Inside the tsunami of NFTs in India – The Executive Brief

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Hello reader,

I was thinking about opening this newsletter with some anecdote from my childhood about playing the Magic: The Gathering trading card game or the couple of video game character statuettes I have at home (Metal Gear Rising: Revengeance Raiden is a beauty) and then ride on the collectibles theme to insert a smooth segue to NFTs, but …

What do you know, looks like I did it anyway, albeit with a touch of meta awareness.

Anyway, the NFT wave is hitting India hard. We explore the trend in depth in today’s premium article.

Today we look at:

• NFT mania in India is on the rise
• PasarPolis’ new CTO has rich experience with Amazon and Expedia
• Other newsy highlights such as the appointment of new partners at AC Ventures and Monk’s Hill Ventures

Premium summary

India’s NFT tsunami is at full speed

Image credit: Timmy Loen

More and more celebrities are getting into the NFT craze, including the likes of footballer Lionel Messi and Canadian pop artist Justin Bieber. It’s no different in India – actor Amitabh Bachchan sold a recital of his late father’s poem, Madhushala, as well as some autographed posters and other memorabilia on NFT marketplace BeyondLife.

Big names, big money.

• A myriad of offerings: WazirX, BeyondLife Club, Ikonz, BollyCoin, and Social Swag are just a few of the startups that have thrown their hats into the ring. Even media conglomerates like Viacom18 have joined the NFT bandwagon.

• No ban, just high taxes: On February 1, the country’s finance minister announced a 30% tax on gains from crypto-related assets. While enthusiasts bemoaned the steep taxes, the announcement put talks of a possible crypto-related ban to rest.

• Alternative investment avenue: Youngsters in Tier 2 and Tier 3 towns increasingly have more spending power, but traditional investment opportunities like real estate, stocks, and fixed deposits don’t hold the appeal they once used to. NFTs are an attractive alternative.

Where do you go after Amazon and Expedia?