The Indian Dream Business Munchies: NFT's are the future, Sikkim & Himalayan Adventure Franchises, Cyber Crime Insurance
Mar 5, 2021
46:43
Sahil (@sahil071) & Siddharth (@sidbetala) have some fun discussing how Siddharth made $1,000 in one week by trading NBA cards. We also have some interesting business ideas in this episode of business munchies.
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For the first time ever, we were not too lazy to provide timestamps.
Timestamps:
(0:00) - Introduction
(0:33) - Final Conclusion to Practo for Lawyers and CA's
(2:35) - Summary of two the ideas of the podcast
(3:32) - Sikkim Tourism centralised marketing agency for adventure sports + local franchises in villages.
(16:48) - What are Non Fungible Tokens and what are the future opportunities in this space?
(40:22) - Cyber crime insurance
Topics we discussed:
- Final Conclusion to Practo for Lawyers and CA's: We got a lot emails from Lawyers and CA's about this - there are a lot of regulations that prevent lawyers and CA's from marketing themselves. This was the clarification we got about CA's from Anshutha, "A Chartered Accountant is prohibited to solicit clients through advertisement, circular, personal communication or interview or by any other means. However, you as a Chartered Accountant, can give a classified advertisement in the Journal/Newsletter of the Institute (ICAI)."
- Based on the last line of this clarification, Anshutha mentioned that a business could be built along with ICAI but I would not trust a regulatory body such as this. They could easily change a law and your business would be dead.
- Sikkim Tourism centralised marketing agency for adventure sports + local franchises in villages: This is an idea that's really close to my heart - I absolutely love the outdoors and have spent a good deal of my life hiking, climbing, running, etc.. I was recently travelling through the mountain state of Sikkim and realised that a lot could be done to improve tourism in the state. Our specific idea was to have a centralised marketing agency and drives a digital marketing campaign. This marketing arm then flows the customers to outdoor focused franchises that are built in villages across the state.
- NFT's or Non Fungible Tokens: Huge topic. Here are a few links:
- Non-fungible token Wikipedia
- Non-Fungible Tokens (NFT): Beginner's Guide
- Nifty Gateway
- Crypto Kitties
- Neer and the Patent Drop Newsletter
- We discuss a lot about NFT's in this part of the discussion - from digital displays for your new digital art to the eventuality of the Metaverse and the possibilities of the Metahuman Creator by Unreal Engine.
- IPL or the Pro Kabbadi League should totally start an NFT based trading card company as well. Dream 11 will definitely buy up a company that does something like this.
- Cyber Crime Insurance: Cyber crime is spiking these days and the way its taking place now is ransomware. The ransoms for these ransomware attacks can be in the millions of dollars nowadays. Cyber crime insurance for small businesses or different niches can be a lucrative business in India if done well. Siddharth was not convinced by the idea of cyber crime insurance and building a business in insurance in general. Let's prove him wrong.