Reethu Ravi | KrASIA

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1b:T617,{"@context":"https://schema.org","@graph":[{"@type":"ProfilePage","@id":"https://kr-asia.com/author/reethu-ravi","url":"https://kr-asia.com/author/reethu-ravi","name":"Reethu Ravi | KrASIA","isPartOf":{"@id":"https://kr-asia.com/#website"},"breadcrumb":{"@id":"https://kr-asia.com/author/reethu-ravi#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://kr-asia.com/author/reethu-ravi"]}]},{"@type":"BreadcrumbList","@id":"https://kr-asia.com/author/reethu-ravi#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://kr-asia.com/"},{"@type":"ListItem","position":2,"name":"Archives for Reethu Ravi"}]},{"@type":"WebSite","@id":"https://kr-asia.com/#website","url":"https://kr-asia.com/","name":"KrASIA","description":"Decoding China's tech and business 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Titled The Arrival, the animated digital art is a re-imagination of characters from Kuthira Vela, a traditional procession of decorated wooden horses often seen in temple festivals in Kerala. Chandran began exploring NFTs in March 2021 and was one of the first artists to launch on the platform. “I call myself an 'internet native artist,' so NFTs are a natural progression for me in my work,” Chandran, who has been in the digital art space since 2008, told KrASIA. To date, he has sold eight NFT artworks on the platform—some of which were sold in a matter of minutes. Moreover, his eighth NFT, titled WAGMI (short for NFT slang “we're all gonna make it”), is the highest sold NFT (at the time of writing) on WazirX, fetching 8,088 WRX (WazirX’s native token) or about USD 9,000. He has also sold four other NFTs on Foundation, a US-based NFT marketplace. [caption id="attachment_138573" align="aligncenter" width="410"]

WAGMI by Vimal Chandran. Image courtesy of Vimal Chandran.[/caption] For the uninitiated, NFTs, or non-fungible tokens, are digital assets that use blockchain technology to represent the ownership of both digital and physical items. These tokens can represent anything from art, memes, music, and GIFs to even full-length feature films, event tickets, real estate, and more. While NFTs have been around for a couple of years, they witnessed a meteoric rise in 2021. This was mainly driven by celebrities, major brands, and renowned traditional art auction houses like Christie’s entering the space. In 2021, the global NFT trading volume soared to over USD 23 billion. While India is behind countries like Japan and the Philippines in NFT adoption, the trend is gaining traction in the country. Amid this, Chandran was not the first or only local artist to reap the benefits. NFTs paved the way for artists to reach an otherwise inaccessible audience. Traditional art galleries, with their “centralized approach,” often catered to a “closed circuit” of artists and collectors, said Chandran. “NFTs create a space for digital artists who were previously working for agencies or brands to go independent and share their version of the story,” Chandran said. “NFTs are not just about art; it's about the token, and the possibilities of using that ecosystem are endless.” Besides, it’s not just artists who are joining the NFT craze. According to Ishita Srivastava, a research partner at emerging technology investment fund Woodstock Fund, nearly every entertainment organization and talent management agency had been looking into NFTs “to connect with their fans” and “create more avenues for monetization.” “NFTs are a great tick for the creator economy,” she told KrASIA. “They give you very close access to your fans. It allows the whole communication to become two-way.” This is why some local celebrities, including actors, cricketers, and singers, have released their own NFTs. A notable example is Bollywood superstar Amitabh Bachchan’s NFT collection, which was auctioned in November for USD 966,000—the highest total price in the nation. The NFTs were sold on local NFT marketplace BeyondLife.club, powered by NFT ecosystem provider GuardianLink. [caption id="attachment_138574" align="aligncenter" width="512"]

Visual artist Vimal Chandran. Photo courtesy of Vimal Chandran.[/caption] Creators only make up one side of the coin. The buyers—or collectors, as they are known in the NFT world—play an equally important role. “From a collector mindset point of view, most of them are looking at these digital assets from a trading perspective. This means when they buy from a creator, it's an asset that they hold, and then after a period of time, they can sell it in the secondary market at a higher price,” Vishakha Singh, co-founder and vice president of WazirX NFT Marketplace, told KrASIA.

