This document discusses non-fungible tokens (NFTs) and their potential in India. It notes that the global NFT market was worth $2.5 billion in the first half of 2020. NFTs use blockchain technology to uniquely identify digital assets like images, videos, and audio, allowing ownership to be determined. Features of NFTs include non-fungibility, built-in royalty collection via smart contracts, and retaining originality and copyright. While some see NFTs as speculative investments, regulators worldwide are working to establish rules around their use to prevent money laundering and other illegal activities. India is in the process of developing strong NFT regulations as blockchain businesses grow in the country.