Mondelez International, the parent of the Cadbury confectionery company, recently launch an NFT-centric initiative in India, despite prevailing regulatory uncertainties.
India has an appetite for immersive experience, Anil Viswanathan, Vice President – Marketing, Mondelez India said.
In association with blockchain platform, GuardianLink, the Cadbury Gems brand launch the ‘Junior NFT’ campaign.
Under this programme, Cadbury Gems is converting artwork made by kids into non-fungible tokens (NFTs) with the intention to donate the proceeds from their sales to rehabilitate underprivileged children.
Anil Viswanathan Said :
In order to create a riveting experience for the early Web3 adopters from India, a special microsite has created.
Parents who wish to upload their child’s artwork for this NFT campaign must register on this site.
Cadbury Gems forays into NFTshttps://t.co/xhoToHsXw2 pic.twitter.com/mBHt5TYY9x
— Campaign India (@Campaign_India) July 20, 2022
As these entries, the confectionery company will make a one-of-its-kind online gallery of digital collectibles.
Potential buyers will be given an opportunity to purchase these unique assets through fiat currency.
These NFT pieces can also be resold repeatedly.
Anil Viswanathan Said :
Right now, the status of NFTs is unclear in-terms of its counting under the ‘Virtual Digital Assets (VDA) classification in India.
By the end of 2022, the finance ministry may provide more clarity on the same.
The backing by popular brands like Cadbury could be game-changing for the NFT industry in a market as diverse and large as India’s.
Initiatives like these open roads to the NFT arena for common Indians, who run the country’s tech engagements and economy.
Earlier in 2022, Indian blockchain e-sports Firm ‘STAN’ enter into a strategic NFT partnership with three Battlegrounds Mobile India (BGMI) pro teams to generate fan-engagements for its business, as well as for the NFT industry.
At this time, when the overall crypto market is struggling to overcome market volatility, the NFT industry is also going through a bit of a setback.
Data from top NFT trading marketplaces such as OpenSea has recently reveale that NFT trading volumes have fallen off a cliff in recent months, now at their lowest levels since July 2021.
According to crypto analytics community Dune data, OpenSea’s trading volume hit a peak of around $5.8 billion (approx. Rs. 46,408 crore) in January.
Trading on the platform has steadily decline throughout the first two quarters of the year, sliding to $3.1 billion (approx. Rs. 24,805 crore) in May.