NFT Train Tickets in India

NFT Train Tickets in India


Good day everyone,

I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at how India will be introducing NFT-based tickets for the MahaKumbh Mela festival.

 

 

NFT Train Tickets in India

It has been announced by Indian Railways that they will be issuing non-fungible token (NFT)-based train tickets for all of the passengers who are planning on travelling to the Hindu festival and pilgrimage held once every 144 years known as the MahaKumbh Mela festival.

On Monday the 13th of January the announcement came as blockchain firm Chaincode Consulting stated they would be partnering with the Indian Railway Catering and Tourism Corporation (IRCTC) to produce the digital tickets for the spiritual journey which will be undertaken by millions of travellers heading to the major pilgrimage in India.

Polygon blockchain will be used to mint the NFTs and they will be made available via the real-world assets (RWAs) and traceability platform NFTtrace. 

 

The issuers decided to make use of Polygon due to its fast throughput and low gas fees. This should allow for “scalability and environmental sustainability” according to the announcement. It has also been stated that for this once-in-a-lifetime event, the NFTs will act as digital memorabillia, meaning pilgrims will be able to remember this occasion for years to come. Alok Gupta, CEO of Chaincode Consulting, noted:

 

“By partnering with IRCTC and leveraging the Polygon blockchain, we are enabling a digital-first experience that complements the spiritual and traditional significance of the Mahakumbh while introducing a new level of engagement through NFTs.”

 

There are around 1.2 million train tickets being booked on the IRCTC website on a daily basis, and this NFT-based engagement drive aims to attract participants globally. The NFTs will act as unique entry passes for passengers, ensuring greater transparency, fraud protection, and increased security. The global head of payment and fintech and ecosystem business development head for India at Polygon Labs, Aishwary Gupta, stated:

 

”With its low cost and high throughput, we are sure that the NFTs being issued around Maha Kumbh Mela would be yet another great success.”

 

A related festival which is held every 12 years, Kumbh Mela, is on UNESCO’s list of the Intangible Cultural Heritage of Humanity and has been attended by prominent celebrities, including actor Richard Gere, movie director David Lynch and Tibetan Buddhist leader the Dalai Lama.

Back in March of 2024 Indian Railways previously sponsored a limited-time NFT train ticketing drive for the Hindu festival of Holi.



During that campaign it was stated by the IRCTC:

“These tickets are not merely digital souvenirs; they are a celebration of the rich cultural tapestry of (the Indian cities of) Lucknow and Delhi.”

 

There will also be personalisation of the NFT's issued by Indian Railways and these can be verified on the blockchain by authorities and the public. The company previously maintained the records of train ticket purchases on the Hyperledger blockchain and employed smart contracts to govern the traceability process.

It is worth noting that India’s stance on cryptocurrencies has been somewhat ambiguous over the years. They introduced a flat 30% tax on all income from the transfer of crypt or digital assets back in 2022, and this included no deductions allowed except for acquisition costs. Another 1% Tax Deducted at Source (TDS) was imposed on transactions exceeding ₹10,000 annually (or ₹50,000 for specific categories), effective July 1, 2022, causing liquidity issues in the market.

 

 

Have a great day.

Peace. CryptoGod-1.

 

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cryptogod-1
cryptogod-1

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CryptoGod-1 : Crypto & Blockchain
CryptoGod-1 : Crypto & Blockchain

Enthusiast here looking to share my ideas, thoughts, analysis, and experience when it comes to all things crypto

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