In the wild scramble to capitalize on the market for non-fungible tokens, Indian partners are investing $1 million and launching a new multi-chain NFT marketplace.
The investor list reportedly includes Amesten Capital, AU 21 capital, X21 Digital, and Moonwhale Ventures, all of which will be involved in what NewsBTC writer Mark Hampton calls a “relentless” effort to drive the NFT market forward.
By creating a vibrant market place for these digital assets that’s working on multiple blockchains, stakeholders are hoping that they can move the chains on how these types of intellectual property are treated in tomorrow’s fintech sector.
“Co-founder of NFT Alley Abhijith Dattatreya, says the company will deploy this latest round of funding to build sleek and intuitive products to cater to the rising needs of an interoperable NFT solution that allows users to exchange value across chains with improved liquidity,” Hampton writes. “The contributions also foster a strategic relationship and fuel regional marketing efforts to drive NFT to mainstream adoption.”
Hampton also characterizes the NFT market thusly:
“The global market for NFTs has continued to grow with increased momentum from Q4 of 2020. NonFungible had reported that NFTs sales within Q1 of 2021exceeded $2.1 billion, representing more than 2,100% growth from the previous quarter, which recorded $93 million in NFTs sales. The industry is no longer just for speculative gains but now drives value creation across sectors.”
With all of that in mind, is now the time to jump on the NFT bandwagon? Here’s some common-sense advice from Motley Fool that pretty much covers the waterfront on major risk factors associated with NFTs:
“If you’re determined to invest in NFTs, set a spending limit and only buy what you can afford to lose. NFTs are highly speculative, so don’t go into it with the expectation of getting rich,” writes Katie Brockman. “Also, it’s a good idea to keep the majority of your money in safer investments, like index funds or ETFs. When the bulk of your portfolio is invested in relatively safe places, you’re in a better position to take on risky investments. NFTs are an interesting new type of investment, but they’re not right for everyone. If you’re curious about NFTs and have cash to spare, it may not hurt to get your feet wet. Otherwise, it’s best to watch this phenomenon unfold from the sidelines where your money is safer.”