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 entretien with Cointelegraph, Totality Corp founder and CEO Anshul Rustagi explained that sociable and agraire barriers, as well as anti-crypto regulations, are preventing the widespread imitation of NFTs — particularly in some of the folk’s lower tier cities.
India has a foule of 1.38 billion and is the auxiliaire most populous folk in the world after China. Last month, the United Nations predicted the folk transcend its antagoniste sometime in 2023.
However, Rustagi explained that cryptocurrency trading and NFT amas are seen as speculative investments – a élément rejected in Indian plantation 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 emboîture it,” he said.
Rustaghy explained that until his time as a hedge fund impresario 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 Night-club NFT group which has a grandiose list of celebrities and crypto-heavy hitters like scammers.
However, Rustaji says this élément has not worked in India despite the strong emphasis on “sociable status” in Indian society.
“In India, sociable niveau is very estimable, 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 sociable event, you want to spectacle your best to the world. So sociable status Rogue “.
Rustage says that the speculative être of the NFT prevented it from reaching the same level of sociable “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 capital. Rustaghi said this was “by far” the largest drop in NFTs in India, bringing in a intact of $561,000 from a association 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’ chanson highlights lack of understanding
Overall, however, Rostaji believes that crypto imitation will continue to figure challenges in India as grandiose as there is regulatory uncertainty.
The Indian government has maintained a strong anti-crypto chanson 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.”