Major Advancements in NFTs in Two of the biggest economies of the world.

    The world’s largest Bitcoin and cryptocurrency exchange, Binance, introduces its first-ever Indian NFT collection based on mythology on Monday.

    The collection, called MetaMasters, is inspired by Indian mythology and folklores from Southeast Asia, Japan and China.

    The Indian NFT Collection will be available for the 30 million global users of Binance.

    What is MetaMasters?

    The MetaMasters NFT collection has been created by Europe based storyteller Sourav Roy and Singapore-based Tech entrepreneur, Sandeep Bhatia. The concept behind MetaMasters is to provide the collectors a value for their money, functionality and a unique utility for their NFTS.

    MetaMasters are described as powerful celestial beings, much like the ones found in mythologies, who travel through space and time to bring fortune to their collectors.

    Not surprisingly, this is the USP (Unique Selling Proposition) behind the MetaMasters too-“888 times more money, wealth and profits to collectors”.

    The floor price of the NFT has been set at $387.92 and 3,564 items have been listed for sale on Binance. According to the description given on Binance, the first in the series would be MetaMaster MahaDev.

    Stating that collectors got tired of the “same type of pixelated, zero-utility NFTs”, Roy spoke about the inspiration behind this collection. “We focussed on a unique blend of storytelling from India, China, Vietnam, Philippines and Turkey to create MetaMasters.” said Roy.

    China releases a platform for NFTs in the country.

    The BSN Decentralized Digital Certificate (BSN-DDC) Network, an organisation dedicated to NFT’s adoption in China has been soft launched, according to the announcement by the Blockchain-based Service Network (BSN).

    Owing to China’s ban of cryptocurrencies, the Non-fungible tokens outside china are differentiated from the ones within the country, by renaming NFT as Decentralized Digital Certificate (DDC) by BSN. 

    What is Decentralized Digital Certificate (DDC)?

    Yifan He, the CEO of Red Date Technology and Executive Director of BSN Development Association described the NFT/DDC technology as a digital certification and distributed database technology that can be applied in any scenario where digital proof is required.

    “We anticipate billions of DDCs issued annually in China in the future. The biggest market for DDCs lies in certificate and account management for all types of businesses”, stated Yifan He.

    Currently, the BSN DDC Network has soft-launched with eight platform operators. Additionally, seven OPBs (Open Permissioned Blockchains) including Ethereum, Cosmos/IRISnet, and EOS are also launched. All DDCs will be stored such as to comply with Chinese regulations.

    The Open Permissioned Blockchains that are available, are localised versions of their counterparts where no restriction is placed on the participation. These OPBs set restrictions on who can participate and use the fiat currency for their payments.

    The BSN-DDC Network in China provides the most diversified, transparent, trustworthy, and dependable environment for minting and managing DDCs.

    With the active participation of more and more countries, the NFT marketplace is exponentially expanding and is giving opportunities for high returns on investment to the users.

    The evaluation of NFTs market ballooned to a massive $41 billion in 2021 and is said to be catching up to the total size of the global fine art market.

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