Delve into the world of NFT with crypto expert Hitesh Malviya

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The popularity of NFTs is immense. Last year, NFTs, which sold for millions of dollars, exploded. Hitesh Malviya is one of the top NFT collectors in the country running an online NFT art gallery called India.crypto. Hitesh has received over 200 NFTs from various collections and artists so far.

Q1. Tell us about your journey from the beginning to the present when you entered the world of cryptography and considered establishing Itsblockchain.com and IBC Capital.

HM: I started writing about cryptocurrencies and blockchain in 2016. At the same time, we launched itsblockchain.com, a media publishing website. It was India’s first media publication specializing in cryptocurrencies, blockchain news and educational articles. The crypto market saw a significant price increase in the bull market in 2017. I have also started offering crypto advisory and investment services under itsblockchain.com. I was billing for my services and products in Bitcoin. My media venture was also a big hit, with millions of page views every month at its peak.

I started IBC Capital last year. IBC Capital is an early stage venture fund investing in Web3 and a Crypto startup around the world. Last year we invested over $ 4 million in over 30 transactions. Our portfolio companies include Strips Finance, Pegaxy, Enjinstarter and more. In 2022, we plan to invest more than $ 10 million in more than 100 web3 companies.

Q2. Being a crypto guru and an investment expert, many people come to you for a variety of advice. From time to time, they know little about the crypto and NFT markets or have the wrong information. Explain exactly what NFTs are and whether it is safe to invest in them.

HM: NFTs are digital information that is usually protected by strong encryption and recorded in the blockchain ledger. This recorded information is difficult to duplicate, easy to transfer, and provides proof of ownership.

Digital information can be in any format, including images, videos, GIFs, emails, tweets, and simple text. After being recorded on the blockchain, they are called NFTs (Non-Fungible Tokens).

Digital artwork is one of the main use cases for NFTs. Artists create artwork as NFTs and sell / auction them on NFT marketplaces such as open oceans and rare rivals.

The value of all kinds of artwork can be $ 1 million or $ 1 as it depends on the price the buyer is willing to pay. Therefore, the rules are the same for NFT Playgrounds. Some NFTs sell for millions, others don’t get buyers and eventually lose value.

It’s also a niche market right now, with less than 500,000 NFT collectors worldwide at this stage, but the potential is so great that NFTs will be available to more than 60% of Internet users over the next decade. increase.

Before investing in an NFT, you need to understand the risks associated with it. You also need to do due diligence before making an investment. NFTs are illiquid, 95% of which will be worthless over the next three years. Therefore, choose your bet accordingly. Investigate further, manage risk and play safely.

Q3. I’ve seen many celebrities enter the NFT market. What do you think about it? Also, what is the current state of NFTs, and will they stay here?

HM: NFTs are a great business opportunity for people with a lot of social media followers, they can sell anything and people will buy it. Influencers and celebrities are beginning to monetize their influence on their followers by offering their own NFT collections. I think this trend will grow significantly in the coming months. In India, it is expected that at least 1000 NFT collections will be released by various celebrities and influencers.

NFTs stay here, but go through a major correction cycle. 95% of the nft collections currently displayed will be worthless in the next three years, but 5% (talented teams, good communities, and funding) will be huge in the near future.

Q4. NFTs are now everywhere, from celebrities to fashion brands to games. According to you, what is the future of NFTs?

HM: NFTs, like digital payment applications, will be a part of our daily lives. NFTs are everywhere, from movie tickets to gift coupons. Brands leverage the potential of NFTs to communicate with their customers and use them for all digital information they share, from invoices to promotional offers.

Q5. Where do you think NFTs will be in 5 years? And what are all the new trends you expect to see in the future?

HM: Over the next five years, some major universities will begin issuing degrees as NFTs.
Some of the major lifestyle brands will start offering rewards on NFTs. Some of the major cinemas will start issuing movie tickets at NFTs. Some of the major event organizers will start creating tickets with NFTs. The movie / song will be released as an NFT. There are so many possibilities and endless possibilities. NFTs show their presence everywhere, from the physical world to the Metaverse.

(The content of ThePrint ValueAd Initiative is a paid sponsored article. ThePrint journalists are not involved in the report or writing.)

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