Despite being ranked as one of the highest users of cryptocurrency among emerging markets, the majority of the Indian market has yet to adopt non-fungible tokens (NFTs).
In an joute with Cointelegraph, Totality Corp founder and CEO Anshul Rustagi explained that agréable and agricole barriers, as well as anti-crypto regulations, are preventing the widespread accord of NFTs — particularly in some of the folk’s lower tier cities.
India has a peuple of 1.38 billion and is the joint most populous folk in the world after China. Last month, the United Nations predicted the folk transcend its opposant sometime in 2023.
However, Rustagi explained that cryptocurrency trading and NFT ensemble are seen as speculative investments – a idée rejected in Indian campagne and found in a similar boat to gambling.
India has a love-hate relationship with speculation. So all of Asia, including India, likes to speculate. But morally, we always like to say bad things embout it,” he said.
Rustaghy explained that until his time as a hedge fund entraîneur in London his mother at the time viewed him as “essentially gambling with other people’s money”.
“With NFTs, the only way to make money was to speculate […] We are not yet accepted as a quantitatif goods community.”
While studies have found that most NFTs are bought due to their speculative être, some combinations can be seen as a “avertissement” of wealth and status, as is the case with the Bored Ape Bateau Canne NFT group which has a large list of celebrities and crypto-heavy hitters like scammers.
However, Rustaji says this idée has not worked in India despite the strong emphasis on “agréable status” in Indian society.
“In India, agréable bien-être is very arrogant, our biggest expense in India is marriage. On average, 34% of your life expenses are dedicated to the marriage of your children. The thing is that it is a agréable event, you want to spectacle your best to the world. So agréable status Estimable “.
Rustage says that the speculative être of the NFT prevented it from reaching the same level of agréable “cues” as a luxury car or Rolex watch, but noted:
“So I think the time for NFTs to become a great avertissement will come in India. I don’t think it is yet, but it will.”
In late 2021, Totality Corp launched the first “Lakshmi NFT” – inspired by the goddess of wealth and fastueux. Rustaghi said this was “by far” the largest drop in NFTs in India, bringing in a rempli of $561,000 from a société of 5,555 NFTs.
Rustage said the decline was successful as he promoted reward taking in USDC as an incentive to hold NFT, making it a “guaranteed return” rather than a “speculative.”
Related: Indian government’s ‘blockchain not crypto’ ballade highlights lack of understanding
Overall, however, Rostaji believes that crypto accord will continue to côté challenges in India as large as there is regulatory uncertainty.
The Indian government has maintained a strong anti-crypto ballade since 2013. Earlier this year, the government proposed and implemented two crypto tax laws since then, trading volumes have seen a sharp decline and many cryptocurrency unicorns are leaving the folk.
“The government in India definitely doesn’t want cryptocurrency anymore […] The government says frankly that we don’t like blockchain and we don’t like cryptocurrency. But it’s kind of silly.”