According to the Q2 2022 NFT Survey, NFT industry in India is expected to grow by 61.6% on an annual basis to reach US$3394.2 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 44.1% during 2022-2028. The NFT Spend Value in the country will increase from US$3394.2 million in 2022 to reach US$27067.3 million by 2028.
The emergence of NFTs has created a space for digital artists in India and has also offered them a more prudent way to reach the inaccessible audience. The NFT market has allowed artists who were previously working with brands and agencies to find a more independent option, creating endless possibilities for them. In India, many artists have sold their work on different NFT platforms, thus creating a new source of revenue. The NFT ecosystem is attracting people from all walks of life. Almost every talent management agency and entertainment company has been looking at the NFT space to find new revenue streams while also connecting with the fans better.
In 2021, India's most celebrated stars such as Rajnikanth, Amitabh Bachchan, and Salman Khan had already launched NFTs. In the cricketing fraternity, Sunil Gavaskar, Rishabh Pant, and Yuvraj Singh have also become part of the growing NFT ecosystem in India.
In India, many brands are venturing into the NFT space. Businesses using NFTs as marketing tools to expand their operations to the digital world are expected to grow further over the next four to eight quarters. Few firms have already ventured into the space. For instance,
However, the digital asset interest among Gen Z is much higher compared to other demographics. Nearly two-thirds of the Gen Z consumers in India believe that an investment in digital assets, such as cryptocurrencies, will lead to better returns. The hype around cryptocurrencies and advertisements fuels this interest among Gen Z consumers.
India is one of the most cricket-crazed countries globally, with more than 500 million fans. Leveraging this huge fan base in India, NFT exchanges are launching cricket-based collectibles and experiencing strong traction. For instance,
With Bollywood stars and sports celebrities getting success in the NFT space, top Indian fashion designers are also jumping on the NFT bandwagon amid the growing popularity in the country.
While the NFT market in India is small compared to other countries, auction houses are forecasting huge NFT demand over the next three to four years. Consequently, auction houses are conducting NFT auctions in India to tap into the market early. For instance,
This report provides in-depth, data-centric analysis of NFT Market in India and below is the summary of key market segments:
The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 44.1% during 2022-2028. The NFT Spend Value in the country will increase from US$3394.2 million in 2022 to reach US$27067.3 million by 2028.
The emergence of NFTs has created a space for digital artists in India and has also offered them a more prudent way to reach the inaccessible audience. The NFT market has allowed artists who were previously working with brands and agencies to find a more independent option, creating endless possibilities for them. In India, many artists have sold their work on different NFT platforms, thus creating a new source of revenue. The NFT ecosystem is attracting people from all walks of life. Almost every talent management agency and entertainment company has been looking at the NFT space to find new revenue streams while also connecting with the fans better.
In 2021, India's most celebrated stars such as Rajnikanth, Amitabh Bachchan, and Salman Khan had already launched NFTs. In the cricketing fraternity, Sunil Gavaskar, Rishabh Pant, and Yuvraj Singh have also become part of the growing NFT ecosystem in India.
The growing NFT interest among Indian brands is expected to drive future growth in the country
In India, many brands are venturing into the NFT space. Businesses using NFTs as marketing tools to expand their operations to the digital world are expected to grow further over the next four to eight quarters. Few firms have already ventured into the space. For instance,
- Mahindra & Mahindra, one of the leading car manufacturers in India, experimented with NFT marketing. The firm auctioned four Thar-themed NFTs, each priced at INR 2.6 million. The auction winner received a chance to enjoy an off-road experience to drive the Thar.
- Similarly, MakeMyTrip, one of the leading travel-focused firms, launched virtual vacation NFTs themed on the best travel destination in India. Each of the NFTs from the firm was valued at INR 14,999.
- MG Motor India also has plans to launch 1,110 NFTs at a starting price of INR 500. These NFTs are expected to have four themes: collaborative art, community and diversity, car-as-a-platform, and collectibles. Through these NFTs, the firm allows MG Motor fans to own a piece of the company.
