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Why India Is Still Untapped For NFTs

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Why India Is Still Untapped For NFTs

India is one of the fastest-growing markets and has one of the highest cryptocurrency adoption rates. However, most of the Indian market has not yet adopted nonfungible tokens (NFTs).

Anshul Rustaggi, the founder and CEO of Totality Corp, said in a recent interview withCointelegraph that anti-crypto laws and social and cultural barriers make it hard for non- fungible tokens to become widely used (NFTs). This is true even more in some of the country’s smaller and less important cities. Bitcoin Future is the place to go if you want to buy, sell, or trade cryptocurrencies.

India has 1.38 billion people, which makes it the second most populous country in the world. China has the most people in any country. The United Nations said about a month ago that the
country might pass its rival in 2023.

Rustaggi, on the other hand, says that trading cryptocurrencies and collecting non-fungible tokens (NFTs) are risky investments. In Indian culture, this idea is seen as unethical and is put
in the same group as gambling.

”India’s relationship with speculation is not simple. Both of them like and dislike it. Asia as a whole love to try to predict what will happen. Rustaggi said his mother thought he was ”basically
gambling with other people’s money” when he worked as a hedge fund manager in London. Rustaggi says that this idea hasn't caught on in India, even though ”social standing” is a very important part of Indian culture.

On average, 34% of your money will go toward your children’s weddings. Because it’s a social event, you want to look your best. So, a person's social position is very important.

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Rustaggi says that NFTs are based on speculation has kept them from ”signaling” as much as a luxury car or a Rolex watch. He did, however, say the following:

Totality Corporation released its first Lakshmi network-based token at the end of 2021. (NFT). The token’s name comes from a Hindu goddess of wealth and luck. Rustaggi said that this was ”by far” the biggest NFT drop in India because $561,000 was made from selling 5,555 NFTs.

Rustaggi says that the drop was successful because more people bet on the USD Coin (USDC) as an incentive to keep the NFT. This helped the dip work because it made it less of a "bet" and more of an ”assured return.”

Rustaggi, on the other hand, thinks that it will be hard to use cryptocurrencies in India as long as there aren't clear rules about how to do so.

The Indian government has never liked cryptocurrencies since 2013. Since the beginning of this year, the government has established and enforced two tax rules about cryptocurrencies.
Trading volume has dropped a lot because of this, and many crypto "unicorns" have left the country.

Even if the companies stay in business for more than a decade, their systems often still use the old internet, which was before blockchain technology. Because of this, if someone doesn't renew a domain name, a token could suddenly become worthless.

Most non-fungible tokens don't last forever on a blockchain because the technology isn’t very well developed. The data and metadata that make up an NFT’s representation are stored
somewhere other than the NFT smart contract itself. And there's no question that this stuff isn’t
safe enough.

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Also, you need the power to access and store digital information, and as new operating systems, plugins, and standards emerge, these files become very unstable and can't be opened. A lot of these things happen in a year. Even if only half of NFTs are still around in 2025, that will be a miracle.

It costs a lot of money to make or buy NFTs

Even though there has been a lot of talk about democratization, setting up an NFT is not cheap. It needs to be ”mined”, which means it needs to be added to the blockchain. This will cost you a lot of money because you will have to pay the ”gas charge” to the person whose computer is solving cryptographic problems.

To ”mine” them, you have to put them on the blockchain. The only way to solve these problems is to spend a lot of time and energy on them, which could result in high utility bills. So, this
person should get something for all of their hard work.

But the fees that come with the gas fee aren't always clear during the transaction. They are not very small, either. The NFT, which I made so I could do research, cost me $50 to make. It costs $1.99, but the gas to get it will cost you $100 more. When everything is said and done, I only get two cents of a dollar for my asset, while the crypto-millionaires who run the network get $150.

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