In 2021, the art world was turned upside down. JPEGs were selling for crores, celebrities were dropping NFT collections, and digital wallets became the new art galleries. By 2022, it seemed like everyone from Bollywood to Bangalore tech bros was jumping into the NFT gold rush. But in 2025, the question echoes louder than ever: Are NFTs still worth investing in—or was it all just a bubble?
Today, the Non-Fungible Token (NFT) ecosystem in India has matured beyond the hype. While the frenzied speculation may have cooled, a more grounded and culturally-rooted NFT space is quietly booming—one that’s championed by real artists, backed by sustainable platforms, and increasingly recognized by international institutions.
The Rise, Fall, and Rebirth of NFTs
The NFT space exploded globally with sales like Beeple’s $69 million digital collage and India’s Amitabh Bachchan’s debut NFT collection, which raked in over ₹7.18 crore in 2021. But by mid-2023, the market saw a steep decline due to oversupply, poor curation, and market saturation.
Yet, this downturn created room for serious creators to rebuild. In 2024-25, the NFT space in India saw a renaissance—fueled by storytelling, utility, and community-building rather than just speculation.
India’s Digital Art Revolution
One of the most exciting success stories of this new wave is Sneha Raghavan, a Chennai-based illustrator who turned her hand-drawn mandalas into animated NFT collections titled “Cycle of Samsara.” Her pieces, based on Vedic metaphors and digital geometry, were sold on Foundation and WazirX NFT, earning her over ₹35 lakh.
In February 2025, Sneha was featured on the cover of The Indian Express Arts Quarterly and was recently announced as one of Forbes India’s “30 Under 30” in the Digital Creatives category.
“People aren’t just buying art—they’re buying emotion, story, and access,” Sneha told The Hindu. “NFTs allow me to preserve Indian tradition in digital form for a global audience.”
Real-World Use Cases: Beyond Just Art
NFTs are now powering everything from film financing to fashion drops.
In January 2025, director Anurag Kashyap released exclusive behind-the-scenes footage of his upcoming movie Noir Bazaar as limited-edition NFTs. Buyers got digital collectibles and early invites to screenings. The project raised ₹1.2 crore via NFT pre-sales, making it one of India’s first crowdsourced film finance cases via blockchain.
Fashion labels are also getting in on the action. House of Masaba, known for fusing ethnic wear with pop culture, recently launched an NFT series offering virtual saree skins for avatars in the metaverse—alongside physical couture for collectors. According to Mint, it sold out in 48 hours.
NFT Awards, Recognition, and a New Marketplace for Artists
India’s cultural ministry, in collaboration with the National Gallery of Modern Art (NGMA), held its first Digital Heritage NFT Exhibition in March 2025. Over 50 Indian artists showcased NFT interpretations of classical art, from Mughal miniatures to Ravi Varma-style digital portraits.
One standout was Mukul Naik from Nagaland, whose animated NFT piece “Spirits of the Bamboo Grove” reimagined tribal folklore with 3D animation. He won the Digital India Fusion Arts Award, with The Times of India describing his work as “a bridge between indigenous identity and emerging tech.”
Women Artists Take the Lead
Interestingly, 2025 has seen a surge in women-led NFT projects in India. Platforms like KalakritiDAO—a decentralized collective by and for female artists—are empowering creators through workshops, minting grants, and exhibitions.
Rucha Pathak, a Mumbai-based NFT curator, says: “For years, digital art in India was dominated by men. NFTs have allowed women to bypass traditional gallery gatekeepers.”
One prominent project, DeviVerse, features mythological Indian goddesses reimagined as cyber protectors. It has been exhibited in Dubai, Berlin, and New York. Several pieces were even acquired by MoMA (Museum of Modern Art) in its new “Digital South Asia” exhibit.
What About the Investors?
While art lovers and collectors are thriving, are NFTs still worth investing in purely from a financial standpoint?
According to a 2025 report by KPMG India, the NFT market in the country grew at a CAGR of 16% between 2023 and 2025, with most profits coming from long-term, utility-driven tokens rather than quick flips.
Cryptocurrency expert Rajiv Aggarwal states in Business Standard: “Today, NFTs are more like equity shares in an artist’s journey. It’s less about quick profit, more about strategic support.”
Platforms That Have Earned Credibility
Earlier, platforms came and went, but now a few have emerged as industry leaders in India:
- WazirX NFT – India’s largest homegrown NFT marketplace.
- Kalaverse – A curated platform for fine art NFTs with exhibition partnerships.
- OpenSea India – A localized version of the global NFT giant with curated Indian content.
All these platforms now offer real-world legal contracts, artist protection policies, and verification tools that eliminate forgeries—a major concern during the 2022 NFT crash.
Critics Speak: Is the Market Too Niche?
While the boom is being praised, critics still point out that NFTs remain a niche interest in India’s broader art economy. Traditional galleries are still hesitant to fully embrace digital formats. Environmental concerns over blockchain energy consumption also persist, though newer platforms now use proof-of-stake models which are more eco-friendly.
Hype Settled, Value Secured
In 2025, NFTs may no longer be the get-rich-quick scheme they were painted as. But what they have become is far more powerful: a digital revolution democratizing art, empowering creators, and preserving culture in pixels.
India is no longer just participating—it is shaping the global NFT narrative with soul, story, and substance.
As digital artist Sneha Raghavan puts it, “NFTs are not just investments. They’re heirlooms of the internet age.”
