The Non-fungible tokens or NFTs are the digital tokens stored on an Ethereum blockchain that can store your unique digital files. There is a thin line between this upcoming technology and innovations going on in India.
Modern India has had a strong emphasis on science and technical innovation, figuring out that it could be a key component for financial development. India stands third among the foremost appealing investment destinations for innovation exchanges globally. India has kept a strong focus on science and technology as they are crucial elements for its economic growth.
India's Current Status Quo
India ranks 46th among 50 countries in the Global Innovation Index (GII), as per data in 2021. This is an apparent proud moment for all of us! Development and innovation have been at the cutting edge of our fight against the exceptional emergency caused by the pandemic situation. They will be significant in driving the country’s versatility and self-reliance, as cherished within the Prime Ministers’ motive on Atma Nirbhar Bharat.
How has technology changed the marketing landscape?
Technology has undoubtedly led to the transformation of digital marketing methods for businesses worldwide. The covid-19 crisis told us what we now know: companies must communicate with their clients and, in exact terms, target the right audience based on their need and purpose.
This is how digital marketing is geared up to promote businesses online over digital platforms.
Our lives have changed with the enormous progressions of the Internet, and its advantages help us reach our target customers With Digital India, a beneficial campaign proposed by the Government of India, we discover ourselves blessed to be a part of it that aims to empower citizens digitally.
Are you digitally literate yet?
Digital literacy means having the abilities to live, learn, and work in a society where communication is progressively through digital technologies like the internet platforms, social media, and mobile devices.
Digital literacy among underprivileged people in rural areas has improved. So also has increased job opportunities for the young generations.
Digital Marketing in India; where are we heading to?
Digital marketing in 2020 and 2021 has seen exceptional development. Despite the pandemic slowing us down for two long years, the growth has outperformed.
India ranks 2nd largest in terms of internet users in the world. Looking at the numbers globally, some exciting stats may help us predict the digital marketing outreach in 2022 and 2023.
How cool would it be if we could sell our music, drawing, GIFs, tweets, memes, and even a selfie for millions of dollars digitally? Yes, you read it right! It is now possible through NFTs.
The What, Why, Where and How About NFTs:
NFT refers to Non-Fungible Token; also, non-fungible states that one item cannot be exchanged for another (unique). As a result, the demand for crypto art and cryptocurrency is flooding the market to bid on the unique crypto tokens.
Crypto, in simple words, is in the form of digital or virtual currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.
NFT is one such type of digital token, merely a certification of validity stored on a blockchain, making the currency transactional and secure.
This is how NFT is a virtual currency that can take the shape of paintings, films, music, GIFs, memes, or any other type of digital production.
The salient feature about NFTs is their potential to create an efficient market. Converting physical assets into digital ones can eliminate credibility flaws and enrich higher market opportunities.
Read more about NFTs here.
NFT Working Mechanism
Where to store NFT?
NFTs are stored in an Ethereum blockchain where each NFT is placed as a token on the blockchain with extra information stored in them. You can keep any form of music, art, MP3, videos, GIFs, etc., into these tokens as an NFT and sell digital art online.
How to make money with NFTs?
Let us consider you have composed a song and are willing to sell it online. NFT is the key to this door! The purpose of a physical meetup is cut down due to NFT.
NFT will work as a catalyst in the process, eliminating any bridges in between. For credibility purposes, every work of yours carries a unique token code.
What does it mean to mint an NFT?
Minting NFTs monetizes digital assets (from art to music to articles). At first instance, it might sound complex, but it is not that tough!
All it takes is to generate your piece of artwork. This can be any sort of digital art file – including music, video, or text. Bottom-line is to make sure that your content remains unique and copyright free. Each NFT marketplace differs in its working and methods.
How to NFT your art?
- Connect your wallet: First things first, you start with a crypto wallet opening. A crypto wallet, aka blockchain wallet, is a way to manage, secure, and use cryptocurrencies. They are public digital ledger systems and are accessed via the internet. There are specific top NFT marketplaces to connect your wallet to. Complete your profile, tell the NFT world about yourself & insert your social media handles and accounts. One can create it using OpenSea, one of the best NFT platforms.
- Create your first item: Now is the time to upload your digital file (mp3, meme, images); by clicking 'Create.' Also, this is the place where you can set up the amount of royalty you get if your NFT gets sold. This way, you mint your NFT.
- Keep you wallet funded enough: Selling your NFT will require a small amount for the 'gas-fee transaction.' To complete your first sale, you have to purchase some Ethereum from the cryptocurrency app or crypto exchanges (Coinbase). OpenSea allows you to buy crypto with your marketplace profile by setting up the desired payment method, mostly credit cards.
- Listing your NFT for sale: Once you are done minting the NFT, you are all set to sell!
- Pricing component: Decide upon a fixed-price selling amount or a timed auction. Nominal gas-fee will be disclosed for the same. (OpenSea charges 2.5% of the selling price.)
Complete the listing. Voila! You are now on the NFT marketplace to sell. NFTs created on one marketplace can also be transferred and sold differently, inclusive of the respective fees.
Is NFT legal in India?
No official law or rule forbids or restricts an Indian from buying or selling NFTs. So here are the top NFT Marketplaces in India - 2022.
NFT and The Digital Marketing Space
The first NFT wave came out with NFT collectibles, with NBA Top Shot being one of the most successful examples. The platform allows fans to buy, sell, and trade numbered versions of video highlights from NBA games, a digital trading game card. For example, a LeBron James highlight was sold for $210,000, and the platform has generated over $308 million in gross sales.
Final takeaways about how NFT can benefit Digital Marketing!
- NFTs can be viewed as a way to directly connect to your fan-base
Ownership of the commodity is an essential factor for any customer or buyer. Here, selling an NFT can give the owner credibility and pull more customer base.
NFT marketplace can be a top place for up-and-coming NFT artists.
- Let your brand be an image, a song, a video or perhaps anything digital
Digitalizing the product makes your brand no longer restricted to offering physical products or services but virtual products.
- Eliminate the business friction; sell your brands virtually
You can get rid of the shipping costs, product defect rates, and storage costs. Cost-effectively sell the unique content.
- Digital merchandise marketing in the limelight
With the help of NFT tools, one can focus on turning art into NFT and monetizing the same.
- Don't just market it online, sell the brand online
India is focusing upon its own NFT marketplace development, and this will help brands have a place to sell NFT art.
Have you started minting your NFT? We hope you are excited about the same after reading the blog!
Written by Ashay Chandekar from Deshpee. Images have the copyrights of the respective sources.