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The internet has brought huge transformations in the digital era which has led to the surfacing of new types of assets called non-fungible tokens. Recently, NFTs have been surging in popularity and have shown great potential for profitability and reinvented the concept of asset ownership.
They are no longer just artwork that is valuable as a collectable but has become an asset class that is separate on its own. They have been included in fashion, entertainment, sports, gaming, finance, healthcare and global supply chain sectors.
India’s potential has made it positioned to become the front-runner in the NFTs. An increasing number of Indian investors have shown interest in buying NFT in India. The country currently holds the third spot in the number of NFT companies.
NFTs are seeing their rise as they give people unique digital assets and let creators monetise their art. Also, their values increase over time and remain unimpacted by any fluctuating market-linked assets. This is why buying NFTs can be a great investment. Investors stand to gain huge profits from NFTs by selling them at a higher price than at which they bought them.
This article will give you a comprehensive guide on how to buy NFTs in India. It will cover what NFTs are, why they are so popular, whether they are worth investing in, how to buy and sell them and the best NFT marketplaces in India for them.
What Is an NFT (Non-Fungible Token)
Non-Fungible Tokens (NFTs) can be classified as unique digital assets that can be bought and sold but are intangible. They most commonly appear in the form of art, music and video game items. These digital objects have been verified on the block change and are non-interchangeable.
NFTs fundamentally verify ownership as it is difficult to locate and identify the original owner of work on a digital platform. This leads to imitation of work and decreasing value. NFTS aim to enforce ownership tracking, value storage and decentralisation. It gives the owner verifiable proof of ownership so they can claim “digital bragging rights.”
Why is NFT so popular?
Non-fungible tokens’ popularity began back in 2017 when NFT collections were launched on the Ethereum blockchain. The Ethereum network made it easier to trade and transfer ownership. With new features like token creation, programming, trading, and storage built into the blockchain, it made the onboarding process simpler and increased access.
NFTs are a way to show support to artists, athletes and musicians directly for its users and enthusiasts. Creators are given a new way to monetize and share their work. They can profit directly without having to give cuts to record companies, publishers or third parties. NFTs have also become popular recently because of celebrity connections and exclusivity.
NFTs are only growing in popularity as time passes. If we look at statistics, the total NFT trading volume was $946 million in January 2023, which was a significant rise of 38% from the previous month.
Is NFT Really Worth Investing?
NFTs allow both collectors and creators to make profits by buying, selling or even trading them. They offer lesser maintenance costs and asset security. This lets investors and collectors trade NFTs with minimal accruing fees.
When buying NFTs in India, you have proof of ownership and originality. While it is true that the value of an NFT can fluctuate due to market appetite and popularity, it offers a high-risk, high-reward scenario.
Collections like Cryptopunks are only said to grow in popularity. They also might play a vital role in the metaverse of the future which will make them more relevant with time.
How Does the Buying and Selling for NFTs Work?
It is important to understand how to buy NFTs if you are new to them. First, you have to select a marketplace. You will also need to connect your cryptocurrency wallet to your NFT platform. Ensure that the wallet is compatible with the cryptocurrency that is used on the platform. You can pay for the NFT you like by transferring coins from your wallet.
When your NFT shows as being listed on a marketplace, you can sell it. You can either determine a price or set up an auction. You can also arrange to receive royalties for NFT sales so that you get a commission when a new person purchases your asset.
Guide on How to Buy NFTs in India
Given their popularity across the globe, beginners often wonder how to buy NFTs in India.
Collectors need to set up a wallet to buy or sell NFTs.
Here is a list of steps you need to follow if you want to know how to buy NFTs in India.
- Since almost all NFT services are Ethereum-based, its native currency is the most accepted form of payment for investment. So, to buy NFTs in India, you first need to buy Ethereum and put it in your crypto wallet. You can use that Ethereum to buy NFTs on Nifty Gateway, OpenSea, Beyondlife or any other NFT marketplace in India.
- To purchase Ethereum, you can go to any currency exchange like WazirX, Coinbase and Coin DCX.
- Remember that you may need to verify your identity on NFT marketplaces in India to begin trading. So keep all the required documents at hand before attempting to buy an NFT.
- There are many Indian NFT marketplaces where you can buy NFT in India from. Ensure that you thoroughly research before selecting a marketplace by comparing the transaction charges, verification process, cryptocurrencies they accept and reviews of investors. This will help you in making a good choice.
- NFT markets are still in their infancy and unregulated in India, So, Keep in mind to buy NFTs only from a reputed platform and adhere to local guidelines and regulations. Once you have done your research, register on the platform of your preference.
- Connect your wallet to the platform. You can do this by using the ‘connect wallet’ option that is available on most platforms.
- Choose an NFT you like by browsing on the platform. Since most platforms have an auction system set up for buying NFTs, you will have to bid for the NFT of your liking.
- Once you’ve successfully bid on an NFT, the quoted amount will be debited from your wallet. You will also have to pay a transaction fee to the marketplace depending on the marketplace.
Also Read: Ways to Earn Bitcoin for Free in 2023
Things to Keep in Mind Before Investing in NFTs
To invest in NFTs, you must understand how to buy NFTs step by step so there’s no confusion and you can avoid getting duped. Also, understand your own investment goals and situation before buying NFTs in India. Investing in NFTs as a collectable is a speculative investment. There is uncertainty around the value of each collectable and it fluctuates based on demand. While there’s no way to ensure which digital asset will increase in value, figuring out a new NFT trend early can be very profitable. There are digital artworks that were sold for meagre values and later sold for thousands of dollars.
