At a time when non-fungible tokens (NFTs) slowly gain the attention of masses, with celebrities like Amitabh Bachchan and Sunny Leone entering the fray, The Crypto Summit by Inc42 Plus decodes some early trends and bring to you some valuable insights from those who are early adopters of the growing ecosystem.
NFTs Building Brand Faster Than Instagram
Melvin Thambi, an NFT artist and cofounder of NFTMalayali, says that the NFT phenomenon has helped him connect with other artists around the world much faster than Instagram that only resulted in likes.
“Artists are also becoming collectors and are supporting other artists via NFT marketplaces. Branding is also happening for us. We find more value in the Metaverse and it is helping artists create and elevate their branding faster than Instagram,” Thambi tells Lavin Mirchandani, Founder at GetEvangelized.
“Instagram gave me likes but NFT marketplace is giving me more visibility, scale my skills, earn and build my brand. NFT space is huge compared to Instagram. Even if the NFT wave is over, it has already helped me build a better brand for me. It is beneficial for artists,” he adds.
How To Avoid Investing In Fake NFTs
Raj Shamani who is content creator, investor and podcaster, says that physical collectibles are personal, and the same goes for NFTs.
“There are few signs to avoid investing in fake NFTs: Find real communities, get into those and listen to what members are saying. Being part of communities is your best bet in the world of NFTs to avoid investing in duplicate artworks,” Shamani says.
“Do not go for something that comes with a ‘rare’ tag. Don’t buy it just for it,” he adds.
Thambi says, “Use networking skills and read the signs before investing in NFTs”.
According to Nameet Potnis, Founder at Drumworks Venture, these are early days for NFTs and artists and brands are exploring what this could be as a space and that is more exciting for him.
“Large investors buying NFTs will drive the phenomenon. The NFT space is very early and sometimes you have to take a bet. Some objects will grow in value and others might fail, but there’s no hard and fast rule,” says Potnis.
With Bollywood taking the lead, Indians are warming up to this new digital asset that has given creators and collaborators a fresh platform to earn better money while generating more value for their work.
NFTs allow people to buy and sell ownership of unique digital items in cryptocurrencies and keep track of who owns them using Blockchain. NFTs can technically contain anything digital, including drawings, artworks, tweets, animated GIFs, songs, poems, video games and more.
Unlike cryptocurrencies, which can be exchanged with one another, each NFT is unique and hence cannot be exchanged with another item.