Meet 5 Indian startups using NFT tech in innovative ways

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Meet 5 Indian startups using NFT tech in innovative ways

In 2021, non-fungible tokens (NFTs) took the world by storm, with the sale of tens of million-dollar NFTs by various global artists, musicians and actors. The same year, Indian MNCs like Tech Mahindra and music labels like T-Series jumped on the NFT bandwagon and Indian A-list celebrities including Kamal Hassan, Sunil Gavaskar and Yuvraj Singh unveiled their NFT collection.

However, this year, with the crypto market experiencing a downward trend over the past few months, liquidity and trading volumes in the global NFT market have declined.

According to data from The Block Research, NFT sales worth $12.22 billion were recorded in the second quarter of 2022, down 63.93% from the first quarter, which saw NFT sales of $33.88 billion.

Representation image of NFT

Nevertheless, the macro market trends have not stopped Indian innovators, founders, entrepreneurs and builders from continuing to believe in the transformative potential of NFT technology.

In fact, several Indian startups are actively making use of NFT technology, demonstrating how blockchain-based asset ownership can bring about significant changes in a wide range of industries, including real estate, music and advertising. At the same time, these Indian startups are also tackling some of the most pressing concerns, such as the Indian agricultural crisis and climate action through NFTs.

Here are five such Indian NFT startups that are using NFT technology in innovative ways.

Estate protocol

Founded by Parv Prabhakar, Ryan Smith and Cody Coex Foo in 2022, Estate protocolbrings ownership of real estate through NFTs.

In a conversation with The decryption story, Parv said: “We are trying to solve the inefficiencies in the real estate market by making real estate purchases accessible to the rest of the 90% of the population and democratizing the exclusive system, which was previously limited to the elite class.”

The startup enables fractional ownership of NFTs, where investors can split the cost of owning real estate between multiple people, lowering the amount of capital needed to enter the market. “With fractionalization, we shift the power to a common man who can buy NFTs and get ownership,” said Parv.

In 2021, the startup raised $50,000 in a Pre-Seed round. It is in the process of closing $1 million in financing by September of this year.

FanTiger

Started by ex-Gaana CEO Prashan Agarwal, FanTigerconnecting artists with fans through NFTs. Owning a fractionalized NFT of a song allows the holder to earn royalty income based on the song’s performance on Spotify, YouTube, Gaana and other platforms.

In a conversation with The decryption story, Prashan said: “With music streaming, artists usually hand over copyright and royalty income to platforms and record labels, and they work for a fixed fee. As a result, their income is reduced, and they end up making most of their income (up to 90% in many cases) from opportunities. With FanTiger NFTs, artists and fans can directly own music rights and IPs, earn more through royalty income, and gain more upside.”

The platform has joined artists like Sunanda Sharma and Naalayak for their music releases. It claims that there are several more partnerships in the pipeline, with a focus on music in languages ​​such as Punjabi, Tamil, Marathi and Bhojpuri.

OffsetFarm

Founded by Saurabh Saraf and Ankit Mathur in 2021, Offset Farm address climate action through NFTs. The startup allows investors to pre-finance climate projects listed on the platform, and in return the investments are represented by NFTs called SPROUT.

The firm has also introduced an OFFSET token, which is backed by a carbon credit, and is equivalent to one ton of CO2 saved.

Previously, in a conversation with The decryption story, Saurabh explained, “SPROUT is symbolic of any small budding plant and our SPROUT token grows and offers users carbon credits. Investors who buy SPROUTs are essentially securing counteroffers at a discount to market price. We looked at how we could the project’s carbon credits show and be able to offer it to investors.”

In addition, the startup states that users can access all project-related information through NFTs.

Bru Finance

Founded by Ashish Anand, Falguni Pandit and Abhishek Bhattacharya in 2018, Bru Finance is a decentralized lending platform that helps farmers avail loans through NFTs.

The NFTs are backed by agricultural commodities and are represented in the form of warehouse receipts. Farmers can then avail loans from banks against these NFTs.

In a conversation with The decryption story, Ashish said, “This is a way for farmers to lock their real assets on a custodial platform and get loans against it. We have already signed over $500 million worth of commodities on our platform and across 1,400 warehouses.”

In the future, Bru plans to add partnerships around the world and target emerging markets for the tokenization of real assets.

Revise

Co-founded by Anil Dukkipatty and Raunaq Vaisoha, Revise helps developers turn their static NFTs into interactive ones to adapt to programs and real events.

Earlier, in a conversation with The decryption story, Raunaq said it’s this programmability that the startup aims to enable so that NFTs can go beyond JPEG images and become utilities and game assets. “You have an NFT, we allow developers to write a program that allows users to connect it to programs,” Raunaq said.

Additionally, the startup has partnered with metaverse platform WeMeta to launch NFT billboards to advertise in the metaverse. “By turning static NFTs into dynamic ones, creators can embed ads on them, sign brands and open up a new revenue stream,” Raunaq said.

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