The growing number of NFT startups

Numerous startups in India are now banking on the growing interest in NFTs in the country. For Binance-owned Indian cryptocurrency exchange WazirX, launching an NFT marketplace aligned with its “larger vision” of “accelerating mass crypto adoption” across the nation, said Singh. “With NFTs, you go mainstream because you get creators and laymen to get involved with crypto,” she added. WazirX launched its NFT marketplace on the Binance Smart Chain (BSC) in June last year—a first for the South Asian country. The marketplace allows users to buy and sell NFTs using WRX. One factor attracting creators to the platform is its low transaction fees, or gas fees, said Chandran. Gas fees are what users have to pay for the computing energy needed to process transactions on the blockchain. Compared to USD 60 to 100 charged by Ethereum-based marketplaces like OpenSea, the gas fees on WazirX are as little as around USD 1. The platform has a simple revenue model—it charges a flat 5% transaction fee on each sale, Singh said. Currently, over 1,000 creators have minted more than 13,600 NFTs on the platform. Besides, nearly 800 collectors have brought in net NFT sales worth about 280,000 WRX or about USD 309,000 to date. [caption id="attachment_138578" align="aligncenter" width="512"]

WazirX NFT Marketplace co-founder and vice president Vishakha Singh. Photo courtesy of WazirX.[/caption] WazirX competes with other local NFT marketplaces like BeyondLife.club, Wall.app, and BollyCoin, among others. However, the country's startup scene is not limited to NFT marketplaces alone. For instance, Chennai-based GuardianLink is an NFT ecosystem provider. “We help brands and artists launch NFTs right from the curation and conceptualization of NFTs to providing the technologies to launch those NFTs,” Ramkumar Subramaniam, co-founder and CEO of GuardianLink, told KrASIA. “We also provide them with marketing services like community building.” The company uses an algorithm to analyze the data of NFTs traded over the last two and a half to three years. This enables it to better understand how NFTs work, at what prices, and when to launch, Subramaniam claimed. To date, GuardianLink has launched over 45 launchpads worldwide to help global artists introduce their NFTs. Within the next six to 12 months, it also plans to launch three games and NFTs for two brands in the entertainment and fashion sector. NFT gaming is another niche sector that startups are exploring. Gurugram-based Totality Corp, for example, is developing an interactive environment based on Web3 technologies, ZionVerse, to allow users to build and play games. “The idea is to make it easy for anyone to create games on ZionVerse, with the same ease that people can make videos on TikTok and Snapchat,” Totality’s founder Anshul Rustaggi told KrASIA in a recent interview. In the Indian market, these NFT startups have one main advantage over global players—localization. “Localization is extremely important in India and countries like China, Vietnam, and the Philippines,” said Srivastava. “Emerging economies need contextualization for an application or an ecosystem to work.” Likewise, Indian users require additional features such as payment integrations with UPI (Unified Payment Interface), which global marketplaces do not provide. The marketing must also reach the local audience, she added. Homegrown startups bring all of this and more to the table, and investor interest is only growing. GuardianLink raised USD 12 million from Kalaari Capital and others in November. That same month, NFT startup Lysto and Cricket NFT Platform Faze raised USD 3 million and USD 17.4 million, respectively. According to Srivastava, investor interest in the sector is primarily fueled by the success of the play-to-earn game Axie Infinity, which proved that “emerging economies matter a lot.” She further noted, “If you can crack even a single market through NFTs, then you're sitting on something massive.”