However, the digital asset interest among Gen Z is much higher compared to other demographics. Nearly two-thirds of the Gen Z consumers in India believe that an investment in digital assets, such as cryptocurrencies, will lead to better returns. The hype around cryptocurrencies and advertisements fuels this interest among Gen Z consumers.
NFT exchanges are experiencing strong traction for their cricket-based digital assets in India
India is one of the most cricket-crazed countries globally, with more than 500 million fans. Leveraging this huge fan base in India, NFT exchanges are launching cricket-based collectibles and experiencing strong traction. For instance,
- In April 2022, GuardianLink launched cricket-based digital assets and experienced high traction for the collectibles in the Indian market. Jump.trade, a GuardianLink brand, launched the Meta Cricket League NFTs in April 2022. Jump.trade announced that 55,000 collectibles were sold on the platform within nine minutes of the launch.
- Each of the NFTs was priced at US$25. During the live drop, GuardianLink witnessed traffic of over one million enthusiasts. With its success in the cricket NFT space, Jump.trade is now planning to launch NFT collectibles for Chelsea fans. The NFT collection will include match-day programs, menus, tickets, signed postcards, and photographs. . Along with sports, the NFT platform is eager to collaborate with firms who have successfully converted unicorns into NFTs, similar to unicorn India.
Indian fashion designers are jumping on the NFT bandwagon amid the growing popularity
With Bollywood stars and sports celebrities getting success in the NFT space, top Indian fashion designers are also jumping on the NFT bandwagon amid the growing popularity in the country.
- Manish Malhotra, one of the top fashion designers in the country, dropped five NFTs in association with FDCI X Lakmé Fashion Week. . The NFTs, which sold out in seconds, sparked a debate in the industry, and several designers have since entered the NFT market in India.
- Anamika Khanna, the Indian fashion designer that runs the brand AK-OK, also launched NFTs. With these NFTs getting sold within a few minutes after launch, an increasing number of designers have started to see NFTs as a credible source of income for their digital fashion collection.
NFT auctions are gaining momentum in India
While the NFT market in India is small compared to other countries, auction houses are forecasting huge NFT demand over the next three to four years. Consequently, auction houses are conducting NFT auctions in India to tap into the market early. For instance,
- In January 2022, Prinseps, the Mumbai-based gallery and auction house, initiated the NFT sale featuring 35 of Gobardhan Ash’s rare works on paper - figurative, earth-washed images, which the pioneering artist produced between 1948 to 1951. The NFT collection was made available to buyers as the original physical works, as 1/1 NFTs, or both. While it was the first NFT art auction in the country, all lots of the Ash auction were sold, with some NFTs fetching prices between US$12,500 and US$35,000.
Scope
This report provides in-depth, data-centric analysis of NFT Market in India and below is the summary of key market segments:
India NFT Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
India NFT Market Size and Forecast by Key Assets, 2019-2028
- Collectibles and Art
- Real Estate
- Sports
- Gaming
- Utility
- Fashion & Luxury
- Other
India NFT Market Size and Forecast by Key NFT Collectible Assets, 2019-2028
- Digital Art
- Music & Sound Clip
- Videos
- Memes & Gif
- Other
India NFT Market Size and Forecast by Currency, 2019-2028
- Ethereum
- Solana
- Avalanche
- Polygon
- BSC
- Flow
- Wax
- Ronin
- Other
India NFT Market Size and Forecast by Sales Channels, 2019-2028
- Primary
- Secondary
India User Statistics, 2019-2028
Reasons to buy
- Based on data and analysis, develop country-level strategies.
- Identify investment opportunities in growth segments.
- Exceed competition by incorporating forecast data as well as market trends.
- Use the relationships between major data sets with valuable insights to improve strategy.
- Appropriate for providing accurate, high-quality data and analysis to support internal and external presentations.
