NFT platforms will be able to move to a system where NFTs can be traded in terms of a central bank digital currency or even a fiat currency, but it could disrupt business
The buzz around the ban on cryptocurrencies in India has created an uncertain environment for crypto exchanges. Ecosystem players working in spaces like non-fungible tokens and blockchain too are in a tizzy. Many founders are planning to move their businesses to either the UAE or Singapore.
According to the data from Venture Intelligence, funding for crypto- and blockchain-related start-ups in India rose 20-fold this year. While CY2020 saw five such start-ups receiving $8 million, 24 companies attracted $502 million this year to date.
The data from Tracxn shows that 376 firms have been founded in cryptocurrencies since 2011. Similarly, India saw 711 start-ups being founded in the blockchain category and around 12 in the NFT category.
First Published: Nov 26 2021 | 6:02 AM IST