In an unexpected move mixing old traditions with new tech, the Indian Railway Catering and Tourism Corporation (IRCTC) has just introduced special Holi-themed digital tickets called NFTs. This happens before the lively Holi festival, known for its colorful celebrations. This step by IRCTC shows how they’re accepting advanced blockchain technology.

But this move isn’t just about the Holi festival, it’s also got us thinking about how blockchain can shake up different industries. With NFTs getting so popular lately, more people are considering starting their own NFT marketplaces.

In this blog series, we’ll get into IRCTC’s new move, look at what’s happening in the world of NFTs, and talk about why you might want to develop your own NFT marketplace now. 


IRCTC’s Surprise Announcement:

On March 13, India’s digital assets scene hit a milestone as the Indian railways embraced NFTs, a growing sector. To celebrate Holi, IRCTC launched colorful NFT tickets for two Tejas trains between Delhi and Lucknow. IRCTC, managed by the Ministry of Railways, introduced these unique digital tickets on its social media platform.

These NFTs feature sketches of Delhi and Lucknow landmarks against vibrant backgrounds. Available from March 20 for passengers of trains 82501 and 82502, this offer lasts until April 2.  IRCTC shared that these NFTs aren’t just digital mementos but offer perks. 

Passengers can personalize their travel memories with photos and enjoy exclusive deals from select brands.  It’s not clear if all ticket buyers will receive these NFTs with their purchase or if they’ll need to pay extra.  


Indian Railways and Blockchain:

As Blockchain technology has started revolutionizing most industries, now the government sectors are also planning to utilize it.  Indian Railways has been exploring blockchain for a while now, evident from circulating NFTs as digital keepsakes. Last March, the National Academy of Indian Railways teamed up with Polygon to raise awareness about blockchain’s benefits in the railway sector.


NFTs and India:

Currently, there are no specific laws in India that directly control buying and selling NFTs. The only law that mentions them is the Income Tax Act of 1961, which has been updated to include NFTs in the category of virtual digital assets (VDAs). Any money made from trading NFTs is then taxed at 30%.

With many government departments adopting blockchain technology, there’s a chance that NFTs might be regulated later on. This means it’s a good time for entrepreneurs to create their own NFT marketplaces now before regulations kick in. Even though setting up an NFT marketplace might seem complex, there are plenty of companies out there offering solutions to make it easier.


Developing a NFT Marketplace:

  • Choose the Best NFT Marketplace Development Company: Partner with a reputable and experienced development company specializing in NFT marketplace development. 
  • Define Your Requirements: Clearly outline your project requirements, including features, functionalities, and target audience. 
  • Design and Development: Work closely with your chosen development company to design the user interface, implement smart contracts, and develop the backend infrastructure. 
  • Integration of Blockchain Technology: Integrate blockchain technology, such as Ethereum or Binance Smart Chain, to enable the creation, buying, selling, and trading of NFTs. 
  • Testing: Test your NFT marketplace to identify and fix any bugs. Once everything is in order, launch your NFT marketplace and start attracting artists, collectors, and enthusiasts.


The Future of NFT Marketplace:

Statistics won’t lie, right? That’s why I came up with an amazing report about the NFT industry.  In 2024, it’s estimated that the NFT market will make around $2.4 billion. Over the next few years, it’s expected to keep growing by about 9.1% each year. By 2028, it could hit about $3.4 billion in total. On average, each user might spend around $162 in 2024.


End Words: 

In conclusion, the launch of Holi-themed NFT tickets by IRCTC marks a significant step in the adoption of blockchain technology in the travel industry. The success of IRCTC’s initiative underscores the growing interest and acceptance of NFTs among consumers. 

For entrepreneurs and businesses considering entering the NFT space, the timing couldn’t be better. The buzz around IRCTC’s Holi-themed NFT tickets presents a perfect opportunity to make revenues on the growing popularity of NFTs and develop your own NFT marketplace.