Web3 to make India digital goods hub: Polygon's Sandeep Nailwal

Web3 to make India the digital goods hub of the world

At YourStory’s TechSparks 2022, Polygon co-founder Sandeep Nailwal explained how India can take advantage of the global Web3 opportunity.

“China is the physical goods manufacturing factory of the world; India can become the digital goods manufacturing factory of the world if we focus on Web3. It is a once-in-a-generation impact and wealth creation opportunity," he said in a fireside conversation with Shradha Sharma, Founder and CEO of YourStory.

India's Web3 opportunity:

Sandeep noted that Indian entrepreneurs shouldn't pass on the Web3 opportunity on account of a few bad players.

He advised Indian entrepreneurs to follow in Polygon's footsteps and take advantage of the opportunity. “We are well on the journey towards building a truly world-class company like Google. There’s always the feeling of 'what’s next'? And we cannot fail from here,” said Sandeep.

Cristiano Ronaldo launches NFT collection

Amidst the controversy surrounding his latest interview, global footballing superstar Cristiano Ronaldo launched his first NFT collection on the Binance NFT Marketplace.

The launch is part of an exclusive, multi-year partnership signed in June 2022 with Binance, a blockchain ecosystem and cryptocurrency infrastructure provider.

Educating users:

Binance and Ronaldo are working on a global marketing campaign to give his fans an introduction to Web3 through the world of NFTs.

The NFT collection will be minted on BNB Chain using the BEP-721 BNB Chain token standard. It will feature seven animated statues with four rarity levels: Super Super Rare (SSR), Super Rare (SR), Rare (R), and Normal (N). Each of these NFTs depicts an iconic Ronaldo moment. Certain rare NFTs will also come with a personal message from Ronaldo, autographs, Binance, and Ronaldo merchandise amid other perks.

BlockFi heading towards bankruptcy

Crypto lending platform BlockFi is expected to file for bankruptcy due to its significant exposure to crypto exchange FTX. As per the Wall Street Journal report, the company is also preparing for possible layoffs.

However, BlockFi did not respond to a request for comment about its bankruptcy filing.

Recent developments:

Last week, the industry witnessed the collapse of the crypto exchange FTX, which was once valued at $32 billion. The fall of the third-largest crypto exchange in the world came as a shock to many, as the exchange handled transactions worth $1 billion daily.

Following the developments, on November 11, BlockFi announced it was pausing client withdrawals on its platform due to a lack of clarity around the status of the crypto exchange FTX.

India is not a viable market for crypto, says Changpeng Zhao

Earlier this week, Changpeng Zhao, Co-founder and CEO of crypto exchange Binance, said he does not see much potential in the Indian crypto market as of today. Addressing the TechCrunch Crypto 2022 conference, Zhao said, “To be honest, I don’t think India is a very crypto-friendly environment.”

According to Zhao, India's high tax environment on crypto is a major concern as it contributes to the market's lack of viability for foreign competitors.

What does it mean?

He also stated that Binance is in talks with many Indian crypto founders and influential people to figure out a solution with the regulations in place.

In addition to this, a 2022 survey by NASSCOM on India's Web3 startup landscape also indicated that talent and investor exodus could accelerate India’s lost opportunity in the sector.

Binance obtains license for Web3 and crypto custody in Abu Dhabi

Earlier this week, Binance obtained Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) in Abu Dhabi Global Market (ADGM). The exchange now has the regulator's approval for enabling crypto custody services in the UAE.

As per a report by Zawya, the FSP will allow Binance to facilitate custody for professional clients. It, however, will require the clients to meet the conditions of the FSP, as stated by FSRA.

Recent developments:

In April, Binance received an In-Principle Approval (IPA) from the ADGM regulator to operate as a broker-dealer in virtual assets, as per the report.

The developments come amid the FTX turmoil. On November 14, Binance CEO Changpeng Zhao took to Twitter to announce a crypto recovery fund in light of the crisis.