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 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.
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 overtake its competitor sometime in 2023.
However, Rustaggi explained that crypto trading and NFT collection are seen as speculative investments — a concept that is frowned upon in Indian culture