Research Outline

NFT Landscape in India


To provide an overview of the NFT market in India. An ideal response will include:
  • 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

Early Findings

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

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


  • 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.