NFTs have exceeded any standards they have set for themselves within the last year. And in the grand scheme of the investment sector, they are fastly catching up to the rest. To prove their supremacy in the world economic market, the NFT industry alone raked in upwards of $41 billion in 2021. As a result, the number is calculated to multiply leaps and bounds in the following years.
Does crypto tax help the sector?
Exposure, scalability, adoptability, and trust are the key ideals to any working investment sector. The tax net now stamps the possibility of growth with every business and individual involved in the sector. The crypto tax gives confidence in the public to trust that there are serious talks about the industry beyond hearsay. And the positive takeaway is the eventual legalization and regulation of virtual assets. In addition, this would encourage more individuals to come on board and participate in the sector rather than not.
The logistics of the tax net involves a 30% tax on the virtual assets, with no deductions or exemptions. However a 1% TDS at source for every exchange above a particular monetary threshold.
Key features to expect in a good NFT marketplace
There are the superficial and the loose ideas of the NFT marketplace that can be put into theory on how they should function. But, let’s look at some of the concrete fail-proof features that make up a good marketplace.
Storefront
It serves as the first impression tool for how the customers perceive the marketplace. A well-curated store will ensure engagement and interaction with the platform. To keep it engaging, the store should contain precise call to action (CTA), engaging and sleek – designs, fonts, and categorization.
Filters & search optimization
After storefront the workflow and ease in the workflow comes next. The filters help with precise searches and help focus on necessary details that help the customer with dedicated searches. Moreover, categorizing and compiling the projects under similar search keywords also helps a great deal. This makes it easy for the customer to access their wants and needs easily.
Listing & transparency
The NFT market can be classified into two parts: the primary and the secondary marketplace. Many subcategories exist in between. Every marketplace should have a roadmap, utilities, smart contracts, wallets, information, listing details displayed with full transparency. This ensures trust on behalf of the platform without compromising the integrity of the project. The relevant blockchain standards upon which the NFT pieces are developed and their secondary marketplace information is a must.
Security & wallet integration
Security is a default undertaking for assets associated with the blockchain. Therefore, caution and knowledge on any of the known malpractices are necessary. Every major wallet in use should be integrated for funding.
Conclusion
NFTs are the present and the future, and the rate at how the industry is growing its global supremacy in the world is undeniable. Check out some of the best NFT marketplaces from the Indian subcontinent that thrive, like Beyondlife, Colexion, Ratio, and Bollycoin.
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