The Belfrics Group, an early adopter of blockchain and cryptocurrencies in India, recently launched its own NFT exchange platform, BelNFT. According to the company, this is part of the Belfrics Group’s larger business strategy, which recently announced a US $ 15 million investment in the blockchain and cryptocurrency business in India.
According to the company, the BelNFT platform helps users tokenize real assets and buy, sell, or trade NFTs in a secure and reliable way. In an email exchange with FE Online, Praveen Kumar, Founder and CEO of Belfrics Group, details how BelNFT differs from other NFT marketplaces in India and the platform. Edited excerpt:
There are numerous NFT marketplaces in India. What’s new in BelNFT?
While most NFT platforms in India create digital NFTs directly for their customers, BelNFT tokenizes existing physical forms into digital assets and converts them to NFTs. Belfrics is also one of India’s only platforms with a unique verification process that validates all NFT transactions to ensure that customers buy genuine digital assets at the right price. Finally, the KYC-based blockchain platform – Belrium plays a key role in addressing some of the complex regulatory requirements that these new era assets may face in the near future.
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Given that the government is skeptical of virtual digital assets, do you think NFTs and Metaverse have a great future in India?
NFT is considered an asset in the near future and I am convinced that countries like India, rich in art, architecture, sports, film and culture for centuries, are a good market for innovation and creativity. .. This NFT repository can act as a feeder for creating a Metaverse digital environment.
Who can use BelNFT?
From the creator’s point of view, our focus is on the Indian artist community, which has created the physical form of the work of art that can be licensed for digitization. The buyer can be anyone who is devoted to digital assets. It is also aimed at people who are trying to create a metaverse environment in the future. That is, look for physical assets that are allowed to be converted to digital assets.
How to use BelNFT Marketplace?
All NFTs can be tokenized using dAPP (Decentralized App). In this case, the onboarding individual or institution tokenizes the physical asset and converts it into a digital asset. When a customer registers with the BelNFT platform, they need to send KYC data to create their own wallet. All NFTs have either a standard price from the seller or an auction price. Depending on the level of interest, you can bid on a particular NFT and the highest bidder will get it.
What are all the items that can be converted with BelNFT?
We target creators in a variety of industries, including games, music, products, and personality. Items such as art, architecture, sports, Indian films, print media and more. We are currently focusing on these four categories, but expect to expand to multiple sectors.