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‘India Holding Back on NFT Mass Adoption’: Says Totality Corp CEO

Totality Corp CEO explains why the Indian market is far from NFT mass adoption. Cultural differences and strict crypto regulations account for the stigma around NFTs in...
‘India Holding Back on NFT Mass Adoption’: Says Totality Corp CEO ‘India Holding Back on NFT Mass Adoption’: Says Totality Corp CEO

  • Totality Corp CEO explains why the Indian market is far from NFT mass adoption.
  • Cultural differences and strict crypto regulations account for the stigma around NFTs in India.
  • Rigid cryptocurrency tax laws will further cause adoption barriers.

The 3D gaming development company, Totality Corp Founder and CEO Anshul Rustaggi explained in an interview why India is holding back from embracing NFTs. While the country ranks very high for cryptocurrency adoption, the Indian market has not expressed the same enthusiasm for NFTs.

According to Rustaggi, one of the biggest contributing factors to India’s hesitation toward NFT adoption is the country’s extremely stringent crypto regulations. Uncertain regulations imposed by the Indian government have made it challenging for crypto investors and traders in India to rely on digital assets as an investment tool for wealth preservation.

In addition, 2022’s crypto tax laws levying a 30% tax on all crypto asset transfers, have further forced many crypto unicorns to leave India and have pushed Indian crypto traders to shift to foreign exchanges, not implementing the tax rules.

While this is a major concern for the future of cryptocurrency in the country, the laws combined with social and cultural barriers have no doubt halted the NFT movement as well, especially in lower-tier cities.

Moreover, Rustaggi states that the Indian population sees NFTs as a speculative investment that is extremely volatile and doesn’t hold the same respect as other investment options in the country.

Rustaggi emphasizes the country’s obsession with social status;

In India, social status matters massively, the largest expense we have in India is marriage. On average, 34% of your life’s expenses are for the marriage of your children. And the thing is that it’s such a social event, you want to showcase your best to the world. So social status is important.

Yet, this has not stimulated any special interest in NFTs in the nation even though some collections are often a sign of wealth and status, owned by various millionaire celebrities.

Despite the low virtual assets enthusiast pool, Totality Corp’s NFT drop, Lakshmi NFT has been a success in the country, generating nearly $561,000.

The post ‘India Holding Back on NFT Mass Adoption’: Says Totality Corp CEO appeared first on Coin Edition.

See original on CoinEdition

Hot Auto Trade Bot Phương Thức Thanh Toán
BROKERS ĐƯỢC CẤP PHÉP
net_home_top Ai VIF
05-10-2022 21:28:21 (UTC+7)

EUR/USD

0.9845

-0.0138 (-1.38%)

Summary

Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (4)

Sell (5)

EUR/USD

0.9845

-0.0138 (-1.38%)

Summary

Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (4)

Sell (5)

GBP/USD

1.1255

-0.0218 (-1.90%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

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USD/JPY

144.76

+0.67 (+0.46%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

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Sell (2)

AUD/USD

0.6425

-0.0075 (-1.15%)

Summary

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Moving Avg:

Buy (4)

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USD/CAD

1.3692

+0.0181 (+1.34%)

Summary

↑ Buy

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EUR/JPY

142.55

-1.30 (-0.90%)

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↑ Sell

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EUR/CHF

0.9727

-0.0047 (-0.48%)

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↑ Sell

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Gold Futures

1,712.30

-18.20 (-1.05%)

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↑ Sell

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Silver Futures

20.073

-1.026 (-4.86%)

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↑ Sell

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Copper Futures

3.4610

-0.0290 (-0.83%)

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Neutral

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Crude Oil WTI Futures

86.31

-0.21 (-0.24%)

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↑ Sell

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Brent Oil Futures

91.90

+0.10 (+0.11%)

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↑ Sell

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Natural Gas Futures

6.915

+0.078 (+1.14%)

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↑ Sell

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US Coffee C Futures

224.93

+5.63 (+2.57%)

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↑ Buy

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Euro Stoxx 50

3,435.85

-48.63 (-1.40%)

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↑ Sell

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S&P 500

3,730.38

-60.55 (-1.60%)

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↑ Sell

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DAX

12,485.12

-185.36 (-1.46%)

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Neutral

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FTSE 100

7,027.70

-58.76 (-0.83%)

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↑ Sell

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Hang Seng

18,087.97

+1008.46 (+5.90%)

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↑ Buy

Moving Avg:

Buy (11)

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Sell (1)

US Small Cap 2000

1,733.35

-38.96 (-2.20%)

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↑ Sell

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IBEX 35

7,550.40

-146.20 (-1.90%)

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↑ Sell

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BASF SE NA O.N.

41.965

-0.335 (-0.79%)

Summary

↑ Sell

Moving Avg:

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Sell (7)

Bayer AG NA

48.75

+0.10 (+0.21%)

Summary

Sell

Moving Avg:

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Sell (7)

Indicators:

Buy (1)

Sell (5)

Allianz SE VNA O.N.

165.64

-1.56 (-0.93%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

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Adidas AG

122.34

-3.86 (-3.06%)

Summary

↑ Sell

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Buy (0)

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Deutsche Lufthansa AG

5.944

-0.034 (-0.57%)

Summary

Neutral

Moving Avg:

Buy (4)

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Buy (4)

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Siemens AG Class N

103.82

-2.50 (-2.35%)

Summary

↑ Sell

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Buy (3)

Sell (9)

Indicators:

Buy (1)

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Deutsche Bank AG

7.960

-0.110 (-1.36%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (8)

 EUR/USD0.9845Sell
 GBP/USD1.1255Sell
 USD/JPY144.76Buy
 AUD/USD0.6425Sell
 USD/CAD1.3692↑ Buy
 EUR/JPY142.55↑ Sell
 EUR/CHF0.9727↑ Sell
 Gold1,712.30↑ Sell
 Silver20.073↑ Sell
 Copper3.4610Neutral
 Crude Oil WTI86.31↑ Sell
 Brent Oil91.90↑ Sell
 Natural Gas6.915↑ Sell
 US Coffee C224.93↑ Buy
 Euro Stoxx 503,435.85↑ Sell
 S&P 5003,730.38↑ Sell
 DAX12,485.12Neutral
 FTSE 1007,027.70↑ Sell
 Hang Seng18,087.97↑ Buy
 Small Cap 20001,733.35↑ Sell
 IBEX 357,550.40↑ Sell
 BASF41.965↑ Sell
 Bayer48.75Sell
 Allianz165.64↑ Buy
 Adidas122.34↑ Sell
 Lufthansa5.944Neutral
 Siemens AG103.82↑ Sell
 Deutsche Bank AG7.960↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,550/ 6,630
(0/ 0) # 1,677
SJC HCM6,540/ 6,640
(0/ 0) # 1,685
SJC Hanoi6,540/ 6,642
(0/ 0) # 1,687
SJC Danang6,540/ 6,642
(0/ 0) # 1,687
SJC Nhatrang6,540/ 6,642
(0/ 0) # 1,687
SJC Cantho6,540/ 6,642
(0/ 0) # 1,687
Cập nhật 05-10-2022 21:28:23
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Ngoại tệMua vàoBán ra
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EUR23.178,6624.475,84
GBP26.582,6427.715,34
JPY161,09170,54
KRW14,5217,70
Cập nhật lúc 17:26:43 05/10/2022
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