Table of Contents
1 About this Report1.1 Summary
1.2 Methodology
1.3 NFT Definitions
1.4 Disclaimer
2 India NFT Market Size and Future Growth Dynamics by Key Performance Indicators
2.1 India NFT - Total Sales Spend Value Trend Analysis, 2019 - 2028
2.2 India NFT - Total Sales Spend Volume Trend Analysis, 2019 - 2028
2.3 India NFT - Average Value Per Transaction Trend Analysis, 2019 - 2028
3 India NFT Key Market Insight and Innovation
3.1 Consumer Behavior
3.2 Competitive Landscape and Growth Strategies
3.3 Regulation Trends
4 India NFT Market Size and Forecast by Key Assets
4.1 India NFT Market Share by Key Assets (%), 2021 Vs. 2028
4.2 India NFT Collectibles and Art Trend Analysis, 2019 - 2028
4.3 India NFT Real Estate Trend Analysis, 2019 - 2028
4.4 India NFT Sports Trend Analysis, 2019 - 2028
4.5 India NFT Gaming Trend Analysis, 2019 - 2028
4.6 India NFT Utility Trend Analysis, 2019 - 2028
4.7 India NFT Fashion and Luxury Trend Analysis, 2019 - 2028
4.8 India NFT Other Assets Trend Analysis, 2019 - 2028
5 India NFT Collectibles and Art Market Size and Forecast by Key Assets
5.1 India NFT Collectibles and Art Market Share by Key Assets (%), 2021 Vs. 2028
5.2 India NFT Collectibles and Art - Digital Art Spend Value Trend Analysis, 2019 - 2028
5.3 India NFT Collectibles and Art - Music & Sound Clip Spend Value Trend Analysis, 2019 - 2028
5.4 India NFT Collectibles and Art - Videos Spend Value Trend Analysis, 2019 - 2028
5.5 India NFT Collectibles and Art - Memes & GIF Spend Value Trend Analysis, 2019 - 2028
5.6 India NFT Collectibles and Art - Other Assets Spend Value Trend Analysis, 2019 - 2028
6 India NFT Market Size and Forecast by Currency
6.1 India NFT Market Share by Currency (%), 2021 Vs. 2028
6.2 India NFT Currency Ethereum - Spend Value Trend Analysis, 2019 - 2028
6.3 India NFT Currency Solana - Spend Value Trend Analysis, 2019 - 2028
6.4 India NFT Currency Avalanche - Spend Value Trend Analysis, 2019 - 2028
6.5 India NFT Currency Polygon - Spend Value Trend Analysis, 2019 - 2028
6.6 India NFT Currency BSC - Spend Value Trend Analysis, 2019 - 2028
6.7 India NFT Currency Flow - Spend Value Trend Analysis, 2019 - 2028
6.8 India NFT Currency WAX - Spend Value Trend Analysis, 2019 - 2028
6.9 India NFT Currency Ronin - Spend Value Trend Analysis, 2019 - 2028
6.10 India NFT Other Currencies - Spend Value Trend Analysis, 2019 - 2028
7 India NFT Market Size and Forecast by Key Sales Channels
7.1 India NFT Market Share by Key Sales Channels (%), 2021 Vs. 2028
7.2 India NFT Primary Market - Spend Value Trend Analysis, 2019 - 2028
7.3 India NFT Secondary Market - Spend Value Trend Analysis, 2019 - 2028
8 India User Statistics of Internet and Population, 2019 - 2028
8.1 India Internet Users Trend Analysis, 2019 - 2028
8.2 India Internet Penetration Rate, 2019 - 2028
8.3 India Adult Population Trend Analysis, 2019 - 2028
9 Further Reading
9.1 About the Publisher
List of FiguresFigure 1: Methodology Framework
Figure 2: India NFT - Total Sales Spend Value (US$ Million), 2019 - 2028
Figure 3: India NFT - Total Sales Spend Volume (Thousands), 2019 - 2028
Figure 4: India NFT - Average Value Per Transaction (US$), 2019 - 2028
