Indian Lawmaker Bullish On NFTs Over Metaverse Prospects

A Member of the Indian Parliament may have suggested the government’s plans for Non-Fungible Tokens (NFT).

Jayant Sinha, Chairperson of the Standing Committee on Finance, said that the future of NFTs and virtual digital assets will fascinating because of their use cases. This update comes despite the Indian Government’s hesitance towards the broader crypto ecosystem.

NFTs can help in securing rights

Sinha said that the country is already a leader in animation, the virtual world and related technology. He also believes that NFTS will help in improving obtaining ownership of digital assets. Any digital art like famous photographs and movies can be secured with the use of NFTs.

Sinha also said that  blockchain-related technology will prove to be very helpful for the growth of the country, the Economic Times reported. 

The usage of Non-Fungible Tokens will eventually increase as the users will engage more in the Metaverse. The majority of the population spends most of their time on mobile screens, computers and other electronic devices, Sinha said.

Other governments have forayed into NFT adoption. Ukraine is the most notable example, recently opening an NFT museum documenting its conflict with Russia. Sales from the museum were used to fund humanitarian efforts in the country.

A few provincial governments in China have also made their own forays into NFTS.

NFTs see growing popularity in 2022

The Indian government is yet to table a virtual digital assets related bill in the parliament which will eventually decide the fate of the cryptocurrency in the country. But a 30% tax on crypto profits and 1% TDS has been imposed in the country to dissuade crypto use.

As per reports, the NFT industry has seen a huge spike this year. The Virtual digital assets marketplace has reported a surge of over 20,000% in sales for 2021. More than $17.6 Billion in sales were recorded in 2021 which was higher than the $82 million in sales in 2020.

According to the Citi group, the Metaverse offers a market opportunity ranging from $8 trillion to $13 trillion by 2030. While over 5 Billion users can land in the virtual world.