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Indian Crypto Exchange Wazir launches India's first NFT Marketplace

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Shivangi Mujumdar Follow

INDIA

Jun, 02 2021

Jun, 02 2021

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WazirX, India's largest cryptocurrency exchange, on Tuesday (June 1, 21) announced India's first non-fungible tokens marketplace. The growth comes a day after the RBI timeout to cryptos operators in India. It is among the vast acceptance of digital currencies in the country. Apart from India, the NFT marketplace is being introduced in South Asian countries too. 

 

All you need to know: 

 

  • The marketplace now has 15 creators and has established more than 15,000 applications from collectors and creators. 

  • The platform is “open to all” that need to buy or sell NFT 

  • It has no listing worth and will charge a ‘minimal gas fee’ of $1 for transactions 

  • It is being routed on the Binance Smart Chain platform formed by blockchain platform and WazirX’s parent company Binance 

  • Currently, the platform will not permit bids for sale pieces and only allows “fixed price” sales 

  • NFTs can be transferred to another blockchain (e.g Ethereum) in future 

  • The artwork on sale will be ‘displayed’ in two sections –Discover and Spotlight 

  • The Spotlight section will feature curated artists. 

  • The Discover section will involve a list of 50 selected artists all day from a pool of over 15,000 applications received 

 

The popularity of the NFTs: 

 

NFTs have gained in popularity in the West, with digital art selling for millions of dollars. It is earned by top auction houses such as Sotheby’s. These arts are from creative to colorful to obnoxious and funny. 

 

In the previous week in India, independent Tamil musician Kaber Vasuki sold his cell phone demo of his song ‘Vasanam’ as an (NFT) for 50 ETH. It was valued at about Rs 1.5 crore at the time of sale. This is the largest reported sale of an NFT by an Indian artist. 

 

NFTs plus digital tokens have seen massive popularity in India recently. The RBI also sent a breather to the crypto exchanges on Monday, stating that banks or entities can't quote its 2018. It helps to prevent them from dealing with virtual cryptocurrencies. 

 


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Shivangi Mujumdar

CBW - External Analyst

INDIA

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