Totality Corp CEO Shares About Why India Is Still Yet To Embrace NFTs
Totality Corp CEO Shares About Why India Is Still Yet To Embrace NFTs.
Anshul Rustaggi, the CEO and Founder of Totality Corp, a firm in India, focused on various types of IT fields including mobile gaming, explains in an interview with Cointelegraph the reason behind the Indian market hasn’t yet embraced non-fungible tokens (NFTs).
Indian Social and Culture Hinder the NFT Adoption
Anshul Rustaggi explained that social and cultural barriers, as well as anti-crypto regulations, are holding back NFTs from mass adoption, particularly in some of the lower-tier cities in the country.
As Anshul Rustaggi explained, NFTs have been hindered from reaching mass adoption due to social and cultural barriers, as well as anti-crypto regulations.
Crypto trading and NFT collection, according to Rustaggi, are considered speculative investments in Indian culture and are associated with gambling.
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“India 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,” he said.
Rustaggi said that even when his time as a hedge fund manager in London was seen by his own mother as “basically gambling with other people’s money.”
NFTs Are Seen as a Signal For Wealth and Status
Some NFT collections, such as the Bored Ape Yacht Club NFT collection, can serve as a “signal” of wealth and status, despite the fact that most NFTs are purchased based on their speculative nature. This collection is hacked by celebrities and crypto heavyweights.
In spite of the strong emphasis on “social status” in Indian society, Rustaggi says this concept hasn’t caught on in India.
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“In India, social status matters massively, the largest expense we have in India is marriage. On average, 34% of your life’s expenses are for the marriage of your children. And the thing is that it’s such a social event, you want to showcase your best to the world. So social status is important,” he said.
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