As Bitcoin or other cryptocurrencies came into the Indian market, with the start of 2022, NFTs are plunging up with a good amount of attention from buyers. So before going into a discussion or a conclusion, let’s see what NFTs are.
Non-Fungible Token by Kevin McCoy and Anil Dash in May 2014 was an accident (according to their Interviews) when Kevin’s were playing a game, and Kevin took inspiration and registered his own game to blockchain and sold it at around 5$ to Dash. Then they joined together to form a virtual asset and called them NFT.
In India, it was introduced after seven years; in 2021, many Indian celebrities took the first step and made the trend to make people buy NFT so that value can be significant. Suppose you are interested in bitcoin trading visit Quantum AI Trading to acquire an utter guide to crypto trading. The influence on the people was significant even if its value struck up to double. And with the start of 2022, a new vibe is there in the Indian Finical market.
Platforms to acquire NFT’s
Big movie stars like Amitabh Buchan, Salman khan, Rajni Kant, and many other Bollywood celebrities have launched their own NFTs. So the platforms need has been increased since then. So for that, many applications got rejected in this trend, but top apps like WazirX, Ft., and Open Sea launched a new separate tab in their app to purchase NFT.
NFT Vs Crypto
Although it seems like they are the same as they are virtual assets, you need to understand the three critical points that how these two “things” are different-
- NFT, as the name says, these are Non- Fungible Token, which stands for it cannot be replaced, or these are non-interchangeable. On the other hand, Cryptocurrencies are digital coins that work or run on a Blockchain’s.
- Cryptocurrencies were invented to be a digital source by use of which people can purchase their things from the world. But NFTs are internet Collectibles with authentic certification.
- If we consider their maintenance charges or hassles, I would go with crypto as they are low-maintained and can be owned by just a storage device. On the distinguished side, maintenance could be its authenticity, which you know can be costly.
Government Mood towards NFTs
After crypto youth is going for NFT to start their treading journey because it’s not a legal tender government has shown a concerned interest. On so same-day, On December 6, 2021, the Government proposed to ban Crypto and NFT. Also, they said and titled it as it’s becoming a primary concern for youth and the Indian financial market. And as the news came out, the market experienced a downtrend.
Is it suitable for the youth?
It does not have a straight answer, but it depends on the knowledge about the blockchain, the charts, and trends. If one possesses the proper knowledge, one can make a good income. However, it’s not the case, as research shows. About 95% of the trader are losing their money because of marketing impact. For example, cryptocurrency trading platforms like WazirX, Open Sea, etc., put a lot of money on advertising it as an easy task and targeting them, and results seem to be in their favor.
Final Thoughts!
With a mixed guess in mind, one thing that came first is Instead of banning the crypto or NFTs; the Government should ban or regulate the advertisement as the platform providers honey trapping the youth by giving 50/100 rupees worth of Bitcoins or other Blue Chip. Also, Government can invest their money as they do in The Stock market, which could be beneficial for them.
In the end, we need to stand on the truth that it can be lethal for the financial sector. So we need to make a subtle ground, or importantly responsibility of Government should be to secure the per person capita who’s investing in it. Also, privacy should be considered as there is an involvement of China. Many NFT blockchains are situated in the Chinese area, so privacy policies can’t be l compromised.