WazirX NFT platform will feature exclusive artwork from artists, photographers, and media professionals from India and some South African nations.
India, June 1, 2021 /AlexaBlockchain/ – WazirX, India’s largest cryptocurrency exchange, has launched NFT marketplace.
What is an NFT?
NFTs or Non-fungible-tokens are a class of cryptocurrencies representing a wide range of unique tangible and intangible items, from collectible sports cards to virtual real estate and even digital sneakers. An NFT is not replaceable by any another item and acts as Proof of Ownership (PoW) over a piece of a digital asset.
Why does it matter?
NFT for digital collectibles has gained massive traction in the past one year. Earlier this year, Another Indian startup Kalamint launched NFT marketplace. The Tezos-Based NFT Marketplace Kalamint allows for the minting, selling, and buying NFTs on the platform. It is backed by Billionaire investor Draper Goren Holm. The platform has gained strong uptake since its launch and has since made sales amounting to $281,000, according to founder Sandeep Sangli.
NFT Market Recent Trends
More than $2 billion was spent on non-fungible tokens, or NFTs, during the first quarter of 2021 — representing an increase of about 2,100% from Q4 2020 — according to a report from NonFungible.com which tracks the NFT market.
WazirX NFT Marketplace Launch
WazirX NFT marketplace launch comes amid crypto boom and exchanges facing tussle with banks due to regulatory uncertainty. This positive news coincided with RBI making clarification on bank’s tussle with crypto exchanges, and said that banks can’t deny services to crypto exchanges.
The announcement is well received by the crypto community in India, pushing up demand for WazirX token. Wazirx native token WRX jumped over 50% in 24 hours on the announcement. WRX was trading at INR149 at the time of press.
WazirX NFT Marketplace Key Points
- Crypto exchange WazirX is now offering NFTs – a unique digital work of art which has gained huge adoption in recent months globally.
- WazirX NFT platform will feature exclusive artwork from artists, photographers, and media professionals from India and some South African nations.
- WazirX will mint the NFTs on its parent company Binance’s technology—one of the largest crypto exchanges in the world. Binance acquired WazirX in 2019.
- The non-fungible tokens will have no listing price, but a minimal gas fee of $1 for transactions, Mint reported.
- Till now, WazirX’s NFT marketplace has 15 creators, with 15000 applications in line already. Artists like Vimal Chandran (visual artist), Sneha Chakraborty (wall mural artist), Ishita Banerjee (media artist), among others will feature on the marketplace.
- The collectors can purchase NFTs via WazirX through its native token WRX. Moreover, it will not take bids for the pieces on sale for now and will go ahead with the ‘fixed price sale’ concept. However, the tokens can be later transferred to a different blockchain, like Ethereum.
- WazirX will charge a 5 percent service fee on each sale, with the creators getting 95 percent of the sale proceeds, ET reported.
Related Link: https://nft.wazirx.org/