 And thanks, Ganesh, for the introduction to NFTs. And we are starting this panel. This is NFT as an asset class, as an investment class. So we have a panelist with us, we will discuss about it. I want to start with, is NFT emerging as a new asset class and an investment class? How do you see it? Hello, everyone. So it's a first session after the lunch. So probably you'll be in your own metaverse. So we are trying to get you over here. With respect to NFTs, NFTs are kind of a digital asset. It's kind of an immutable identity. You attach to any digital entity, then that will become the digital asset. And it has huge potential. And there are a lot of use cases you can build around that. And what we are seeing is just the digital collectables that is called as NFT. But there is more meaning to it. And there are more potential opportunities which you can do with that digital asset which you identified. So that's how I see NFT as a digital asset class. Hi, guys. Thanks, Priya. So for me, yes, NFT is a digital asset. And the reason behind that is that any creators or any artist who creates an artwork is a unique digital asset by itself. So NFT is a unique digital asset. It can be traded. It can be bought. It can be sold. It has a value to it. So definitely, again, it can be a digital asset. It's like the traditional time when we used to collect stamps or a vintage car or any of those sort. Similarly, this is a collectible which can have a price which can be rare. And it is an asset at the end of the same. So yeah, I also agree to that. Definitely NFT is an asset. And how I like to see it is to look at it from a broader picture, if you see it, that how the future of digital transformation is, where it is going. And based out of that, you can see how NFT can be used. So I like to see NFTs as a whole with the entire ecosystem. For example, if we talk about it, the first major chunk is metaverse and gaming. Gaming is a $200 billion industry today. And NFTs are revolutionizing how people are interacting in a game, how they are monetizing the digital content within a game. And same is with metaverse. And it is interesting how in metaverse, metaverse, again, is expected to be a $700 billion industry by 2030 and is growing with a CAGR of 47%. And to anyone to navigate within metaverse, you need NFT as an asset. So today is the time when you can actually get a collateral loan for a minute. But what is an asset? Which holds a value? You can transact with that. So what I'm trying to establish here is with the change in the digital world today, NFT will be one very important part to navigate in these realm of this new future digital world. And we have seen so many sessions yesterday about gaming where so many games out there, whether it be XA Infinity or Kitty Cryptos and all of that, they are using NFTs as an asset within the game where you can have an opportunity to play and earn. And so these are mostly related to the ecosystem. But apart from that, there are standalone projects where artists are selling their art and collectors. Oh, sorry. And the second part is the standalone projects. Apart from metaverse and gaming, the standalone projects where people are actually selling their arts and whether arts or sport NFTs. So that's a different feel altogether. And I really strongly believe that in the future, right now it is mostly around people who are designer, technologist, or entrepreneurs. But I would like to see how it scales up and goes to the local level when people can actually do those transactions. And the creatives can utilize this platform to sell the NFTs worldwide. So definitely with that, I really feel that it is an asset and it's going to go a long way. So adding to it, very well said. For me, NFTs are definitely, as I see, an emerging asset class. But NFT is a technology, basically. We have to understand this thing. So it is going to be a junction of asset classes that are going to be at the front. NFT is a way where we are bringing in more liquidity to these kinds of asset classes. We are investing in, against very similar kind of asset classes. We are investing in real estate, NFTs. We are going to invest in digital NFTs that going to bring in or get us some key or passes to get to some clubs or some definitive, higher element or social norms. But what I feel is like NFT as in technology has given us the privilege now to bring those particular kind of asset classes to the masses as well. So what I feel is NFT as an asset class, yes. But at the same time, we'd love to know, primarily, as I'm a product guy, we all understand. User review is important. But how many of you have actually invested in NFTs? Can you please raise your hands? We all do understand what NFTs are. We are all here to actually, we know the patterns that is going through is dumping. But how many of you actually have invested in NFTs so far? Come on, raise your hands, yes. So penetration is still pending. And this is what, by I say, it's an emerging asset class. And we are going to look forward to it, yeah. Can I just add something to this? Yeah, yeah, sure. So when you ask this question, is NFT a digital asset class or not? So when the word asset comes, asset has a value to it. And many of the NFTs, one needs to understand that it has to have a value, not a digital form, but it has to have a value. If the asset doesn't have a value, then it is of no point buying that particular NFT according to me. Now, how that value comes in, the value can come through any kind of utility behind that particular NFT. Or it can have multiple use cases. Like one can be a physical, like digital, what we call it as. So you know that NFT represents a physical NFT, where somebody buys that and they get a physical product to their address or to their house. Second is you can unlock content. You know, if somebody says, say for an example, a sports person says that, OK, if you buy my NFT, you get a ticket to the concert or ticket to the sports game which is happening. That's the value behind that. If the fans want that way, then they see that particular asset having a value. So for me, I would say to anybody who is wanting to get into NFT or to buy or sell or whatever, the NFT is not about just the digital artwork. It has to have a value and then only it is an asset class for me. So very well said, adding to it, sorry. With the advent of NFTs, we have seen community