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WazirX Rolls Out India's First NFT Marketplace

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Just a day after RBI's statement on uplifting the ban on crypto currencies, WazirX, India’s largest cryptocurrency exchange, has already declared the country’s first NFT (Non-Fungible Tokens) market place. India is not the only country to have the launch of NFT marketplace, the platform is being launched in South Asian countries as well.

WaxzirX marketplace being a platform for India’s artists and creators, heartily welcomes the artists, photographers and mixed media professionals from not only India, but from other South Asian countries as well. As such, the company is said to have already received over 15,000 from creators and artists alike, regardless of any listing price, except a dollar for every transaction.

The platform is proclaimed to flag-off with the works of renowned artists such as the visual artist Vimal Chandran, street artist Tyler, wall mural artist Sneha Chakraborty, Montreal-based mixed media artist Ishita Banerjee, automotive photographer Arjun Menon and many more.

WazirX claims to have signed up over 300 creators who would be releasing their work on the platform. The platform will offer $50,000 in rewards and rebates, as well as no listing fees and a $1 gas fee for transactions. The money charged by NFT trading platforms is known as gas fees.

To run the operations of such, the platform will seek support from its parent company Binance to help with trading through the latter’s blockchain technology. Binane, on the other hand, is among the world’s biggest crypto exchanges that had acquired WazirX in 2019.

“On the WazirX NFT platform, creators have been classified into numerous categories, and the team is gradually onboarding them. For the time being, the launch is largely centered on Indian-origin musicians all over the world. The artists have been grouped into two categories: ‘Spotlight' and ‘Discover.' Spotlight artists were chosen based on the diversity of their work, genre, popularity, and credibility, according to the company

Until a day ago, the country was uncertain on the acceptance of crypto currencies with a lot of banks turning them down and even Elon Musk's denial on it due to the danger of burning fossil fuels when mining for these currencies. However, things are gradually taking a good turn, where no sooner the RBI had sent notice about its acceptance, WazirX immediately stepped in to launch India’s first NFT marketplace.

Whereas NFT on the other hand, is a one-of-a-kind cryptocurrency asset that is non-fungible, meaning it cannot be replaced with another ‘identical' thing. An NFT can't be duplicated after it's been purchased, making it a one-of-a-kind value for buyers.

After a succession of high-profile sales this year, including one by Twitter founder Jack Dorsey of his tweet for over $2 million, NFTs have become increasingly popular. An NFT artwork purchased for over $69 million by Singapore-based entrepreneur Vignesh Sundaresan at a Christie's auction in March is the other notable transaction.

On the WazirX marketplace, NFTs may only be acquired with the platform's native token WRX, which is now worth Rs.104 per token. The availability of WRX is limited to one billion units. In the beta phase, the platform will use a ‘fixed price’ approach, allowing artists to charge a royalty fee of up to 15percent on resale of their work. The NFTs will be interoperable and can be moved to another blockchain at a later date, according to the business.

“On the WazirX NFT platform, creators have been classified into numerous categories, and the team is gradually onboarding them. For the time being, the launch is largely centered on Indian-origin musicians all over the world. The artists have been grouped into two categories: ‘Spotlight' and ‘Discover.' Spotlight artists were chosen based on the diversity of their work, genre, popularity, and credibility, according to the company.

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