BelNFT: Non-fungible tokens will be considered as assets in India in near future: Belfrics CEO Praveen Kumar

Belfrics Group, one of the early adopters of blockchain and cryptocurrency in India, recently launched its own NFT exchange platform – BelNFT. The company says it is a part of a larger business strategy of Belfrics Group which recently announced an investment of USD 15 million in their blockchain and crypto operations in India. 

The company says that BelNFT platform would help users to tokenize their real-world assets and help them to buy, sell or trade the NFTs in a safe and secured manner.  In an e-mail interaction with FE Online, Praveen Kumar, Founder and CEO of Belfrics Group, shares what makes BelNFT different from other NFT marketplaces in India and more about the platform. Edited excerpts: 

There are so many NFT marketplace in india. What is new about BelNFTs?

Most NFT platforms in India are directly creating digital NFTs for their customers, while we at BelNFT will be tokenising an existing physical form to digital assets and converting them into NFTs. Belfrics is also one of the only platforms in India with a unique verification process that validates every NFT trade to ensure that the customers buy an authentic digital asset at the right price. Lastly, our KYC based blockchain platform – Belrium plays a crucial role in addressing some of the complex regulatory requirements that these new-age assets might face in the near future.

ALSO READ | NFTically makes Non-Fungible Token minting on Polygon free for some users, reduces gas fee 

Do you think NFTs and metaverse have a great future in India, considering the Govt is sceptical about the virtual digital assets?

I am confident that NFTs will be considered as assets in the near future and a country like India which is rich in art, architecture, sports, cinema and culture spanning over centuries is the right market for innovation and creativity. This repository of NFTs can act as a feeder to the Metaverse digital environment creation.

Who can use BelNFT?

From a creator point of view our focus is on the artists community of India who have created physical forms of their art pieces which could be licensed to digitise. The buyers could be anyone who is inclined towards digital assets. We are also targeting people who are trying to create a metaverse environment in the future, which means they would be scouting for physical assets who have been licensed to convert in to digital assets. 

How to use BelNFT marketplace?

All our NFTs can be tokenised using our dAPPs  (Decentralised Apps) where individuals and institutions that are on-boarded will tokenise their physical assets and convert them in to digital assets. Once the customer registers on to the BelNFT platform, he would have to create his own individual wallet by submitting their KYC data. Every NFT would either have a standard price from the seller or an auction price. Depending on your interest level, you could bid for a particular NFT and the highest bidder would get it. 

What are all items that one can convert in BelNFT?

We are targeting creators across various industries like gaming, music, merchandise, individual personalities, etc. Items like Art, Architecture, Sports,  Indian Cinema and the Print Media. While these four categories would be our focus currently, we are envisioning expanding into multiple sectors. 

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