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Post at: Oct 08 2021

Colexion : Largest Licensed NFT Platform

Why in News?

  • On 10 September, 2021, Colexion announced its formal public launch of the licensed Non-Fungible Token (NFT) platform for Sports, Entertainment & Art.

What are NFTs?

  • Non-fungible Tokens (NFTs) are units of data stored on a digital ledger, called a blockchain.
  • It certifies a digital asset to be unique and therefore not interchangeable.
  • They can be used to represent items such as photos, videos, audios and other types of digital files.
  • NFTs function like cryptographic tokens, but, unlike cryptocurrencies like Bitcoin, NFTs are not mutually interchangable, hence not fungible

About Colexion

  • It is NFT trading and community platform that provides users with purchase, trade and interactive activities.
  • It will feature NFT collections of global stars.
  • The users will obtain ownership of the unique NFT collectible through purchase on the platform or trading on the Colexion marketplace.
  • Colexion will accept general payment methods such as credit cards to make it easy for mainstream consumers to participate.
  • It will feature stars from various fields like sports, entertainment, art and other industries celebrities.
  • Global sports stars will be the main partners at the initial launch.
  • The company promises to be the most safe and user-friendly licensed NFT marketplace.
  • Colexion is currently the world's largest licensed NFT digital space.
  • It was conceptualised by CEO and Founder Abhay Aggarwal and was launched on September 10 this year.

Colexion's NFT in India

  • For multiple streaming of income there will be a monthly subscription of the digital art museum and  artistic movies.
  • 30 percent of the sales of the celebrities will be streamed and all purchases can be done with CLXN token.
  • The target audience of the company is the 15 million plus 25-40 years old cryptocurrency users and 500k 20-25 years old fan using fan interaction platforms.
  • In India, the target is 510 million 18-24 years old who spend an average of 8.5 hours every day in online gaming.

Future of NFT Market

  • With more than 1 million NFTs sold the NFT market cap is currently worth 40 billion USD.
  • NFT collections has now become a mean to enter the virtual reality market.

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