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Crypto exchange platform WazirX launches NFT marketplace for India, South Asia

Crypto exchange platform WazirX launches NFT marketplace for India, South Asia
Nischal Shetty, CEO, WazirX  |  Photo Credit: WazirX
1 Jun, 2021

Riding on the popularity of Non-Fungible Tokens, Binance-owned cryptocurrency exchange WazirX, on Tuesday announced the launch of an NFT marketplace that will feature exclusive artwork by popular photographers, artists, and mixed media professionals from India and other South Asian countries.

Currently in Beta phase, the marketplace is expected to help artists, creators and collectors across India and abroad to create and trade unique digital assets that represent art, music, videos, collectibles, in-game articles among others, the company said in a statement. 

The platform involves minimal gas fees, comes without any listing price, and is extending 50,000 WRX as bonuses for the community. 

The WazirX NFT Marketplace is powered by the Binance Smart Chain, which brings the gas fee –  a sum required to mint the NFT via a blockchain – down from $60-$100 to about $1, the company said. Since the NFTs will be interoperable, anyone can later transfer the NFT to a different blockchain such as Ethereum. 

For now, the launch is heavily focused on Indian-origin artists scattered around the world, the company said.

WazirX had announced the registrations for NFT marketplace in April 2021.

Since the announcement of the launch, the platform has received over 15,000 applications for artist and collector registrations. Overall, about 300 creators have been whitelisted to build the desired artistic community on WazirX platform who will be releasing their work exclusively.    

The marketplace is open to everyone who wants to buy or sell their NFT - using - WRX, the native token of WazirX.  

Read: The rise of a new asset class and why India needs to be proactive about NFT

“More artists and collectors across the globe are today tapping the power of NFTs. By doing so, they are realizing the wide-ranging benefits of using smart contracts to dignify and secure the digital art ownership for every artist and collector by providing them with an opportunity to create wealth. NFTs ensure the exclusivity of ownership and can be seen as a way to digitize artwork and other collectible items,” Sandesh B Suvarna, VP- WazirX NFT marketplace said. 

NFTs rely on the same blockchain technology as cryptocurrencies like Ethereum. What makes them unique is that unlike other cryptocurrencies, they are unique and establish ownership.

The popularity of NFTs has exploded in recent months. In March this year, Twitter CEO Jack Dorsey sold his first ever tweet for $2.9 million while the iconic Charlie Bit My Finger video, which was turned into an NFT, has fetched about $760,999.