• Market size
• Number of creators Active participants
• NFT opportunities in India
• The industry leaders by revenue. This will include players such as Diginoor, Bollycoin, and Wall.app.

Data Availability

• Initial research indicates that the data availability regarding;
• Market size
• Number of creators Active participants
• The industry leaders by revenue
• is low in the public domain.
• Hence, we have pivoted the research to look for other helpful information relevant to the project goals. This is reflected in our findings and in the scoping options below.
• However, data availability regarding NFT opportunities in India is adequate in the public domain. An overview of this is provided below as part of the helpful findings.

Helpful Findings

• According to Mint, as of now, it is hard to estimate the market size of NFT in India.
• India's NFT space "got off to a start when WazirX announced the country's first NFT marketplace on June 1, 2021.
• WazirX revealed that it was flooded with applications from creators and collectors. It received over 15,000 applications from creators and collectors.
• The marketplace already has 15 creators and more than 300 creators have been ‘whitelisted’ to display their work on the marketplace.
• Since then, a lot of exchanges have launched NFT services.
• Between April and June, Twitter revealed that the volume of conversations around NFTs grew in India.
• During the three months, the discussion grew by 43%.
• The launch of Amitabh Bachchan's NFT collection is expected to set the pace towards understand how the sector is going to evolve in India.

• In July this year, TV anchor Vishal Malhotra released an NFT, which reportedly sold for about 2.5 ethers ($5,500), which is around ₹ 4.12 lakhs.

• Samar Khan, an illustrator who runs the popular page Metrodoodle on Instagram opined that NFT is something new for the Indian market and for creators and also a novel way to sell.

NFT Opprotunities in India

• Indian artists sees NFT as a new way to monetise their creations.
• Poets and artistes view NFT as a means to directly reach their audience and in the process also earn from them.
• Previously, artistes had to "look towards traditional exhibitions and brands, which involved going through middlemen and the process was time-consuming and sometimes frustrating. Then YouTube and platforms like it offered a solution, but it did not work for everyone. NFT, on the other hand, offered them a way to draw people and offer them a personal experience."

Global NFT Market

• According to and article Reuters, the proportion of NFT sales during the first half of 2021 grew to $2.5 billion.
• From Q2 to Q3 2021, NFT sales increased eight times to $10.7 billion, according to DappRadar.
• Cryptocurrency exchange WazirX had launched WazirX NFT Marketplace and it has onboarded 517 creators and 357 collectors.

Summary

• We focused the initial research hour on trying to find the required data points about the NFT market space in India.
• Initial research revealed that information regarding this topic is very low in the public domain.
•  Market reports in the public domain with information about the size of the global NFT market (which could be used to trinagulate a value for the Indian market) are behind a pay wall.
• Based on our research, the low availability of information in the public domain about this topic could be related to the niche nature of the market space.
• According to Mint, as of now, it is hard to estimate the market size of NFT in India." The NFT market in the currently only kiccked off in the first half of 2021.
• Based on the low turnout of data on the above topic, we recommend diverting the focal point of our findings towards existing/available resources/information about headless commerce in the public domain.
• Available data points/recommended research part include: Opportunities in the space, barriers expected to hinder the industry's growth in India, and a competitive analysis of the Indian NFT companies.
• Details of our recommended research parts are provided below.