure. WazirX marketplace access is easy. Visit the link and click ‘Connect Wallet’ at the top. Metamask Wallet integration is available. Bidding and buying NFTs on the Binance Smart Chain marketplace requires WRX tokens in your wallet. The cryptocurrency industry leader WazirX is improving the NFT Marketplace and cryptocurrency environment to promote innovation and accessibility for many enthusiasts.
• Jupiter Meta: Jupiter Meta launched India’s first fully curated innovative marketplace. The platform creates extraordinary metaverse music, film, and game experiences. The NFT Marketplace collection ‘Icons of Singara Chennai’ is a digital tribute to the city’s art, cuisine, history, and beaches. Jupiter Meta, a thriving NFT trading platform founded in 2021, expanded into other creative and cultural fields. The marketplace changes the experience by offering fixed prices and customizable experiences. This revolutionary platform relies on Rubix level-1 blockchain technology for smooth transactions. Eliminating gas fees sets Jupiter Meta apart, ensuring a smooth user experience. Jupiter Meta, a rising NFT leader, wants to create a thriving metaverse hub for creatives and cultural connoisseurs. The ‘Icons of Singara Chennai’ collection captures the city’s character, while the platform’s technology foreshadows a future when metaverse experiences blend seamlessly with innovation.
• Bollycoin: Bollycoin connects Bollywood and blockchain in a fascinating way. As a dedicated NFT marketplace, it channels Bollywood-inspired collections. Bollycoin combines cultural richness with blockchain technology. Bollycoin debuted the anticipated Dabangg collection with Salman Khan, displaying its inventiveness. This combination of cinematic excellence and blockchain tech improves NFT Marketplace. Bollycoin offers movie snippets, posters, and stills, among other things, beyond its superficial appeal. Dynamic approach distinguishes Bollycoin. Users can buy NFTs with cryptocurrencies to possess unique digital assets. This synergy also generates royalties from platform users, highlighting the NFT ecosystem’s profitable potential.
• BuyUCoin: BuyUCoin is a major Indian cryptocurrency exchange founded in 2016. The platform handles $300 million in digital asset trades and has over 350,000 users. BuyUCoin aims to democratize bitcoin adoption and reach one billion Indians. This busy exchange offers 33 cryptocurrencies, including Ethereum, Bitcoin, Ripple, and Stellar. A central trade platform, BuyUCoin connects buyers and sellers and offers a wide range of digital assets. With a transparent fee structure and a low 0.24% creator charge, the platform facilitates transactions for many users. BuyUCoin expands beyond cryptocurrencies to NFTs. The specialised NFT marketplace has a user interface like Opensea, demonstrating its focus on usability. Fans can buy unique digital artifacts from the portal’s varied assortment of renowned NFT projects.
• Rarible: Rarible, a 2020 NFT marketplace, quickly gained popularity. Launching its native ERC-20 governance token, RARI, distinguishes this platform. This smart move propelled them to the top of NFT markets. Rarible innovates further. Adaptable, they support ERC721 and ERC1155, serving a variety of creators. The inclusion of ERC1155 allows for the creation of several variants of a single object, a breakthrough NFT feature. Rarible uses Ethereum Blockchain technology to deliver a secure and immersive NFT trading environment. Rarible has worked with Adobe and other famous artists. Rarible’s agreements show its commitment to producer and collector growth.

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