Indian Crypto Exchange WazirX, launches NFT Marketplace for Indian Creators

WazirX has launched a dedicated marketplace for the NFTs or the non-fungible tokens, various local media outlets report.

WazirX is India’s leading cryptocurrency exchange. The exchange was acquired by Binance in 2018. It has built the world’s first auto ordering matching fiat P2P exchange.

🚨 Launching decentralized NFT marketplace 🚨

Buy, sell, trade digital assets & intellectual properties, including art pieces, audio files, videos, programs & even tweets.

Pre-register & join our Telegram channel to stay updated 👇https://t.co/dWhZzpeise

— WazirX: Bitcoin & Cryptocurrency Exchange in India (@WazirXIndia) April 5, 2021

In an ET report, Nischal Shetty, Founder, WazirX, said, "We are delighted to launch one of India’s first NFT marketplace. Since our inception, we have been at the forefront of innovation and empowered our customers with value-added offerings. The latest addition to the WazirX portfolio builds along the same lines. It will truly transform the market in our rapidly digitizing world with a growing interest in NFT across the globe. Both digital creators and collectors stand to benefit from the WazirX NFT marketplace. As of now, we are working around certain nitty-gritty to make NFTs more lucrative for our customers."

WazirX will now allow the content creators in India to place digital assets – audio/video, art pieces, animated GIFs and tweets, and all intellectual properties for the auction and earn royalties on them.

Once an NFT is created and sold, then it becomes a unique asset for the buyer and cannot be copied – the ownership of the asset will be tracked with the help of Blockchain. While WazirX has revealed that it will not charge customers to listings and for exchanging NFTs on its platform, a gas fee might be taken.

NFT builds on blockchain that allows smart contracts, and the fee has to be paid to the miners for the computer power used to verify the transactions.

Moreover, the crypto exchange platform has revealed that it is currently working towards nullifying this cost to make NFT minting cost-effective for both the creators. The entire effort is being driven by the Canadian entrepreneur Sandesh as well as actor or producer Vishakha Singh.