WazirX, the largest crypto exchange platform in India, has started NFT(Non Fungible Token) marketplace. Under this initiative, the platform has introduced 15 creators to its subscribers. These 15 creators belong from diverse categories including space 3D artists, digital artists, muralist photographers, canvas artists, street artists and visual artists. WazirX claims that it is the platform having such an NFT marketplace in South Asia.
About WazirX NFT Marketplace
NFTs(Non-Fungible Token) is based on programming similar to Cryptocurrency, like bitcoin, or Ethereum. Fungible means the digital property can be exchanged with each other. For example, a crypto owner can exchange its coins with other digital creators in exchange for digital products.
With the help of the WazirX NFT marketplace, users can buy digital items, such as a piece of digital artwork, virtual accessories to be utilized in exports. And it can also be used on another blockchain network.
Currently, the WazirX NFT marketplace is under beta testing. The platform is not charging more service fee as well to buy-sell crypto items over NFT. Right now, there are no listed prices for digital properties listed over the WazirX NFT platform.
To promote NFT marketplace, WazirX is offering its tokens worth $50,000 as bonuses to the art community involved in NFT.
The platform is not yet open for all. After applying for the NFT marketplace, you have to wait for approval due to the beta version of it.
How WazirX NFT Marketplace Works?
WazirX NFT platform has not only categorised the digital creators in different categories, but onboarding is also taking place in stages. That means all creators of certain categories will not join the marketplace once. WazirX has set some criteria to decide who will onboard first.
In the initial phase, WazirX is welcoming Indian origin artists on its newly launched platform. Artists’ selection is based on two major sections. One is Spotlight. Under this section, artists have been curated keeping in mind the diversity of their work, genre, popularity and credibility. The second section is discovery. Under this section, not so well known artists applications are shortlisted based on their digital work. WazirX has received over 15 thousand applications in the discovery section. Every day, WazirX NFT is shortlisting 50 artists in this category.
Spotlight section will welcome big artists like visual artist Vimal Chandran, who is known as India’s very own Banksy, the anonymous street artist Tyler, wall mural artist Sneha Chakraborty, mixed media artisSpot Ishita Banerjee from Montreal, automotive photographer Arjun Menon amongst many others.
Up to now, the company has shortlisted 300+ creators who will join and present their digital work in the NFT marketplace. All listed items will be having a fixed price on the platform. Later, this policy may change.
The WazirX NFT Marketplace is based on 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. Since the NFTs will be interoperable, anyone can later transfer the NFT to a different blockchain such as Ethereum, as reported by Inc42.
Talking about the latest development related to the NFT marketplace, Sandesh B Suvarna, vice president, WazirX NFT Marketplace said:
“More artists and collectors across the globe are today tapping the power of NFTs. By doing so, they are realising the wide-ranging benefits of using smart contracts to dignify and secure 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 digitise artwork and other collectable items.”