Figure 5: India NFT Market Share by Key Assets (%), 2021 Vs. 2028
Figure 6: India NFT Collectibles and Art - Spend Value (US$ Million), 2019 - 2028
Figure 7: India NFT Collectibles and Art - Spend Volume (Thousands), 2019 - 2028
Figure 8: India NFT Collectibles and Art - Average Value Per Transaction (US$), 2019 - 2028
Figure 9: India NFT Real Estate - Spend Value (US$ Million), 2019 - 2028
Figure 10: India NFT Real Estate - Spend Volume (Thousands), 2019 - 2028
Figure 11: India NFT Real Estate - Average Value Per Transaction (US$), 2019 - 2028
Figure 12: India NFT Sports - Spend Value (US$ Million), 2019 - 2028
Figure 13: India NFT Sports - Spend Volume (Thousands), 2019 - 2028
Figure 14: India NFT Sports - Average Value Per Transaction (US$), 2019 - 2028
Figure 15: India NFT Gaming - Spend Value (US$ Million), 2019 - 2028
Figure 16: India NFT Gaming - Spend Volume (Thousands), 2019 - 2028
Figure 17: India NFT Gaming - Average Value Per Transaction (US$), 2019 - 2028
Figure 18: India NFT Utility - Spend Value (US$ Million), 2019 - 2028
Figure 19: India NFT Utility - Spend Volume (Thousands), 2019 - 2028
Figure 20: India NFT Utility - Average Value Per Transaction (US$), 2019 - 2028
Figure 21: India NFT Fashion and Luxury - Spend Value (US$ Million), 2019 - 2028
Figure 22: India NFT Fashion and Luxury - Spend Volume (Thousands), 2019 - 2028
Figure 23: India NFT Fashion and Luxury - Average Value Per Transaction (US$), 2019 - 2028
Figure 24: India NFT Other Assets - Spend Value (US$ Million), 2019 - 2028
Figure 25: India NFT Other Assets - Spend Volume (Thousands), 2019 - 2028
Figure 26: India NFT Other Assets - Average Value Per Transaction (US$), 2019 - 2028
Figure 27: India NFT Collectibles and Art Market Share by Key Assets (%), 2021 Vs. 2028
Figure 28: India NFT Collectibles and Art - Digital Art Spend Value (US$ Million), 2019 - 2028
Figure 29: India NFT Collectibles and Art - Music & Sound Clip Spend Value (US$ Million), 2019 - 2028
Figure 30: India NFT Collectibles and Art - Videos Spend Value (US$ Million), 2019 - 2028
Figure 31: India NFT Collectibles and Art - Memes & GIF Spend Value (US$ Million), 2019 - 2028
Figure 32: India NFT Collectibles and Art - Other Assets Spend Value (US$ Million), 2019 - 2028
Figure 33: India NFT Market Share by Currency (%), 2021 Vs. 2028
Figure 34: India NFT Currency Ethereum - Spend Value (US$ Million), 2019 - 2028
Figure 35: India NFT Currency Solana - Spend Value (US$ Million), 2019 - 2028
Figure 36: India NFT Currency Avalanche - Spend Value (US$ Million), 2019 - 2028
Figure 37: India NFT Currency Polygon - Spend Value (US$ Million), 2019 - 2028
Figure 38: India NFT Currency BSC - Spend Value (US$ Million), 2019 - 2028
Figure 39: India NFT Currency Flow - Spend Value (US$ Million), 2019 - 2028
Figure 40: India NFT Currency WAX - Spend Value (US$ Million), 2019 - 2028
Figure 41: India NFT Currency Ronin - Spend Value (US$ Million), 2019 - 2028
Figure 42: India NFT Other Currencies - Spend Value (US$ Million), 2019 - 2028
Figure 43: India NFT Market Share by Key Sales Channels (%), 2021 Vs. 2028
Figure 44: India NFT Primary Market - Spend Value (US$ Million), 2019 - 2028