Risks and concerns

Ultimately, NFTs are a speculative asset subject to market risks, just like cryptocurrencies. “What we're seeing now is NFTs selling for insane prices, which is gathering a lot of attention,” Srivastava said, warning that “the NFT market is volatile, and as such, the monetary value of these tokens can vary drastically.” In early June, for example, the weekly volume of NFT sales fell 90%. The dramatic dip in sales led many to speculate that the NFT bubble had burst, reported Forbes India. The numbers, however, have since picked up. Market volatility is just one among a string of concerns surrounding the industry. Another pressing issue is the lack of regulatory clarity. Recently, the Indian government proposed crypto legislation seeking to ban cryptocurrencies as a payment method in the country. In addition, according to the draft bill viewed by Reuters, it proposed “non-bailable” arrest and a hefty fine for violators. “NFTs, in particular, don't have a separate legal framework from other digital assets at the moment,” Srivastava said. While hopeful of positive regulation, she added that any “regulatory clarity is great for the ecosystem” and would “help the industry grow.” Subramaniam and Singh echoed the same sentiments. Subramaniam stated that the government is likely to introduce new protocols to follow before launching NFTs to avoid any “bad actors.” On the other hand, Singh added that the industry needs more clarity on the “tax elements.” Lured by prospective profits, the industry is also plagued by scammers stealing artwork and impersonating artists—an issue NFTs were meant to resolve. Recently, a fraudster created Chandran’s profile on OpenSea and began minting his work, leading the artist to caution others on Twitter. The account has since been taken down from the marketplace. The environmental cost of NFTs is another concern troubling the industry. The Ethereum network, which hosts the majority of NFTs globally, consumes 99.31 TWh of energy annually. One solution, Srivastava noted, is to switch to Layer 2 Ethereum chains, like India’s Polygon network, whose annual energy consumption is 0.00079 TWh. Another is to choose carbon-neutral blockchains like Elrond. Mindful of its energy consumption, GuardianLink has opted to use the Polygon network and is in discussions with other environmentally-friendly blockchains like Tezos and Avalanche, Subramaniam said. While the global NFT market is “extremely evolved,” Singh said the market is still at a nascent stage in India. For one, the internet penetration in the country is only about 45%, compared to 90.8% in the US and 92.17 in the UK. Second, she added, the Indian “mindset” holds the country back. “We, in India, like tangible assets like property, gold, and fixed deposits,” Singh explained. “From a traditional mindset, most Indians find it very bizarre that you're investing in something intangible—something that you can't touch, or feel, or hold.” Along with these, India’s low per capita income is also a factor that can deter NFT adoption. Srivastava believes that starting in 2023, art, collectibles, and gaming will become the most common use cases for NFTs in the country. “But, in the long term, we’ll see more exciting use cases like your identity and documents being NFTs,” she added. “We’ll see utility NFTs like ticketing [NFTs representing tickets for events, concerts] come up in the next two to five years.”20:T36f4,Recently, Roposo, one of the many Indian TikTok-wannabes, entered the country’s thriving social commerce sector by blending the shopping function into its livestreaming sessions, which are hosted by the platform’s content creators. Users of Roposo who tune into its livestreaming sessions will be able to shop items recommended by the creators in real-time, the Bengaluru-based startup noted in a press release, saying it aims to build the largest live and virtual shopping mall in the South Asian nation. The startup, backed by India’s adtech unicorn InMobi, has been trying to monetize its service since 2017. As the short video space became crowded with intensified competition after the entries of a bevy of short video startups since TikTok swept the country with sensational success, efforts have shot up. Roposo itself is one of these entrants. Launched as a fashion discovery platform in 2014, it switched to the short video format in 2017. In 2019, the startup was acquired by Glance, a subsidiary of InMobi. Glance focuses on providing locked-screen content across around seven markets in Asia. Thus, Roposo’s creators also have a chance to go live on Glance locked-screen, where they get access to its 150 million-strong user base in India. To better tap into live and social commerce, Glance said it would be acquiring Shop101 earlier this year. As it ventures into live commerce, Roposo has partnered with 250 brands to get their products on the app. It also claims to have 30 million monthly active users and more than 500,000 creators, reported local media Business Standard. Roposo is not the first or only short video platform to add shopping elements to its service.

