In an unrivaled decision to bring the crypto sector under a tax bracket. It made room for a discussion to move forward to legalize it. Till now no one knows the Indian government’s stance on the crypto and NFT. It has been “neither-nor” from the get-go – until now.
Many have raised concerns on how the industry would move forward. For now, the hope is that because of the tax net on crypto, future regulation and legalization can be possible. This aspect gives confidence to the investors and NFT Launchpad creators involved with the sector to work forward in it without any obstacles or setbacks.
The 30% tax net on digital assets
Finance minister Nirmala Sitharaman during the Union Budget for the year 2022. She said, “There has been a phenomenal increase in transactions in virtual digital assets. The magnitude and frequency of these transactions make it imperative for a specified tax regime. Accordingly, for the taxation of digital assets.
The tax net extends at the recipient’s end with no deductions or exemptions. A 1% Tax deductible at source (TDS) is applicable above a certain monetary threshold at every exchange.
From RBI’s guidelines by the end of 2023, RBI has an idea of introducing “Central Bank Digital Currency” (CBDC). A native cryptocurrancy on relevant blockchain technology.
The impacts and repercussions of the tax net
The general consensus of the whole ordeal over the spectrum of people involved with the sector. But most of the outcomes of the decision are set to be positive for the sector and the people involved.
The finance minister reassured the tax on the industry would greatly benefit the citizens of the country, and it also makes it an easy and trusted exposure for people who were skeptical about their future in the sector to start their journey in it.
From businesses, creators, and investors, both digital natives and amateurs can start planning big for their projects. In lieu of companies that have shaped the NFT sector in the Indian hemisphere, one of the most prominent ones has to be Beyondlife. club. An actual legit scope with chances of investing in more bold projects and new ideas in the industry moving forward.
GuardianLink backing up Beyondlife. club
The no-code NFT launchpad – GuardianLink is the silent mastermind behind Beyondlife. club, as a result the NFT marketplace thrives on an unprecedented scale. They have been infamously known to host killer marketplaces for businesses or creators who want to curate their own space in the NFT realm, so it makes sense their own marketplace would exceed all expectations and flourish among all the clutter. Now in present market GuardianLink is considered as the best NFT Art Launchpad. Let’s take a look at some of their masterful projects created from the passion for digital assets.
Beyondlife.club projects and their journey in the NFT sector
The market focuses on bringing about quality NFT projects rooted in the Indian region. From their trailblazing celebrity NFT release to the most recent NFT metaverse marriage drop, the platform has made hits after hits in the NFT sector, both regionally and on the global scale.
Their first ever project collaborating with the Indian legend and actor extraordinaire Amitabh Bachchan had unparalleled success in the market, raking in close to 8 crores. Following the success of the BigB punks, the team came up with StanLee’s “Chakra The Invincible” NFTs which was one of the fastest-selling NFT launches. In the recent drop Hindustan Times have collabrated with GuardianLink in publishing their NFTs. Then GuardianLink has played a vital role in trading Metaverse Wedding NFTs in Beyondlife’s marketplace. Both were just as successful and fast off the shelf as their predecessors.
The projects are thriving for a second and times after that in the secondary marketplace in the Beyondlife.club platform, with pieces going for 400 times their original base price.
Would this start a trend with the inception of metaverse marriages?
Well, the hope is that people will get behind the fun and exciting way to get betrothed in the metaverse in the future. Imagine a virtual space with all your custom wedding needs and wants taken care of in a larger-than-life setting and made extra special with all the wonderful avatars and accessories integrated into the space. The metaverse wedding served as a new space where augmented reality and real-life weddings can take place, and during recent times, it is probably the best way a couple could have spiced up their wedding ceremony.
Final thoughts on the future of the NFT sector in India
The important distinction of whether the NFTs are now legal or not and the finer details regarding their future, though they haven’t been explicitly mentioned, have been manifested to move in a positive way forward with the mere introduction of a bill – taxing them. This is good news for many reasons – of which the key factor that served as a hindrance is the scalability and trust factor. Now, the sector can take much bigger risks and flourish from within and from the participation of much more exposed and brave investors and creators in the space.
Visit Beyondlife.club to check out the highly successful projects flourishing, as they should. Start investing in them to find your footing in the industry and realize your dreams. And make use of the highly revered GuardianLink’s NFT Launchpad to get started on your own project. That will propel your presence in the NFT space.