Figuring out the nuances in the NFT market will mean opening and examining multiple new cans of worms.
Ahead of the first due date of advance tax payment on June 15, the government is likely to release guidelines on what will be covered within the ambit of virtual digital assets (VDA). To remove any ambiguity in the recently established tax framework for asset holders, the Central Board of Direct Taxes (CBDT) is currently preparing guidelines, said government officials in the know. The apex direct tax body will define non-fungible tokens (NFTs) and whether or not they fall within the purview of VDA.
Welcome to Non-Fungible Tokens (NFT) - digital constructs authenticated using an abstract mathematical application. An NFT is a unique token added to some digital construct and registered on a blockchain with details of ownership. The construct itself might be free (it often is) but the NFT along with the construct is worth "more". The NFT market didn't exist until 2017 when "cryptokitties", or virtual cats, became available with NFTs. The market is now worth around $350 million. Speculators believe it is likely to be worth much more in future.
...current industry models will soon fade out, notes Ajit Balakrishnan.
However, NFTs and Metaverse are in their first-generation (Gen 1) or initial phase and the market is filtering the assets from the point of view of their worthiness. NFTs having real artistic value have not participated as much in the fall. Some innovations are also happening or expected going ahead, which will take this asset class to the next phase.
'If you are ready to stomach the loss, you may invest 3-5 per cent of your portfolio in crypto assets.' 'Of this, 80-90 per cent should be in Bitcoin.'
By 2026, around 25 per cent of the global population may spend at least an hour a day on Metaverse. This will open the doors for many businesses, the NFTs market will spread, and Web 3.0 will attract more investment.
BollyCoin aims to house Bollywood's most iconic movie dialogues, clips, and posters, etc, starting with NFTs of the Dabangg franchise.
Crypto-currency, which is fast gaining popularity in the western market is now to enter cricketing space with 'Cricket Foundation', which claims to have 50,000 users even before its launch, and is complemented by over 60,000 followers on social media.
Earlier last month, for the first time ever, an anonymous hacker was served with a restraining order as a non-fungible token (NFT), reports Shivani Shinde.
Humans will work far more collaboratively with artificial intelligence for rapid and complex decision-making.
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Actor Amitabh Bachchan has paid up GST of Rs 1.09 crore on sale of non-fungible tokens (NFTs) worth Rs 7.15 crore following a notice by the Directorate General of Goods and Services Tax Intelligence (DGGI), people aware of the matter said. Though Bachchan has deposited the amount, investigations by tax authorities continue, they said. Bachchan had entered into an agreement with Rhiti Entertainment Pte. Ltd, Singapore, for conversion of his content into NFTs by way of an auction.
BCCI honourary secretary Jay Shah provived updates on the Asia Cup venue, WPL and India's preparations for the ODI World Cup.
The top hashtag in India was #COVID19, as the country grappled with the deadly second wave of the pandemic.
A new mobile banking 'Trojan' virus -- SOVA -- which can stealthily encrypt an Android phone for ransom and is hard to uninstall is targeting Indian customers, the country's federal cyber security agency said in its latest advisory.
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Move over 3D, 4D and 5D. Cinema is now eyeing the metaverse experience. On February 15, Bollywood producer Vashu Bhagnani's production company, Pooja Entertainment, forayed into the metaverse and bought its first piece of virtual land. The space, called Poojaverse, will be a virtual area where the company will create an immersive experience for moviegoers, starting with BadeMiyan ChoteMiyan, starring Akshay Kumar and Tiger Shroff. Promotional events for the film, slated for release on Christmas 2023, will be held in the metaverse, says the company. The metaverse might still be in its infancy, but producers like Deepshikha Deshmukh say, "The ecosystem will only grow from here. "Metaverse will soon be the go-to place for everything virtual related to films."
With days to go before the new tax regime around crypto assets kicks in, several investors are reportedly either booking profits, rejigging their portfolios or moving their crypto assets to their private wallets outside of India. Starting April, gains from trading in crypto and other virtual assets like non-fungible tokens (NFTs) will be taxed at a flat 30 per cent, as announced in the Union Budget. And, 1 per cent of tax will be deducted at source (TDS) on every transaction involving crypto and other virtual assets. The new tax regime also bars investors from offsetting losses from one crypto asset (such as Bitcoin) against gains from another (say, Ethereum).
Every brand and company in India too will soon need a metaverse strategy, notes Sandeep Goyal.
Traders who pay in rupees generate over Rs 50 crore in daily cryptocurrency volumes. Indians actually invest a great deal more in forex-denominated trades, observes Devangshu Dutta, explaining why it is impossible to ban cryptocurrency.
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