Popular Indian cryptocurrency exchange WazirX has launched a new offering to compete in the growing NFT world with its own NFT marketplace. This’ll allow seamless exchange of digital assets like art pieces, audio files, videos, and programs.
Post-launch, Indian creators can auction their digital assets over the NFT marketplace and earn royalty thereafter.
The company stated that no charges will be taken from customers for creating and listing NFTs on the marketplace. However, since NFT allows smart contracts due to being built on blockchain, a gas fee has to be paid to the miner in their respective currencies. This is against the computing power used to verify transactions. WazirX is trying to cut this cost to make NFT mining cost-effective for artists and creators.
Upon this announcement, Founder Nischal Shetty 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 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.”
The company’s NFT initiative is headed by Canadian entrepreneur Sandesh B Suvarna along with actor/producer Vishakha Sing as an advisor.
According to a market report, the NFT market grew by 299% in 2020 as it clocked more than $250 million as the total value of transactions. Also, NFTs market cap for the first three months of this year grew by 1,785% suggesting that the market is in no way slowing down. This figure includes all sales and transactions including ‘breeding’, ‘minting’, and ‘renting’ of NFTs. With a strong momentum generated, NFTs are expected to grow even more robustly in 2021, especially as it enters the popular lexicon.