A rush to monetize

Around a year ago, lifestyle video platform Trell forayed into the social commerce sector, with a focus on influencer-led commerce. The company offers a platform where users can upload 3-5 minutes long videos in regional languages to feature items in categories including fashion, beauty, travel, cooking, gadgets, and more. To facilitate commerce, it embedded shopping features in its videos, onboarded scores of brands including Aadar, Mamaearth, and Sanfe, among others, and enabled monetization for its content creators. A year later, things are looking bright for the Bengaluru-based startup. Today, more than 50 million monthly active users have completed one million orders across its more than 500 brand partners, claims Pulkit Agrawal, co-founder and CEO of Trell. “In the last one year, we have already been growing at 30% month on month,” Agrawal told KrASIA. Trell and Roposo are among the many Indian short video platforms that have been making hay since India banned ByteDance’s TikTok last year. Soon after, a flurry of homegrown short video apps flooded the market, and many struggled to retain their users, while monetization was a goal even farther on. As the competition grew, creating sustainable revenue models also became a challenge for local players. The presence of deep-pocketed players like Moj and Instagram further heightened the competition.

Monetization conundrum

For short video apps in India, monetization “has always been hard,” Pranav Pai, founding partner at 3one4, told KrASIA. “In India, a business model that rely on ad revenue does not yet have access to as large a revenue pipe as the US and China do.” It’s critical for companies to explore monetization channels outside ads early on, Pai added. Echoing this, Shah told local media Mint, “It was very important for Glance as a group to have a strong monetization play.” He added that, while the company was “strong” at advertising, it needed a “commerce player” to have a “stickier monetization plan.” Furthermore, while funding for homegrown short video startups soared following TikTok’s exit, there’s now a “concentration” of funding, Pai said. “Now what you'll see is not funding reducing, funding concentrating—now investors will start picking winners.” [caption id="attachment_134224" align="aligncenter" width="350"]

Trell co-founder and CEO Pulkit Agrawal. Photo courtesy of Trell[/caption] So far, Indian short video startups have amassed over USD 1.5 billion in funding. This includes VerSe Innovation, the parent firm of short video platforms Josh, Glance, and Mitron Tv. While Trell raised USD 45 million in July this year, short video app Chingari raised USD 13 million in April. Remarkably, the latter's new funding round came after its February announcement to enter the social commerce sector and rollout shoppable videos. At the time, Chingari co-founder and chief executive Sumit Ghosh said the move would make videos on the platform shoppable and generate affiliate revenue. “A part of the revenues will be shared with the creators, making Chingari creator economy a full circle economy where creators get paid if their content makes money,” he added. Chingari was founded in 2018 and shot to fame last year after TikTok’s exit. It allows users to upload and download videos, chat with friends, share content, and more. Like its counterparts in the crowded short video market, Chingari has been taking measures to monetize its platform and hence entered the social commerce space. KrASIA reached out to Chingari but the company declined to comment.

Is social commerce the way forward?

As per a 2020 report by Bain and Company and Sequoia Capital India, India’s social commerce sector is poised to hit USD 20 billion in gross merchandise value (GMV) in five years. By July 16 of this year, Indian social commerce startups had amassed USD 554 million in VC investments, according to a report by The Economic Times. Given the considerable opportunity in India’s social commerce sector, short video startups pivoting their business model to the industry is more or less a natural progression. Google-owned YouTube’s recent acquisition of Indian social commerce startup Simsim also signals a growing interest in the two sectors coming together. With this acquisition, the tech behemoth is aiming to allow viewers to shop from local businesses. “This is a fairly well-known use case where social platforms can be at the top of the funnel for very active commerce that is run by users—customer to customer or social commerce,” said Pai. This has been a trend in countries like China as well, where short video leaders like Douyin, TikTok’s sister app, and Kuaishou are growing their social commerce capabilities. While this transition would typically take three to four years, Pai added that it is happening much faster in India. After TikTok’s exit, there was a “very accelerated wave of migration” to the homegrown apps, which in turn has required the apps to “evolve faster.” Additionally, social commerce can help short video apps with another major challenge: retaining their user base. Pai explained that social commerce comes with three crucial retention magnets—sellers or content creators, brands, and finally, the customers' attention. Trell is an example of these three verticals uniting. whereAdBanner.Event1

