Creators and Influencers Join The Nft Wave To Create New Revenue Stream in India

Earlier this year in January, a Singapore-based Chinese influencer Yuqing Irene sold an NFT (non-fungible token) pack for approximately $5.5million. Last year a Polish influencer who goes by the name Martirenti on Instagram sold an NFT for close to $250,000. It was about time that this NFT tokenization paradigm hits in India too. This paradigm shift has now made content creators and influencers look past likes, shares, and comments.

NFTs are gradually providing platform-independent monetization options for creators and influencers in India who are now exploring other opportunities beyond collaborations and paid partnerships. Thanks to blockchains, artists are putting a price tag on bits and pieces of their content itself. They are also memorializing their work in the process.

Creators and Influencers in India in NFT Space

Financial influencer Sharan Hegde was one of the first movers in the NFT space. He came up with his own NFT. The NFT was a five-second animated art of Hegde doing his signature outro and putting it on auction. While the base price of the exclusive digital token was around 700 Rupees it was sold to the highest bidder at 65,000 Rupees.

NFT Influencer India Sharad Hegde Humans and Gods

Hedge’s ultimate aim was mostly to educate his followers about NFT. In addition, his intent was to explain to the fans how it is simply not an artwork that can be saved in the gallery as a screenshot.

He said that he did this to help millions of Indians to educate themselves on the applications of NFTs in India, he also added that the party was just getting started. Further, he said that now that the celebrities are launching their exclusive NFTs, Likewise, content creators and influencers can also create their own NFTs to create digital assets for their supporters. 

From Hegde’s perspective, story-based NFTs don’t work in India as they do in the Western market. Application-based NFTs are easier to sell in India.

Check it out-Indian Actor Arya Signs up for NFTs!

What are application-based NFTs?

Application-based NFTs are fundamentally incentives added to an NFT for its buyer. Sometimes it also means that the collaborations, and exclusive access to communities while on other occasions it can also be the ticket to an in-person meeting with the creator or artist himself.

Hedge’s NFT promises its buyer a collaboration with him on Instagram. According to him, this step is the way ahead to not just add another revenue channel but create an ecosystem where buyers are also rewarded for placing a bid for an NFT.

Gaurav Jain, founder of social media and influencer marketing agency Creator’s Gram states – that creating NFTs eliminates the role of middlemen when it comes to monetization.

Further Jain thinks that- while a creator can sell their NFT independent of platforms they are also not obliged to give any cut to any party, and also emphasizes the fact that NFTs as a monetization option is here to stay.

Jain also says that more often than not creator content is repurposed and the creator is not compensated properly for the same. Creators are also expected to pay huge cuts to the platforms they host their NFT content on.

In short, NFTs provide a way to reach out to fans directly and in the process create an even bigger fan following for creators and influencers, according to Jain.

Innovation with NFTs

Talking of opportunities, popular television face Vishal Malhotra is setting up a film that is entirely funded by the sale of his NFTs. What started as just a portfolio expansion for Malhotra in June 2021 is now set to create history. Malhotra’s directorial debut film is not just funded by NFTs but is also forming financial value for its stakeholders even before its actual release.

Malhotra has sold eight NFTs in the last year. The NFT sales helped him collect between 15 lakh to 20 lakh Rupees.

According to the director, the film is his way of giving back to the industry and the profession that he has been in for close to around three decades, it is also about creating value adds for those who have invested in his NFTs. Investors are divided into categories such as platinum, gold, silver, and bronze tickets and they get producer credit in the end scroll.

Further Malhotra also believes that being a part of the first NFT crowdfunded film also increases the value of their stakes.

The hype around the novelty of the film has already skyrocketed the prices of the digital assets associated with the film. The floor price of one of Malhotra’s NFTs which was around 1.5 ETH, is now lurking around25ETH. This shows the impact of the trend and the sea of opportunities that lie for creators and influencers.

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NFTHI does not recommend any kind of Investment in NFTs or NFT trading. All the strategies are merely educational references.

Conduct thorough research before you start with NFT trading.

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