India’s entertainment and sports NFT market likely to reach $1 billion

The year 2021 proved to be a better year for Non Fungible Tokens (NFTs). Sports is one of the key areas where the popularity of NFTs can be expected to increase this year. The Deloitte Technology and Telecommunications TMT Prediction 2022 report states that the global sports NFT sector will see over $2 billion in transactions this year. Reports suggest that India’s sports and entertainment NFT sector will grow to $1 billion in the coming years.

In its report, Deloitte has claimed that in the year 2022, the best environment for NFT will be seen from the sports industry. Limited-edition video clips and player cards are expected to sell well. The report said that despite the limited IPR in sports NFTs, this year can see good demand.

Talking about India’s sports and entertainment NFT sector, many film and cricket personalities have also stepped in to take advantage of digital collections. Bollywood star Amitabh Bachchan’s NFT earned around $1 million (about Rs 7.5 crore) in the country’s first such auction. This shows that this sector in India is now growing rapidly.

The Deloitte report says that in India with a population of over 500 million cricket fans, Bollywood and regional cinema, the NFT market for cinema and sports alone has the potential to cross $1 billion (approximately Rs.7,545 crore) in value. However, this report says that cooperative regulatory policies are needed to fully utilize the potential of the NFT market. It is anticipated that NFT based market will become a reality in the coming time for movies and sports.

Significantly, due to the tremendous popularity of crypto assets, the sale of non-fungible tokens (NFT) reached $ 25 billion (about Rs 1,84,690 crore) worldwide in the year 2021. In March last year, an NFT artwork earned a record $69.3 million (about Rs 510 crore) in a sale on Christie’s. Some of the world’s top brands, including Coca Cola, Gucci, have also sold NFTs. The sales volume of NFTs stood at $24.9 billion (approximately Rs 1,83,960 crore) in 2021, while it was only $94.9 million (approximately Rs 700 crore) in 2020. About 28.6 million wallets traded NFTs in 2021, up from about 545,000 wallets in 2020.