Figure 45: India NFT Secondary Market - Spend Value (US$ Million), 2019 - 2028
Figure 46: India Internet Users Trend Analysis (Million), 2019 - 2028
Figure 47: India Internet Penetration Rate (%), 2019 - 2028
Figure 48: India Adult Population Trend Analysis (Million), 2019 - 2028
List of TablesTable 1: India NFT - Total Sales Spend Value (US$ Million), 2019 - 2028
Table 2: India NFT - Total Sales Spend Volume (Thousands), 2019 - 2028
Table 3: India NFT - Average Value Per Transaction (US$), 2019 - 2028
Table 4: India NFT Collectibles and Art - Spend Value (US$ Million), 2019 - 2028
Table 5: India NFT Collectibles and Art - Spend Volume (Thousands), 2019 - 2028
Table 6: India NFT Collectibles and Art - Average Value Per Transaction (US$), 2019 - 2028
Table 7: India NFT Real Estate - Spend Value (US$ Million), 2019 - 2028
Table 8: India NFT Real Estate - Spend Volume (Thousands), 2019 - 2028
Table 9: India NFT Real Estate - Average Value Per Transaction (US$), 2019 - 2028
Table 10: India NFT Sports - Spend Value (US$ Million), 2019 - 2028
Table 11: India NFT Sports - Spend Volume (Thousands), 2019 - 2028
Table 12: India NFT Sports - Average Value Per Transaction (US$), 2019 - 2028
Table 13: India NFT Gaming - Spend Value (US$ Million), 2019 - 2028
Table 14: India NFT Gaming - Spend Volume (Thousands), 2019 - 2028
Table 15: India NFT Gaming - Average Value Per Transaction (US$), 2019 - 2028
Table 16: India NFT Utility - Spend Value (US$ Million), 2019 - 2028
Table 17: India NFT Utility - Spend Volume (Thousands), 2019 - 2028
Table 18: India NFT Utility - Average Value Per Transaction (US$), 2019 - 2028
Table 19: India NFT Fashion and Luxury - Spend Value (US$ Million), 2019 - 2028
Table 20: India NFT Fashion and Luxury - Spend Volume (Thousands), 2019 - 2028
Table 21: India NFT Fashion and Luxury - Average Value Per Transaction (US$), 2019 - 2028
Table 22: India NFT Other Assets - Spend Value (US$ Million), 2019 - 2028
Table 23: India NFT Other Assets - Spend Volume (Thousands), 2019 - 2028
Table 24: India NFT Other Assets - Average Value Per Transaction (US$), 2019 - 2028
Table 25: India NFT Collectibles and Art - Digital Art Spend Value (US$ Million), 2019 - 2028
Table 26: India NFT Collectibles and Art - Music & Sound Clip Spend Value (US$ Million), 2019 - 2028
Table 27: India NFT Collectibles and Art - Videos Spend Value (US$ Million), 2019 - 2028
Table 28: India NFT Collectibles and Art - Memes & GIF Spend Value (US$ Million), 2019 - 2028
Table 29: India NFT Collectibles and Art - Other Assets Spend Value (US$ Million), 2019 - 2028
Table 30: India NFT Currency Ethereum - Spend Value (US$ Million), 2019 - 2028
Table 31: India NFT Currency Solana - Spend Value (US$ Million), 2019 - 2028
Table 32: India NFT Currency Avalanche - Spend Value (US$ Million), 2019 - 2028
Table 33: India NFT Currency Polygon - Spend Value (US$ Million), 2019 - 2028
Table 34: India NFT Currency BSC - Spend Value (US$ Million), 2019 - 2028
Table 35: India NFT Currency Flow - Spend Value (US$ Million), 2019 - 2028
Table 36: India NFT Currency WAX - Spend Value (US$ Million), 2019 - 2028
Table 37: India NFT Currency Ronin - Spend Value (US$ Million), 2019 - 2028
