Binance-owned cryptocurrency exchange WazirX has announced the launch of a dedicated marketplace for NFTs or non-fungible tokens.
The blockchain-based product, according to a statement, will allow content creators in India to place digital assets – art pieces, audio/video, animated GIFs and tweets -- and intellectual properties for auction and earn royalties on them.
“It will truly transform the market in our rapidly digitising world with a growing interest in NFT across the globe. Both digital creators and collectors stand to benefit from the WazirX NFT marketplace,” Nischal Shetty, founder of WazirX, said.
“As of now, we are working around certain nitty-gritty to make NFTs more lucrative for our customers,” he said.
Once an NFT is created and sold, it becomes a unique asset for the buyer and cannot be copied — the ownership of the asset will be tracked using the blockchain.
With 299% growth in 2020 and over $250 million worth transactions, these tokens are believed to be next logical step in the space of collecting and keeping prized digital items. Twitter founder and CEO Jack Dorsey sold his first tweet as an NFT for $2.9 million.
While WazirX has said that it will not charge customers for listing and for exchanging NFTs on its platform, a gas fee might be taken. The reason: NFT builds on blockchains that allow smart contracts and the fee has to be paid to miners for the computer power used to verify the transactions.
However, the crypto exchange platform has said that is currently working towards nullifying this cost to make NFT minting cost-effective for both artists and creators. The entire effort is being driven by Canadian entrepreneur Sandesh B Suvarna as well as actor/producer Vishakha Singh, the company said.
“From the creative industry perspective, we believe this is a great opportunity for artists and IPR owners to monetise their existing assets via a new revenue stream. The myth of the starving artist needs to be rewritten,” Singh, an advisor for the new marketplace, said. “Every creator, artist, influencer has the right to showcase their IP with dignity and on a credible platform with legitimate buyers.”