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While WazirX comes off as one of the platforms to roll out a mainstream marketplace for NFTs in India, it is not the first cryptocurrency exchange in the world to do this.
India’s largest cryptocurrency exchange WazirX has launched the Asian giant’s first Non-Fungible Token (NFT) marketplace. According to a Coindesk report, the new NFT trading platform will afford digital artists or creators to auction their properties and earn royalties alongside.
The growth of NFTs since the turn of the year has changed the entire narrative about the valuations attached to digital works of art whose ownership and authenticity have been registered on the blockchain. With the launch of India’s own marketplace, the Binance-owned trading platform will afford homegrown artists and digital creators the opportunity to veer into the emerging ecosystem.
“The development has paved the way for seamless exchange of digital assets and intellectual properties including art pieces, audio files, videos, programs, and even tweets apart from other digital goods and services,” said WazirX per the Coindesk report.
The WazirX NFT marketplace will not bill users for either creating or listing any artwork or intellectual property on its platform. Per the report, it is developing ways to erase the charges associated with verifying NFT transactions on the blockchain.
“We are delighted to launch one of India’s first NFT marketplace,” Nischal Shetty, CEO of WazirX, said. “Both digital creators and collectors stand to benefit from the WazirX NFT marketplace.”
The growth of the digital currency ecosystem and now NFT in India is not commensurate with the government’s efforts to ban Bitcoin (BTC) and altcoin transactions in general. Ranking amongst the nations with a hostile stance against cryptocurrencies, India’s rich history and diversity of talents may yet stir the rebellion against the government as crypto enthusiasts and artists are seeking out ways to leverage the nascent blockchain technology and NFT ecosystem in particular.
WazirX NFT Marketplace: Opening Access to New Revenue Means
As the WazirX NFT Marketplace is designed primarily to cater to digital artists on the Indian shores, it will help open access to the global markets as the blockchain ecosystem works in a decentralized manner without an embargo on participation around the world.
Vishakha Singh, a Film actor/producer, and advisor to the NFT marketplace, noted that the successful debut of the new outfit will help “erase the myth of the starving artist”.
Singh noted further:
“From the creative industry perspective, we believe this is a great opportunity for artists and IPR owners to monetize their existing assets via a new revenue stream. We are confident that this would be a beautiful marriage of arts, technology, and commerce.”
While WazirX comes off as one of the platforms to roll out a mainstream marketplace for NFTs in India, it is not the first cryptocurrency exchange in the world to do this. Back in March, Hong Kong-based crypto exchange, Crypto.com launched its NFT Marketplace with a drawn-in interest from A-list media personalities including Snoop Dogg and Boy George amongst others.
The continuous support provisions for NFT growth by exchanges is a welcome idea, as the new ventures can leverage the existing structure these trading platforms thrive on.