Will crypto bill also set a path for NFTs?

New Delhi: Non-fungible tokens (NFT) are the latest fad among the cryptocurrency investors eyeing to buy the latest artworks in the digital form.

NFTs are digital art collectibles that derive value from being unique and rare digital collectibles. The value of NFTs depends on the buyer\’s interest and bidding in auctions. The concept is in an early phase of growth.

Industry experts are hoping that the segment would get some clarity after the proposed cryptocurrency bill gets cleared in Parliament during the ongoing session. The bill aims to roll out the regulatory framework such as legal status, classification and taxation of digital assets.

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Vishakha Singh, VP at WazirX NFT Marketplace, says the bill is a welcome move. Blockchain is all about transparency and traceability, she says. \”Our current set of users are early adopters, tech-savvy creators and collectors who believe in this underlying thought,\” she says, adding that NFTs as a stream of revenue or as an asset were unavailable to users before the pandemic.

Market experts suggest NFT holders maintain transparency and declare any source of income via NFTs till an appropriate system is put in place.

Ashish Singhal, founder & CEO of CoinSwitch Kuber, and Co-Chair of The Blockchain and Crypto Assets Council, says he is excited to see the implementation of NFTs beyond just as investments as they propose revolutionary use-cases that can transform industries all over. However, these are still early days for blockchains and NFTs; and both are tightly knit together. NFTs are categorically an asset class, and provide a tremendous opportunity for artists across the country to generate new income streams.

Crypto regulations will definitely have an impact on the NFT space, says Toshendra Sharma, founder and CEO, NFTically, a NFT marketplace. \”NFT holders should be patient and wait for more clarity on this.\”

However, there are a number of celebrities who have either entered or are eyeing to enter the NFT arena. The list includes megastars such as Amitabh Bachchan, Salman Khan and Ranveer Singh.

\”Despite the ambiguity, the sentiment of the community stays strong,\” says Sharma of NFTically. \”Celebrities and creators that have ventured into the arena of minting their digital assets still look forward to reaching out to their audiences via the medium.\”

Shivam Thakral, CEO, BuyUcoin, says innovations like NFT should not be discouraged and the Indian government should make a regulatory framework for these and other crypto assets. The NFT market operates slightly on a different terrain from cryptocurrency. \”NFTs and crypto assets are a part of the blockchain revolution and their global nature enables them to grow in every situation,\” he adds.

(NFTs are not illegal in India but do not have a separate legal framework either. These are highly speculative assets, and are volatile. Investors must do extensive research before looking at them.)

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