as an asset class as well. And that was a very beautiful emergent that came to front. And what I feel in coming times, the way you see BTC as an asset class or the tokens as an asset class, NFTs are going to weigh bigger than this in coming times. Yeah, you rightly put like we are just scratching the surface at this moment. We see the digital collectables as equivalent to NFT. But NFT has more prominent use cases, like if you wanted to register for a sales deed for your land, you can use the NFT. And if you want to transfer ownership of your car, you can do that with NFT. And there are some new emerging tokens that are coming up. They call it a soulbound token, where the NFT is going to the next stage where you kind of attach a person to that soulbound token which is not transferable. And you can attach all your medical records, your personal details to that. And that becomes not transferable, but still that is an NFT. So these kind of use cases are emerging. And we're kind of seeing what is the utility value underlying to invest in an NFT. So that's how the market is emerging. So if somebody owns an NFT, has an NFT, or you don't want to go for an NFT project, so what should he look into it? Like, there are many people, some of them have raised hands, you know, they have an NFT. But if I'm buying it, if I'm doing it from the investment perspective in my portfolio, what are the factors one should take into account? Sure, it's like any other asset class you buy, you just do the basics, like what is the intrinsic value of that asset class. And also, what is the community behind that, and how reputed the author or the organization who's providing the NFT? And what is the fan base and the community support you have for that NFT? So all these needs to be considered, and also the business model, like what is the rarity in that NFT? Like how they're going to mint new NFTs, and what is the asset value that's going to get over a period of time? Whether you'll be able to resell that, whether you'll be able to rent it, or, so these are certain factors which you need to look at before you see like whether I can invest in this NFT. So when I'm purchasing an NFT, should I also see that it's backed by a tangible asset? It's better to invest in that project or rather than a pure digital? I mean, right now, the digital collectable market is maybe, I can speak, maybe many marketplaces are coming out, but the digital, like if you're attaching or anchoring a physical collectable to a digital NFT, that market is kind of still emerging right now. And because you have a tangible value for that NFT, that is going to go places. But there are not many companies doing that because of the custodian regulatory aspect of it. But that place is evolving and emerging. And at least you have a tangible thing to back your NFT. So that space is more interesting. We need to see how that's getting unfolded. Okay, so I totally agree to you and I might add and repeat what you said. So let's take an example that somebody who has come up with an NFT project and we start from beginning, like in real world or maybe in web 2, have you buy a product or have you buy an asset? Similarly, your user, I would say that or buyer, I would say has to consider this particular elements that what this project is all about, what value this will bring in or what uniqueness what he said, as in like what rarity it has, what utility it is having. And at the same time, who are the promoters or founders behind that? Okay, what are their visions? And most importantly is the roadmap for that particular project. If they have any tokens associated with that, then one needs to understand the token economics of that particular project. So I think there are multiple aspects like before you make your decisions to that, buy that particular, also the price points what they are pitching it to, is that overpriced or not? So all these elements would finalize it to a decision that whether you should buy an NFT or not, that's my say to it. With both of my panelists what they said and investing in NFT is definitely high risk, high reward preposition. So how I like to simplify this by adding to what has been said is if we divide the buyers, I like to categorize them in like, divide them in three categories, collectors, investors and commercial buyers. So how does that help to understand that how you can invest or as a creator, who you're creating for. So if you understand the spectrum of those buyers, so how do I like to define it is collectors, for example, are the one who are enthusiast. Enthusiast of art, fashion, sports, hobbies, they are the people who have deeper understanding of what they are buying. They have already have the taste of NFTs, many of the initial NFTs like CryptoPunks, which has a background of like CryptoPunk is based out of punk scene from London from 1970s. So people who understood that, they are the one who made it popular. So they are the real collector, like in real world situation, they have the taste and they want to buy those. And then, but the second most difficult segment of buyers are the investors, who may not understand it as well, but they are the one who are looking for some blue chip project, like potential blue chip projects, which can actually help them making big money. So all that what we said are good checklist for those people who do not understand it that well. So but still to start with, they have to think like an enthusiast, to really see what really inspires you. And then look at the team. I always like to say that, see what the team is talking about that project. What do you feel, what is the purpose of your project? Like how do they define it? And how they are communicating to their community? How they are making that bond with their community members or the buyers. Those are the areas which are very important for the investors, the second segment to look for. And also as I mentioned, it is not NFT should be seen as a whole. Like how is it gonna be used as a utility? Is it gonna use for meta wars? Is it gonna be used for gaming or what? So the commercial user, the third segment, the commercial usage of that is very important to consider while you're buying like how that can define the perceived value of any NFT. Okay. What I said is almost done. Okay, so when we look at the returns of NFT, we have seen some NFT being sold for millions