India well poised to emerge as front runner in NFT market. Here's why

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India's vast scope has made the country well poised for becoming the front runner in the non-fungible tokens (NFT) space. NFTs are unique, unlike other cryptocurrencies that are fungible. NFTs are the cryptographic assets on a blockchain that are not exchangeable because of their nature of being distinguished from each other. That said, NFTs are not interchangeable with any other crypto avenues.

Abhay Agarwal, founder, and CEO of Colexion which is Asia's Largest blockchain-based NFT marketplace, said India has been home to one of the strongest IT and Communications landscapes, globally. Extrapolating its mettle, it is also emerging as the front runner in the NFT space.

Notably, there are about 11 NFT companies headquartered in India, closely lagging the US and Singapore.

As per Agarwal, the country's NFT marketplaces form 5.02% of the total NFT companies in the world.

He said, " India has always been a powerhouse of creativity and talent. NFTs provide the appropriate and seamless reach for artists to showcase their work digitally, at a much larger scale."

Data from Chainalysis Inc showed that central and southern Asia have e emerged as global leaders in web traffic to NFT marketplaces, accounting for 35% of the $22 billion in the global trade of NFTs.

"Web3.0 and Metaverse are ushering in a new era for web users, crypto assets, and blockchain," Agarwal said.

Last year, WazirX launched South Asia's first NFT marketplace and 15 NFT creators, pan-Asia. In Agarwal's opinion, this encouraged the nation’s participation in crypto assets and NFTs. The minimal gas fees on the NFTs were the icing on the cake for existing and potential creators.

Indian investors have shown promising interest in the NFT marketplace. There is an