Indians will spend thousands on lavish weddings and luxury cars to show their social status, but most don’t see NFTs fulfilling the same role, Totality Corp founder and CEO told Cointelegraph.
However, Rustaggi says this concept hasn’t taken flight in India despite the strong emphasis on “social status” in Indian society.
Rustaggi says the speculative nature of NFTs has prevented it from reaching the same level of social “signaling” compared to a luxury car or a Rolex watch, but noted: In late 2021, Totality Corp launched its first “Lakshmi NFT” — inspired by the goddess of wealth and fortune. Rustaggi said this was “by far” the largest NFT drop in India, bringing in a total of $561,000 from a collection of 5,555 NFTs.
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