Best NFT Projects To Invest in 2022

Introduction

The major development in the crypto sector in the midst of its rise in the Indian hemisphere is the introduction of the Union Budget 2022-22 by finance minister Nirmala Sitharaman to introduce a 30% tax net for any income made from exchanging digital assets. The future of crypto in India has been hanging on a thin thread up until the announcement, but this gives hope of possible legalization of the division by the government for digital investors, native companies, and individuals who depend upon the sector.

The tax laws on crypto moving forward

In a historic move, finance minister Nirmala Sitharaman during the Union Budget for the year 2022-22, said, "There has been a phenomenal increase in transactions in virtual digital assets. The magnitude and frequency of these transactions make it imperative to provide for a specified tax regime accordingly, for the taxation of virtual digital assets, I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30 percent." She added, "No deduction in respect of any expenditure or elements shall be allowed while computing such income except the cost of acquisition for loss from the transfer of virtual digital assets cannot be set off against any other income."

The taxation extends to the recipients who receive the digital assets as gifts, with no exemption or deductions. The losses in the taxing of the assets cannot be set off as gains in other income gains. There will be a 1% tax-deductible at source (TDS) at any exchange above a defined monetary threshold.

The introduction of a native cryptocurrency developed on the blockchain by the RBI termed Central Bank Digital Currency (CBDC) is also announced to be introduced by 2023. It's speculated to be the only recognized cryptocurrencies of many in the Indian subcontinent, as only currencies supplied by the Indian reserve banks are considered to be a legitimate currency, and any other form is just considered a digital asset in itself.

Effects of the tax net on the crypto

Though the opinion of the decision among the governing body and the whole spectrum of people involved with the sector seems to be mixed, the whole ordeal is widely seen to be welcomed for the better. The very recognition of the sector in the union budget makes it possible for the investors and individuals involved with the industry to hope for the eventual legalization, which was otherwise hanging by a thread.

The bill's use from its introduction has another side to it - individuals and businesses that were oblivious and skeptical about the industry, including amateur individuals who are just getting started in the division to start their journey in the crypto realm, as the government now recognizes it to an extent.

What it means for the digital currency native companies and individuals

The passing of the bill also gives room for more growth in established and amateur companies and individuals in the division. Some of the more prominent marketplaces in the Indian hemisphere are the ones that have catered to the Indian audience with global standard issues of NFT projects, cryptocurrency trade, and investments that have put India at the top of the crypto pyramid.

NFT projects and marketplaces to look out for in 2022

1.Beyondlife.club - the genius of catering to the Indian audience by investing in projects and considered as one of the best NFT marketplaces in India that pull the heartstrings of the natives - Beyondlife.club did just that with the highly successful Amitabh Bachchan, Chakra The Invincible, and The Hindustan Times NFT releases. Each project was a masterpiece in its own right, wherein the invested pieces listed are more successful in the secondary market.

2.Colexion -  is a revolutionary platform that introduces the metaverse in the game alongside integrating the sports element with global sports personalities as avatars in the game. The avatars, mintable commodities, and accessories.

3.Rario - what screams more Indian sport than cricket? The platform has had high success in the NFT sports section, where it introduced many exquisite collections of cricket-based NFTs to the world. The marketplace has an exciting collection of best moments from the matches, and trading cards equivalent NFT punks of the cricket stars with unique attributes and utilities.

4.Bollycoin - the marketplace seeks to bridge the gap between Bollywood and the NFTs. The platform is filled with projects that reflect the fun and adrenaline-rushing Bollywood-based NFTs. They also host their own crypto coin that rakes in royalties to the investor every time there is a purchase in their market. There are many exclusive benefits to being subscribed to their membership.

How the sector could move forward?

And there are a plethora of talents that are being discovered and penetrating the sector in real-time, and they are set to change the trajectory of the industry for the better. The easily accommodating and adapting division gives room for improvement, and more use cases birthed as a consequence.

Final thoughts on the opportune, fun, and promising sector

The regulation of crypto under the government with the introduction of a tax net on the sector gives hope and the freedom for people to participate and move forward with confidence in regards to finding their footing in the sector. Look out for any new scopes developments in the industry; start trading and investing in the sector.