The creator economy

While the company was founded in 2016 to provide “meaningful content” personalized to Indians, the team realized early last year that the content creators on the platform would be looking for ways to monetize their content. On the other side, there was a burgeoning customer base interested in the products the creators discussed. [caption id="attachment_134225" align="aligncenter" width="500"]

Trell incorporated shopping features into its app last year. Photo courtesy of Trell.[/caption] “We understood that people are looking to essentially buy the products, which in the form of storytelling, the creators are sharing,” said Agrawal. “Moreover, brands are more than willing to enable influencer-led marketing today.” Trell began developing the social commerce concept last August. It built partnerships with brands and developed “advanced technologies and machine learning algorithms” to ensure brands connect with the right content creators. For each purchase made on the platform, Trell gets a commission from the brands, part of which it shares with the influencers. In addition, Tiger-backed Moj recently told local media ET Now that it is experimenting with commerce and “running social commerce pilots.” Meanwhile, women-only social community platform, Pankhuri, has also added shopping features to its videos. Pankhuri allows women to upload 30-45 seconds long videos across beauty and wellness, attend live sessions, chat, and become part of interest-based communities. As the users started discussing the products they were using and shared feedback, it “opened up a window for commerce,” Pankhuri Shrivastava, founder and CEO of Pankhuri, told KrASIA. “India as a market has huge opportunities for social commerce because we tend to trust our inner circle the most, which is friends and family and their network,” she added. Mid-last year, the Pankhuri team realized that many women struggled to find the right products featured in the platform's videos. “So we started listening to our users, and we realized that there are certain brands and certain budgets in which they would be most likely to buy a product,” said Shrivastava. The startup then began partnering with brands and listing their products on the app. However, unlike Trell, users cannot buy products within the platform. Pankhuri, instead, links the product to the brand’s website, where users can complete the transaction. Shrivastava claims the platform has 350,000 women, of which around 80,000 make monthly bookings, clocking around 8 million minutes of watch time per month. The startup is relatively new to the social commerce sector, having only launched shopping features late last year. The company has built partnerships with around ten new-age D2C brands (value-driven brands that directly connect with customers sans the middlemen) such as Sugar Cosmetics and Arata to list their products on Pankhuri and hold live sessions. Alternatively, brands are free to list themselves on the platform. Women on the platform can also list the brands they are familiar with. [caption id="attachment_134226" align="aligncenter" width="500"]

Pankhuri founder and CEO Pankhuri Shrivastava. Photo courtesy of Pankhuri.[/caption] Like Trell and Chingari, Pankhuri also raised fresh rounds of funds this year. Led by Sequoia Capital India's Surge, the startup raised USD 3.2 million in July. While these startups have some tall orders to meet, do they stand a chance against bigger, more established social commerce players in India? Pai believes they do. “I think this decade is going to support the marriage of social and commerce,” he said. “Just like the short video companies that started doing commerce, you will expect the commerce companies to start investing in social.” However, Pai added, the companies that succeed will be those with “better retention, better engagement, better creator economics, and better creator tools..” While many short video apps have amassed millions of downloads, “very few of them will retain enough people.” Ones that do will have a chance to raise higher funding and, in turn, may enter commerce to monetize their platform. “The evolution here will be the transition from pure network effects towards a full business,” he explained. “And they won't have ten years like Facebook; they will have to do this in three to four years. That's the opportunity and the challenge. You have to do all of this, and you have to do it very fast and in a very competitive environment.”21:T9c1, Reethu Ravi | KrASIA d:[[[["$","title","title",{"children":"Reethu Ravi | KrASIA"}],["$","meta","description",{"name":"description","content":"We're KrASIA, a digital media company reporting on the most promising technology-driven businesses and trends in the world's emerging markets."}],["$","meta","robots",{"name":"robots","content":"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1"}],["$","meta","og:locale",{"property":"og:locale","content":"en_US"}],["$","meta","og:type",{"property":"og:type","content":"profile"}],["$","meta","og:title",{"property":"og:title","content":"Reethu Ravi | 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