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The Indian Railway Catering and Tourism Corporation (IRCTC) has unveiled plans to issue non-fungible token (NFT) train tickets in celebration of Holi — a popular Hindu event known as the festival of colors, love, and spring.
The announcement came through a post on X (Twitter), revealing that the NFTs would be distributed to passengers traveling on the Lucknow-New Delhi route aboard the Tejas trains (82501/82502). These trains are renowned for their semi-high speed and fully air-conditioned facilities — representing a modernized approach within the Indian Railways system.
Passengers will receive these NFTs for free via WhatsApp or SMS, serving both as digital keepsakes and as a nod to the diverse cultural heritage of Lucknow and New Delhi.
This initiative kicked off on March 20 and is scheduled to continue until April 2, 2024.
Despite these innovative developments, the Indian government has been maintaining a cautious approach to Web3, especially concerning cryptocurrencies.
In 2021, the Government of India had articulated intentions to outlaw private cryptocurrencies, with Finance Minister Nirmala Sitharaman affirming that bitcoin would not be recognized as a currency.
As of 2024, cryptocurrency exchanges such as Binance, Kraken, and Kucoin remain prohibited in India by the Financial Intelligence Unit (FIU). Cryptocurrencies continue to operate without centralized regulation, leaving investors to navigate the market at their own risk.
Despite regulatory hurdles, India has witnessed a surge in Web3 initiatives. In October 2023, for instance, Club Mahindra, a prominent brand under Mahindra Holidays & Resorts India Limited, introduced an NFT collection honoring the nation’s top resorts. These NFT artworks drew inspiration from iconic paintings by renowned artists such as Van Gogh, Munch, and Da Vinci.
