- Rustaggi said crypto trading and NFT collections are considered as risky investments in India.
- Totality Corp CEO thinks NFTs, the only way to earn money was speculation.
The founder and CEO of Totality Corp, Anshul Rustaggi, shared cultural and social obstacles in an interview with Cointelegraph. And he said that Indian government regulation prevents the widespread adoption of Non-fungible tokens (NFTs) in the country.
According to Rustaggi, cryptocurrency trading and NFT collections are considered as risky investments, which are detested in Indian society and fall under the same category as gambling.
The founder and CEO Anshul Rustaggi stated:
With NFTs, the only way to earn money was speculation […] We haven’t yet as a society accepted digital goods.
Totality Corp is an expert in several areas of information technology, such as tool creation, 3D technology, and mobile gaming. Late in 2021, Totality Corp introduced their first Lakshmi NFT. Anshul Rustaggi stated that with a total collection of $561,000 from a collection of 5,555 NFTs, this was the greatest NFT drop in India.
However, India is one of the developing markets with the greatest adoption rates of cryptocurrencies. But the Indian government has followed strict rules and regulations for cryptocurrency. As a result of this, earlier this year, two crypto tax policies were proposed and enforced by the government. Moreover, the majority of the Indian market is yet to accept nonfungible tokens (NFTs) as crypto adoption.
NFT Surges in China
In June headlines of a rapid rise in NFT usage across China surfaced. The results indicate in just four months, the Chinese NFT market grew by a factor of more than five. In addition, well-known Chinese companies Tencent and Alibaba issued trademark filings in an effort to profit from the NFT boom.