NFTs have exceeded the expectations and standards they have set for themselves within the last year. And in the grand picture of the investment sector, they are fastly catching up with the rest. To prove their dominance in the world economic market, the NFT industry alone raked upwards of $41 billion in 2021. The following years is set to be multiplied by folds in the capital revenue of the sector.
How does the tax affect the sector in India?
The crypto tax gives confidence in the public to trust there are at least serious talks about the industry beyond speculation. And the main positive takeaway is the eventual legalization and regulation of digital assets. More importantly, this would encourage more people to come on board and participate in the sector rather than the opposite. Exposure, scalability, adaptability, and trust are the key ideal to any working investment division. The tax net now cements the possibility of growth with every entity and individual involved with the sector.
The actual logistics of the tax involves a 30% tax on the digital assets, with no deductions or exemptions. There is a 1% TDS at source for every exchange above a particular monetary threshold.
Key features to expect in a good NFT marketplace
The existential and the conjectural aspects of the NFT marketplaces that can be debated as far as how they should function. But, let’s look at some of the concrete fail-proof features that make up a good marketplace.
It is one of the key aspects to pull in customers. It serves as the first impression tool to how the investors perceive the marketplace. A well-curated and thought-out store will ensure engagement and interaction with the platform. To keep it engaging, the storefront should contain no less than the precise call to action; engaging and sleek – designs, fonts, and categorization.
Filters and search optimization
The next aspect that comes after the storefront is the workflow and ease in the workflow. The filters help weed out unnecessary details and help the customer with dedicated searches. Therefore, categorizing and compiling the projects under relevant search keywords also help a great deal. This makes it easy for the customer to access their needs easily.
Listing and transparency
The NFT marketplace can be categorized into two parts – the primary and the secondary marketplace. Many niche subcategories exist in between. Each marketplace should have its roadmap, utilities, smart contracts, wallets, information, listing details mentioned with full transparency. This ensures trust and candidness of the platform without compromising the integrity of the project. The details on the relevant standard practices and information on the secondary marketplace are mandatory.
Security and wallet integration
For assets associated with the blockchain, security is a given. But still, caution and knowledge on any of the malpractices are necessary. All the major wallets for funding must be available.
Final thoughts on the NFT marketplace
NFTs are the future, and the rate at how the sector is growing its dominance in the world is undeniable. Check out some of the native best NFT marketplaces from the Indian hemisphere that thrive, like Beyondlife, Colexion, Ratio, and Bollycoin.