- Rustajy said that cryptocurrency trading and NFT groups are considered risky investments in India.
- The CEO of Total Corp believes that the only way to make money is to speculate.
Totality Corp founder and CEO Anshul Rustaggi shared the cultural and social hurdles in an interview with Cointelegraph. He said Indian government regulations prevent the widespread adoption of non-fungible tokens (NFTs) in the country.
According to Rustaggi, cryptocurrency trading and NFTs are risky investments that are loathed in Indian society and fall into the same category as gambling.
Founder and CEO Anshul Rostaji stated;
With NFTs, the only way to make money was to speculate […] We have not yet accepted as a digital goods community.
Totality Corp is an expert in many areas of information technology, such as tool creation, 3D technology, and mobile gaming. In late 2021, Totali introduced the first Lakshmi NFT. Anshul Rustaggi stated that with a total of $561,000 from a pool of 5,555 NFTs, this was the largest drop in NFTs in India.
However, India is one of the developing markets with the highest rates of cryptocurrency adoption. But the Indian government has followed strict rules and regulations regarding cryptocurrencies. As a result, earlier this year, two tax policies for cryptocurrency were proposed and implemented by the government. Moreover, the majority of the Indian market has not yet accepted non-fungible tokens (NFTs) as adoption for cryptocurrencies.
High NFT in China
Headlines emerged in June about the rapid rise in NFT use across China. The results indicate that in just four months, the Chinese NFT market has grown more than fivefold. In addition, well-known Chinese companies Tencent and Alibaba have issued trademark filings in an attempt to take advantage of the NFT boom.
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