and some not able to fetch so much. So how do you see the return perspective and do you think it's just a bubble or it has, it does offer something? No, I don't agree on that. For example, let it be. How many of you believe that buying a monkey picture for a $1,000,000 or a $5,000,000 is actually a worth? Anyone? It's like buying a BDC when it was $100,000, you know? Now how? How it is an important? For example, if you have a BA YC, right? That is the power of community we are trying to fetch. And now imagine you're flying in Emirates and you have a special club preferences because you have BA YC. You are elite now. You're getting it. And this is what you are getting paid for. This is actually a new form of loyalty programs, a new form of gatekeeping, a new form of, you know, I'm talking about just about digital NFT landscapes, new form of clubbing, meeting people. And this is what mankind has always done throughout the times, you know? There has always been gatekeeping, if you see in the history, there has always been, you know, and we just gave a new technical perspective to it now, which because of the way we have moved from 2G to 2.5 and the way the world is moving towards Web 3, we are highly, the world has, the community has grown to a complete, you know, world global size now. And from the past 30 years, the way we are communicating with each other and the social networking, the way we are doing, I think these type of new loyalty programs and these type of new emergency very much required. And this is what this particular kind of NFTs are putting millions of dollars in a digital monkey pic. It becomes important. I think it's all about the exclusivity you get. So you get a privilege when you invest in such projects and also who's backing that and also the community who has the backing for it. So all this aspect coming to play, definitely there is a bubble, but there is a value as well because of the exclusivity it has. So then I am buying, shall I only look for the exclusivity part of? It depends, like there are new players emerging every day. So you need to rightly point out and see like what is the next BTC or the next BOIC, right? So that is the key. With brands now, I mean, connecting with companies like Yucca Lab and Adidas is kind of having a partnership with them and they're kind of exclusively bringing BOIC-based sneakers and products with the premium. And whoever owns that, they are going to get a special treatment. So in that way that's going to improve the brand value as well as bring more exclusivity to the NFT owners as well. So these kind of business models are emerging and we are still just scratching the surface now. So brands are getting in. Nike had a good run in the recent past and other brands are getting in Gucci and I think Dole's, Cabana, all these European brands are getting in to see some piece of it. And with that, NFT digital collectables when they work with brands is going to create exclusive value. How do you say why it's not just a bubble? Yeah. So I think certain percentage will be like wiped off from the NFT market place for sure or the market. The NFT projects which will not have any kind of underlying assets or they just got into this particular creation of NFT just by the sake of it that okay, everybody's getting into that and I can sell my NFTs for millions of dollars or $100,000, they will be gone if they don't have any kind of underlying assets to that. And I personally think it might be 30, 40% of the NFTs in that space. So that will be wiped off. But we cannot link that with the bubble because as he said, it all depends upon the value proposition, what will be there behind that particular NFT. So we have, I'll talk about my, so we have a market place, but we also have a studio which helps NFT projects for no cost to deploy onto a marketplace and we take care of everything. Now, we had one particular project where that particular lady is a photographer and she said, okay, I want to come up with an NFT project and I asked her that, okay, what utility you would be giving? She said, okay, I will, whoever buys that particular NFT, I will, let's take an example of Bangalore, I'll give that particular NFT holder a city tour. Now, I don't see this kind of stuff will work well. This is not a proper utility what we are talking and for that reason, somebody will go and buy an NFT. So this kind of mindsets and this kind of thoughts which somebody wants to come up with will not work. It has to have an actual life use case. It has to be associated with real time products or real time things. Like I'm sure we might have heard of an NFT project which says, if you are an avid traveler, you buy an NFT for $100,000 and you get lifelong business, let's take it free. Then I will buy 100% I will buy because I travel a lot during the year, similar kind. So I'm saying this kind of projects will work, otherwise it can go off, but it's not a bubble for sure. It will be coming up big time and more and more creative ideas, not only the big brands, but people like us, they are also coming up with good ideas and good business strategies behind this NFTs and they are delivering their value propositions out here. I mean, I'll add to that point that exactly NFT is as strong as the asset it holds. So what is the idea and strategy behind? What are you actually giving to someone? Is that that defines if it is gonna stay or not. So within every technological shift, we always see great hype and great low and then this question arises and I think that is applicable to NFT as well. But I really see that a lot of potential are not just like we discussed in different areas, not just in metaphors or gaming, but like traveling as Bhavish mentioned or healthcare or retail, how value-based NFTs can be conceptualized. Travel like, Jevi just spoke about, I'm based out of United States and so I know that there are eight billion people who travel there and health insurance is one of the major problems. So think of it that if someone is traveling to US and they want to find a good health insurance, can they buy an NFT which can actually provide them? They don't need to find someone who's based out of there and talk to them and get that. So that can be done through NFT or many other thing in fashion as well. The fact that it is borderless, the fact that there's a common currency, all of these helps you in making it.