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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
27-09-2022 14:23:47 (UTC+7)

EUR/USD

0.9647

+0.0042 (+0.43%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (6)

Sell (2)

EUR/USD

0.9647

+0.0042 (+0.43%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (6)

Sell (2)

GBP/USD

1.0796

+0.0112 (+1.05%)

Summary

↑ Buy

Moving Avg:

Buy (11)

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Indicators:

Buy (9)

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USD/JPY

144.07

-0.68 (-0.47%)

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↑ Sell

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Indicators:

Buy (1)

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AUD/USD

0.6502

+0.0048 (+0.74%)

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↑ Buy

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USD/CAD

1.3656

-0.0076 (-0.55%)

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↑ Sell

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EUR/JPY

139.01

-0.04 (-0.03%)

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EUR/CHF

0.9534

-0.0008 (-0.09%)

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Neutral

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Gold Futures

1,647.15

+13.75 (+0.84%)

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↑ Buy

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Silver Futures

18.698

+0.218 (+1.18%)

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Copper Futures

3.3497

+0.0564 (+1.71%)

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Crude Oil WTI Futures

78.19

+1.48 (+1.93%)

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Brent Oil Futures

84.41

+1.55 (+1.87%)

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Natural Gas Futures

7.158

+0.131 (+1.86%)

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US Coffee C Futures

222.48

+2.03 (+0.92%)

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↑ Sell

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Euro Stoxx 50

3,375.15

+32.59 (+0.97%)

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↑ Buy

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S&P 500

3,655.04

-38.19 (-1.03%)

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↑ Sell

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DAX

12,363.29

+135.37 (+1.11%)

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FTSE 100

7,047.25

+26.30 (+0.37%)

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↑ Buy

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Hang Seng

17,832.00

-23.14 (-0.13%)

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↑ Buy

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US Small Cap 2000

1,664.34

-11.83 (-0.71%)

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↑ Buy

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IBEX 35

7,568.36

+59.86 (+0.80%)

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↑ Buy

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BASF SE NA O.N.

40.157

+0.347 (+0.87%)

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↑ Sell

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Bayer AG NA

49.20

+0.83 (+1.72%)

Summary

↑ Buy

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Sell (3)

Allianz SE VNA O.N.

166.90

+1.16 (+0.70%)

Summary

↑ Buy

Moving Avg:

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Adidas AG

129.49

-0.61 (-0.47%)

Summary

Neutral

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Deutsche Lufthansa AG

5.832

+0.106 (+1.85%)

Summary

Neutral

Moving Avg:

Buy (7)

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Buy (1)

Sell (7)

Siemens AG Class N

100.19

+1.94 (+1.97%)

Summary

↑ Buy

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Buy (8)

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Deutsche Bank AG

8.510

+0.019 (+0.22%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (5)

 EUR/USD0.9647↑ Buy
 GBP/USD1.0796↑ Buy
 USD/JPY144.07↑ Sell
 AUD/USD0.6502↑ Buy
 USD/CAD1.3656↑ Sell
 EUR/JPY139.01↑ Sell
 EUR/CHF0.9534Neutral
 Gold1,647.15↑ Buy
 Silver18.698↑ Buy
 Copper3.3497↑ Buy
 Crude Oil WTI78.19↑ Buy
 Brent Oil84.41↑ Buy
 Natural Gas7.158↑ Buy
 US Coffee C222.48↑ Sell
 Euro Stoxx 503,375.15↑ Buy
 S&P 5003,655.04↑ Sell
 DAX12,363.29↑ Buy
 FTSE 1007,047.25↑ Buy
 Hang Seng17,832.00↑ Buy
 Small Cap 20001,664.34↑ Buy
 IBEX 357,568.36↑ Buy
 BASF40.157↑ Sell
 Bayer49.20↑ Buy
 Allianz166.90↑ Buy
 Adidas129.49Neutral
 Lufthansa5.832Neutral
 Siemens AG100.19↑ Buy
 Deutsche Bank AG8.510Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,520/ 6,600
(-30/ -30) # 1,889
SJC HCM6,510/ 6,590
(-50/ -50) # 1,877
SJC Hanoi6,510/ 6,592
(-50/ -50) # 1,879
SJC Danang6,510/ 6,592
(-50/ -50) # 1,879
SJC Nhatrang6,510/ 6,592
(-50/ -50) # 1,879
SJC Cantho6,510/ 6,592
(-50/ -50) # 1,879
Cập nhật 27-09-2022 14:23:49
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ↀ Giá vàng thế giới
$1,638.10+10.140.62%
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Sản phẩmVùng 1Vùng 2
RON 95-V23.26023.720
RON 95-III22.58023.030
E5 RON 92-II21.78022.210
DO 0.05S22.53022.980
DO 0,001S-V24.51025.000
Dầu hỏa 2-K22.44022.880
ↂ Giá dầu thô thế giới
WTI$78.02+1.612.06%
Brent$85.45+1.561.82%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.560,0023.870,00
EUR22.265,3423.511,65
GBP24.894,1725.955,20
JPY159,88169,26
KRW14,3517,49
Cập nhật lúc 13:49:13 27/09/2022
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