India’s religiosity and devotion have found faith in blockchain technology.
Powered by NFTtrace, Indian Railway Catering and Tourism Corporation (IRCTC), a public sector undertaking that provides ticketing and tourism services for the state-owned Indian Railways, is issuing tickets to the holy city of Ayodhya as non-fungible token (NFT) collectibles.
In January, Prime Minister Narendra Modi inaugurated the much-awaited temple dedicated to the Hindu god Ram in Ayodhya in north India. Touted as the country’s biggest event in an action-packed election year, the controversial temple was in the works for 30 years and has been built on the land that once used to house an ancient Mosque.
“More than just a ticket to Ayodhya Dham – a souvenir of the divine Shree Ramotsav. Treasure the pious memories of Lord Shree Rama’s arrival forever, with Blockchain NFT,” IRCTC said on the website.
NFTs are unique tokens bought and sold online, where ownership information is stored and secured on a blockchain and cannot be replicated. The NFT market has grown in popularity in recent years, especially in digital art and music. There is also a growing popularity for celebrity and athlete NFTs.
“What a blend of technology and spirituality! These beautiful tickets to Ayodhya issued by IRCTC are also NFT Memorabilia! A great move towards increasing awareness of NFTs,” Kirti Vardhan Rathore, a design specialist, wrote in a LinkedIn post.
The move is significant as the religious domain has traditionally held a critical opinion of technology. However, acceptance of technology became a necessity during the coronavirus pandemic, including in Christian churches, as devotees were quarantined and had to pray indoors.
Some religious festivals in India have been taken to the metaverse to make them more accessible, especially for the elderly and devotees residing overseas.
“It proves beyond doubt that the penetration of the digital ecosystem in Indian society has reached great depths, and I think it augurs very well for the coming years when we will see many more such digital innovations,” Pradeep Gooptu, founder secretary of Bengal Initiative, an Indian think tank, told CoinGeek.
“If in a society, religiosity, spirituality, and devotion are central parts of your existence, and that’s the situation in India—we are a deeply religious and spiritual nation—then these kinds of initiatives will definitely take off. I don’t think there can be any doubt on that,” Gooptu added.
India’s burgeoning NFT business
According to a Statista market report, India’s revenue in the NFT space is projected to reach $15,810.0k in 2024, with the average revenue per user expected to be $4 this year. Moreover, NFT revenue in India is likely to show an annual growth rate (CAGR 2024-2028) of 8.66%, resulting in a projected total amount of $22,040.0k by 2028.
Several Indian businesses have started adopting NFTs. Indian travel and hospitality company Club Mahindra introduced an NFT series called ‘Discover India’ with a collection of 25 artworks priced between Rs 10,000 and Rs 12,000 ($120 and $145).
Automobile manufacturer Skoda Auto India, through its Skodaverse initiative, allows users to trade NFTs online to develop and engage a community of loyalists.
Interestingly, an Indian couple used a photo of the bride’s engagement ring with vows embedded in the image to create an NFT.
“In an online ceremony, officiated by our very own ‘digital priest’ Anoop Pakki, Shruti and I made our marriage’ blockchain official’ with an Ethereum smart contract that consecrated our commitment to each other in the form of an NFT minted on OpenSea,” Anil Narasipuram wrote in a LinkedIn post.
“The transaction is a permanent, immutable, and public record of our commitment to each other on the ETH blockchain… We may be the first couple married on the blockchain in India (as far as I know), but we certainly won’t be the last,” he wrote.
Watch: India will be the biggest blockchain nation in 5 years—IPv6 Forum’s Latif Ladid
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