{"id":494733,"date":"2022-09-21T06:00:07","date_gmt":"2022-09-21T03:00:07","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/totality-corp-ceo-explains-why-india-is-still-largely-untapped-for-nfts\/"},"modified":"2022-09-21T06:00:07","modified_gmt":"2022-09-21T03:00:07","slug":"totality-corp-ceo-explains-why-india-is-still-largely-untapped-for-nfts","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/totality-corp-ceo-explains-why-india-is-still-largely-untapped-for-nfts\/","title":{"rendered":"# Totality Corp CEO explains why India is still largely untapped for NFTs"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3dcc3f24a40\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3dcc3f24a40\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/totality-corp-ceo-explains-why-india-is-still-largely-untapped-for-nfts\/#%E2%80%9D_Totality_Corp_CEO_explains_why_India_is_still_largely_untapped_for_NFTs_%E2%80%9C\" >&#8221; Totality Corp CEO explains why India is still largely untapped for NFTs &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Totality_Corp_CEO_explains_why_India_is_still_largely_untapped_for_NFTs_%E2%80%9C\"><\/span>&#8221; Totality Corp CEO explains why India is still largely untapped for NFTs &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDkvOTFmZTdmOGYtMTcxMS00YTQ5LWE1MmEtZjVmZjlkMDQyYjYwLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-6ebd806f>Despite ranking as one of the highest adopters of cryptocurrency among emerging markets, the majority of the Indian market is yet to embrace nonfungible tokens (NFTs).<\/p>\n<p>In an interview with Cointelegraph, Totality Corp Founder and CEO Anshul Rustaggi explained that <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> and cultural barriers, as well as anti-crypto regulations, are holding back NFTs from mass adoption \u2014 particularly in some of the lower-tier cities in the country. <\/p>\n<p>India has a population of 1.38 billion people and is the second-most populous country in the world sitting just behind China. Last month, the United Nations forecast the country to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.un.org\/development\/desa\/pd\/sites\/www.un.org.development.desa.pd\/files\/wpp2022_summary_of_results.pdf\">overtake<\/a> its competitor sometime in 2023.<\/p>\n<p>However, Rustaggi explained that crypto trading and NFT collection are seen as speculative investments \u2014 a concept that is frowned upon in Indian culture and sits in a similar boat as gambling. <\/p>\n<p>\u201cIndia has a very love and hate relationship with speculation. So all of Asia, including India loves speculation. But morally, we like to always say bad things about it,\u201d he said. <\/p>\n<p>Rustaggi explained that even his time as a hedge fund manager in London was seen by his own mother at the time as \u201cbasically gambling with other people\u2019s money.\u201d <\/p>\n<blockquote><p>\u201cWith NFTs, the only way to earn money was speculation [&#8230;] We haven&#8217;t yet as a society accepted digital goods.\u201d<\/p><\/blockquote>\n<p>While studies have found that most NFTs are bought due to their speculative nature, some collections can be seen as a \u201csignal\u201d for wealth and status, such as in the case with the Bored Ape Yacht Club NFT collection which boasts a long list of celebrities and heavy hitters in crypto as hodlers. \u00a0 <\/p>\n<p>However, Rustaggi says this concept hasn\u2019t taken flight in India despite the strong emphasis on \u201csocial status\u201d in Indian society. <\/p>\n<p>\u201cIn India, social status matters massively, the largest expense we have in India is marriage. On average, 34% of your life\u2019s expenses are for the marriage of your children. And the thing is that it&#8217;s such a social event, you want to showcase your best to the world. So social status is important.\u201d<\/p>\n<p>Rustaggi says the speculative nature of NFTs has prevented it from reaching the same level of social \u201csignaling\u201d compared to a luxury car or a Rolex watch, but noted:<\/p>\n<blockquote><p>\u201cSo I think that time for NFTs to become a great signaling will come in India. I don\u2019t think it has come yet, but it will come.\u201d <\/p><\/blockquote>\n<p>In late 2021, Totality Corp launched its first \u201cLakshmi NFT\u201d \u2014 inspired by the goddess of wealth and fortune. Rustaggi said this was \u201cby far\u201d the largest NFT drop in India, bringing in a total of $561,000 from a collection of 5,555 NFTs. <\/p>\n<p>Rustaggi said the drop was successful as it touted staking rewards in USD Coin (USDC) as an incentive to hold the NFT, which made it a \u201cguaranteed return\u201d rather than \u201cspeculation.\u201d<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Indian government\u2019s \u2018blockchain not crypto\u2019 stance highlights lack of understanding<\/em><\/strong><\/p>\n<p>Overall, however, Rustaggi believes that crypto adoption will remain challenged in India as long as there is regulatory uncertainty.<\/p>\n<p>The Indian government has maintained a strong anti-crypto stance since 2013. Earlier this year, the government proposed and implemented two crypto tax laws which have since seen trading volumes plummet and many crypto unicorns leaving the country. <\/p>\n<p>\u201cThe government in India definitely doesn\u2019t want crypto anymore [&#8230;] The government is outright saying we don\u2019t like blockchain and we don\u2019t like cryptocurrency. But it&#8217;s kind of ridiculous.\u201d<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"nifty_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/totality-corp-ceo-explains-why-india-is-still-largely-untapped-for-nfts\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Totality Corp CEO explains why India is still largely untapped for NFTs &#8220; Despite ranking as one of the highest adopters of cryptocurrency among emerging markets, the majority of the Indian market is yet to embrace nonfungible tokens (NFTs). In an interview with Cointelegraph, Totality Corp Founder and CEO Anshul Rustaggi explained that social&#8230;<\/p>\n","protected":false},"author":1,"featured_media":494734,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDkvOTFmZTdmOGYtMTcxMS00YTQ5LWE1MmEtZjVmZjlkMDQyYjYwLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[77310,90774,95118,74355,17318],"class_list":["post-494733","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-indian-crypto","tag-indian-government","tag-nft","tag-adoption","tag-india"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/494733","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=494733"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/494733\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/494734"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=494733"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=494733"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=494733"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}