Why India Isn’t Buying NFTs (Yet)

Why India Isn’t Buying NFTs (Yet)
2022 is expected to be the year of non-fungible tokens (NFTs). At $40 billion, the global market capitalization for NFTs is inching closer to the entire global art market cap of $50 billion. However, one of the potentially largest markets for NFTs – India – is facing teething troubles.Indian experiments with NFTs have grown rapidly in the last eight months or so. In June 2021, WazirX, India’s largest cryptocurrency exchange, launched an NFT marketplace predominantly for Indian artists. In the time since, multiple Bollywood celebrities and sports stars have launched NFTs. The largest global NFT sale to date, the $69…