India is home to the third-largest number of NFT companies in the world, as per a report by community platform NFT Club.
The NFT Club claims to be a community platform offering resources to help new users understand about the industry.
According to the community platform’s report titled ‘A World of NFT Adoption’, 11 NFT companies are headquartered in India, just behind the US and Singapore. Indian NFT marketplaces formed 5.02% of the total NFT companies in the world led by players such as WazirX, Jupiter, among others, as per Inc42.
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“India is known for having a strong IT and communications sector so it should come as no surprise that a country this big is one of the top places for NFT companies,” the report said.
The USA reportedly tops the list with 91 NFT companies, while at second place Singapore plays host to 24 NFT players.
The report sourced data from Google searches and Blockdata to ascertain the popularity of these new-age tokens in 50 countries across the globe, as per Inc42.
The report also found that the Fifth highest number of Google searches for keywords related to NFTs came out of India. In total, more than 3.5 million searches emerged from India during the 12 months of study.
On the other hand, India was at the bottom of the table in terms of NFT searches per 1,000 population. India barely managed around 254 NFT searches per 1,000 population.
Taiwan was at the top with 9,629 searches per 1,000 population, followed by Australia with 8,198 searches and Canada with 8,127 Google searches per 1,000 population.
The report also gave an outline on the valuation of the surveyed NFT companies. No Indian company is featured in the list of the top ten highest-valued NFT companies. The list was led predominantly by US-based companies such as Forte Labs ($910 Mn), OpenSea ($425 Mn), FanCraze ($117.4 Mn), among others. Other companies such as France-based Sorare ($737 Mn) and Canada-based Dapper Labs ($672 Mn) also made the cut, as per Inc42.
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