WazirX Launches India's First NFT Marketplace!

about 3 years ago

Wazir X Main Image.png

Crypto Adoption in India is imminent even if the future of the Crypto space in the country is uncertain. We still do not know whether the Government will put a ban on trading & investing in Cryptocurrencies or not but many officials have clarified that they are open to exploring Blockchain Technology & its benefits. A few weeks Coinbase declared that they are hiring Indian Talent for their operations. More news like these are coming out amidst the proposed ban.

Two days ago, Binance owned, WazirX, the biggest crypto exchange in India, has launched NFT Marketplace to serve Indian community of artists and creators.

The NFT marketplace for Indian artists and creators from the country's most trusted Bitcoin and cryptocurrency exchange & trading platform - WazirX. We are inviting artists, creators, and buyers to come to narrate the new Indian story.
_{Source: https://nft.wazirx.com/}

As of now, the market place is not open for everyone and there is a waitlist. You can fill out this form to join the waitlist and wait for WazirX's next notification. If you are a creator or a buyer from India, this would a perfect place to transact for NFTs for crypto and vice versa. You can now buy & sell digital assets & intellectual properties, including art pieces, audio files, videos, programs & even tweets.

"WazirX will not charge its customers for creating and listing NFTs on the platform. However, since NFT builds on blockchains that allow smart contracts, a gas fee is paid to the miners in respective currencies," an official release issued by the company said.

What Are NFTs?

Non Fungible Tokens are used to verify Digital Assets like art, virtual game accessories, or even real-world items like as collector's cards that have been transferred onto a blockchain network. They are unique and cannot be replaced with something else. For example, Bitcoin is a fungible asset while a Splinterland Card is non-fungible. Each NFT is associated with a different set of metadata. Non-fungible tokens are not interchangeable. Through a blockchain-based NFT marketplace, you can buy or sell NFTs.

NFTs are pretty hot right now. A Digital Artist called Beeple (Mike Winkelmann) sold an NFT for $69 million on Christie's auction to Vignesh Sundaresan, known as MetaKovan. He happens to be an Indian not that it matters a lot. But it attracted a lot of Indian investors & made some news in the country.

_{EVERYDAYS: THE FIRST 5000 DAYS}

In his first television interview, Vignesh Sundaresan, also known as MetaKovan, told CNBC’s “Squawk Box” that he has no regrets paying $69 million for what many say is simply a JPEG and a hyperlink. He said the rise of nonfungible tokens, or NFTs, herald a new era where technology has allowed artists and collectors around the world to buy and sell art more easily and democratically.
_{Source: CNBC}

Recently, Jack Dorsey, CEO of Twitter sold his very first tweet on the platform and Elon Musk sold a song about NFTs through NFT. NFTs Market Cap Grew 1,785% in 2021 as the demand blew up. Top marketplaces like Rarible and Opensea saw a huge spike in their NFT sales recently. We are entering into a new era of Digital Art and NFTs are the major proof of it.

NFT Market in India

Before WazirX's launch, there were no dedicated NFT marketplaces for Indians to buy & sell Digital Art. India is a hub of wonderful artists in multiple domains. Number of Digital Artists is growing at a rapid pace. Covid-19 has pushed art online and so far only traditional media websites (like Facebook & Instagram) are providing a stage to these artists. Most of them earn nothing and face copyright infringement issues as well. NFTs can solve that problem for a variety of people who are tapping into this space.

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With WazirX's NFT marketplace, Indian creators can place their digital assets for auction over the blockchain-based NFT marketplace and earn royalty thereafter. WazirX is also under discussion with many artists for listing. India is a place filled with raw talent and NFTs can help fulfill their dreams. It also serves as a means to impending Crypto Adoption in the country. I am excited!