The 2022 crypto ball has already begun rolling in India with first cryptocurrency index, sports & Bollywood NFTs
With several crypto events coming into play, 2022 is already off to a busy start with cryptocurrencies in India.
2021 has been quite eventful in terms of blockchain technology and cryptocurrencies. The crypto markets reached a record high of US$3 trillion, whereas the decentralised finance sector managed to break records with total value locked (TVL) crossing US$235 billion. The year saw increased growth and deeper penetration of blockchain technology into mainstream sectors.
While crypto domination rose up in India, there were also several reports doing the rounds regarding crypto regulation in India. Recently, CryptoWire, a Mumbai based crypto app from TickerPlant, launched India’s first cryptocurrency index IC15 to measure the performance of the 15 most popular cryptocurrencies on leading global crypto exchanges.
Crypto became one of the hottest buzzwords in the Indian economy in 2021, whether it pertained to expansion of crypto exchanges in India or Bollywood celebrities entering the crypto game to launch their own NFTs, or a host of projects being launched in the DeFi space.
Investors from tier 2 and 3 cities in India are predicted to join the crypto game, adding to the already burgeoning numbers.
Tarusha Mittal, COO and Co-Founder of OroPocket, a platform that claims to provide an alternative investment platform that enables users to have financial freedom and owned funds, believes 2022 will be even more eventful.
I believe 2022 would be even more eventful. I feel there will be greater retail adoption in the crypto sector. I also feel that more NFTs would be launched and more used cases that would be explored for NFTs. I foresee many more entrepreneurs kicking off their venture or bringing their venture from web 2 to web 3 in 2022
“I believe 2022 would be even more eventful. I feel there will be greater retail adoption in the crypto sector. I also feel that more NFTs would be launched and more used cases that would be explored for NFTs. I foresee many more entrepreneurs kicking off their venture or bringing their venture from web 2 to web 3 in 2022.”
The price of BTCs have risen to all time high. Crypto market has created more millionaires than any industry just by holding these assets in 2021.
By appreciating how cryptos such as Bitcoin function can help one understand what else blockchain technology can do and hence has given birth to NFTs, DeFi, CBDCs, stablecoins, and bonds, equities, real estate, and commodities in a digitised form
“Easy to see why there has been so much interest in cryptocurrencies, a classic case of Fear Of Missing Out – FOMO. But, by appreciating how cryptos such as Bitcoin function can help one understand what else blockchain technology can do and hence has given birth to NFTs, DeFi, CBDCs, stablecoins, and bonds, equities, real estate, and commodities in a digitised form,” he says.
“Looks like 2022 will be exciting and busy and set to impact on business, society and the economy,” he predicts.
Sports NFTs have emerged as a game-changer in digital assets, providing fans a once-in-a-lifetime opportunity to not only acquire unique ownership rights on these historic collectables but also generate revenue and experience some of the best fan moments.
Last week, the world’s first authentic cricket augmented reality non-fungible NFT auction, conducted by CricFlix in association with RevSportz and Fanatic Sports, witnessed bidding as high as US$25,000 for digital rights of a bat signed by MS Dhoni-led 2011 World Cup-winning team. Australia batsman David Warner’s 2016 IPL-winning signed jersey topped the chart with the highest bid of US 30,000.
Among other interesting items were Sachin Tendulkar’s retirement Test ticket, Lata Mangeshkar concert recording for the 1983 World Cup-winning team, and Balasaheb Thackeray cartoons and autographs from India’s first tour of Pakistan in 1952.
“The Cricket NFT AR market store auction was a 100% record breaking success having sold out all 23 items in one NFT auction. The entire catalogue was sold out for US$ 335,950 (Approximately INR 2.5 Crore),” said Anwar Hussein, Co-founder of CricFlix.
“Cricflix has already captured around 960+ of the world’s rarest ever cricket memorabilia in their purest form to digital and already started preserving them in blockchain for the future generations,” he added.