WazirX, the largest cryptocurrency exchange in India, has launched the country's first NFT marketplace. NFTs stand for non-fungible tokens and are cryptographic tokens used to indicate ownership of digital objects such as artwork, music, albums, and more. NFTs have gained popularity in recent months, especially after Twitter founder Jack Dorsey used one to sell his first ever tweet. Dorsey's tweet sold for over $ 2 million, and NFTs have been selling more and more ever since. The artworks of some of the best visual artists in the world have been involved in the sale of NFT.
The requests received by the platform are already very many
The NFT marketplace of WazirX, on the other hand, hosts works of art by Indian artists already at this time. The company said it received over 15.000 inquiries from collectors and creators. The company collaborated with:
- visual artist Vimal Chandran
- the anonymous street artist Tyler
- mural artist Sneha Chakraborty
- Montreal-based mixed media artist Ishita Banerjee
- automotive photographer Arjun Menon
He said over 300 creators have been whitelisted and will be releasing their works on the marketplace soon.
Unlike most NFT marketplaces, however, the WazirX marketplace is not based on the Ethereum blockchain. In contrast, the platform is based on Binance Smart Chain, a blockchain platform created by WazirX's parent company, Binance. WazirX's WRX token will be used for transactions, and the company said NFTs will be transferable to other chains, such as Ethereum (quotation ETH in real time), eventually.
A substantial difference compared to other marketplaces
Another difference between the WazirX marketplace and other NFT marketplaces is that it will currently only have “fixed price” sales. This means that there will be no offers for NFT, at least for the moment, unlike other platforms.
The platform will also have Spotlight and Discover sections. While the Spotlight section will have selected artists, WazirX will publish 50 selected artists on Discover every day, from the 15.000 applications mentioned above. “Our selected collector list and 5 million strong WazirX Crypto community will give us the momentum needed to grow the NFT community within the country,” said Vishakha Singh, Advisor, NFT Marketplace of WazirX.
“Today more and more artists and collectors around the world are harnessing the power of NFTs. In doing so, they are realizing the vast benefits of using smart contracts to ennoble and secure ownership of digital art for every artist and collector, providing them with the opportunity to create wealth. NFTs guarantee the exclusivity of the property and can be seen as a way to digitize works of art and other collectibles, ”said Sandesh B Suvarna, Vice President, WazirX NFT.