MakeMyTrip, an online travel provider, entered the non-fungible token (NFT) market earlier this week. While MMT’s venture was highly publicized, one peculiar feature of MMT’s NFTs was that they did not include cryptocurrencies.
Each NFT on MMT’s platform costs INR 14,999, and purchasers do not require a cryptocurrency wallet or cryptocurrency holdings to acquire them. However, once purchased, users may trade them like any other NFT on MMT’s platform or on OpenSea, one of the world’s largest NFT platforms. They can even use cryptocurrencies to trade once the NFTs have been purchased.
The MMT NFTs are a case in point that has been brewing in the industry for some time. Despite the fact that both NFTs and cryptos use blockchain technology, experts have argued that NFTs should not be subjected to the same rules and regulations as cryptocurrencies.
NFTs employ blockchain technology to represent ownership of a digital asset as a technology. In simple words, they’re the digital counterpart of a deed, which establishes who owns what. Although MMT’s platform isn’t the first to employ fiat cash for NFT sales, it is one of the most popular.
MG Motors, a car manufacturer, sold NFTs in fiat currency in December 2021, while UV Creations and online gaming platform Spartan Poker did the same in December 2022. Requests for response from MakeMyTrip and MG Motors were not returned.
All of these companies employed a platform called ngageN, which was created by KoineArth, a local blockchain company that also created the digital passport function on the MG Astor.
“Brands are frequently concerned about the regulatory environment surrounding cryptocurrency,” says one expert “Sharma stated his opinion. “There are fears regarding crypto exposure,” says the author. They’re worried that government regulations may make it unviable for them (in future). Especially legal and compliance teams say they shouldn’t be doing this,” he added.
In the future, systems like this, according to Chandra, might fully exclude cryptocurrencies from NFT sales. Chandra pointed out that a platform like nGageN can be used to trade any asset, including traditional assets for NFTs and vice versa, in addition to trading NFTs for fiat currencies.
In future, Chandra takes note of that stages like these could remove cryptographic forms of money totally from the situation with regards to NFT deals. Chandra noticed that a stage like nGageN cannot exclusively be utilized for exchanging NFTs for government issued types of money, it can likewise be utilized to exchange any resources, or conventional resources for NFTs as well as the other way around.
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