If you are interested in art, music, etc., and like collecting them, you may find investing in NFTs worth investing in. Considering factors like who’s the creator of the asset, its uniqueness and ownership history while buying an NFT can help you make the right choice.
NFTs are valued on how much someone will pay for them and their value increases gradually with time. Always buy an NFT after conducting proper research. Investing in NFTs is just like investing in any other market. You must investigate where to buy NFTs thoroughly before deciding on a marketplace. You need to stay alert of fraud NFTs and traders who are malicious.
Overall, remember that buying NFTs in India comes with risk. So, tread carefully and diversify your investments to minimise the risk of your wealth-building process being derailed.
6 Best NFT Marketplaces In India To Buy Your First NFT
Once you’ve understood how to buy NFTs in India, you need to search for a marketplace. NFT marketplaces in India offer a medium for collectors and creators to meet. Creators can list their respective NFTs for sale and collectors can bid or buy them. The creators get a small percentage of profit as a royalty whenever an NFT is sold. The number of NFT platforms has developed just as quickly as the number of NFTs available for purchase. All NFT platforms in India differ slightly in the set of features and fee structure.
Let’s have a look at where to buy NFTs in India for your first purchase. They will offer you the best NFTs to buy in India. This will allow you to become more knowledgeable about them and make an informed choice.
1. WazirX
WazirX is an Indian cryptocurrency exchange which was founded in 2018. It has over 7.3 million users and is one of the first platforms to host its first NFT exhibition and musical NFTs. It is a popular option if you’re new to the NFT market. The platform recorded a total of approximately $38 billion trading in a record year by 2021. It has also crashed before with the influx of user activity after the announcement of the government’s cryptocurrency bill decision.
2. Jupiter Meta
Juniper Meta recently came up with the first fully curated innovative marketplace in India with a focus on creating singular experiences via films, music and games. It was founded in 2021 for trading NFTs and several creative and cultural segments forged into its metaverse.
This platform offers fixed prices and a personalised experience. It is supported by Rubix blockchain technology of level 1 and has zero gas fees.
3. BuyUCoin
BuyUcoin was established in 2016 and is a leading crypto exchange in India. It serves nearly 350,000 users and handles over $300 million in digital asset transactions. Its goal is to bring crypto into billion India pockets. The platform allows users to purchase, sell and trade 33 cryptos like Bitcoin, Stellar and Ethereum and more. Users are charged a marker fee of 0.24%.
4. Rarible
Rarible was established in 2020 and has been ranked the top NFT marketplace. This was because of their given RARI, their native ERC-20 governance token. The platform has two tokens ERC721 and ERC1155. It is built on the Eretheum blockchain and has partnered with huge brands like Adobe and various popular artists.
The tokens of this platform can even be used on platforms like OpenSea which is one of the only decentralised organisations that allows users to make their own decisions.
5. OpenSea
Established in 2018, OpenSea marketplace has the most extensive range of NFTs including art, sports and collectables trading cards and domain names which are censorship resistant. It is the prime choice for most people and handles more than 75% of all networks that happen on the Ethereum Network. The platform includes assets ERC721 and ERC115. Users can even explore popular NFT assets like CryptoKitties, Bored Ape Yacht Club, Crypto Punks and Decentraland.
6. Binance NFT Marketplace
Binance is a popular platform because of its newly launched NFT marketplace that has low fees. Over 10000 creators have listed nearly 2.5 million NFTs since its launch was announced.
This marketplace allows creators a more open space to be creative. It has partnered with news agencies, singers, artists news agencies and news agencies. It has easy interface navigation and features NFTs in collections including gaming, art, sports, collectables, entertainment, etc.
Also read: Metaverse: What is it & How to Unlock it
Investing in Non-Fungible Tokens in India
The Non-fungible tokens market is still in its initial stages in India and has the potential to grow a lot. These tokens have allowed creators to make profits from their work without any intermediaries. Collectors have the opportunity to support artists and creators while making a living themselves. They verify ownership of works and decrease the risk of counterfeiting and decreasing value.
Investors should research the platforms and NFTs and understand how to buy NFTs in India thoroughly to understand the process and make an informed choice. While it is a speculative market, investors stand a chance to make huge profits by selling their digital assets at higher prices than they bought them.
Want to explore helpful techniques to save and grow your hard earned money? Dive in to our guide on Save Money.
Frequently Asked Questions (FAQ’s)
NFTs are not illegal in India. There are currently no laws that have been passed by the Indian government on the legality of buying or selling NFTs in India. Their legality can be uncertain, and we may soon have new laws governing them.
It is important to understand how to buy NFTs if you want to invest in them. Anyone can purchase an NFT in India by visiting an NFT platform. You will need a crypto wallet and buy Ethereum, which is the most widely accepted currency on every platform. Once you’ve decided on a platform, you can bid on the NFT of your liking after browsing through it.
There are various apps through which you can buy an NFT. Some of the most popular ones include OpeanSea, Rarible, Crypto.com and Binance. Every NFT platform in India will have a slightly different set of features and fee structure. You should research thoroughly on them before deciding on a platform.
There is no fixed price for an NFT in India. The cost of an NFT varies depending on its current demand in the market. The cheapest NFT in India can sell for as low as Rs.10 or for lacs of rupees.
Yes, selling NFTS can be very profitable in India. Many people have made huge profits from it and it is a growing market. However, it is a speculative market and one should conduct proper research before investing in them.
You can invest in your first NFT by visiting an NFT platform and connecting your cryptocurrency wallet to it. Once you have selected your preferred platform, you can browse through the various NFTs and bid on the one you like.
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