Binance-owned cryptocurrency exchange WazirX has launched a Non-Fungible Token (NFT) marketplace. This will allow Indian creators to auction their digital assets on the Blockchain-based platform and earn royalties.
The platform claims it is the first market in the country to support NFT.
The company said in a statement that this marketplace enables the exchange of digital assets such as artwork, audio files, videos, and even tweets. It is also collaborating with others to build a community of developers and artists.
“Since our inception, we have been on 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 digitising world with a growing interest in NFT worldwide. Both digital creators and collectors stand to benefit from the WazirX NFT marketplace”.
Nischal Shetty, Founder, WazirX,
The platform has no fees for listing NFTs. Since NFTs are run on Blockchains, smart contracts are employed, which are paid to the miners in appropriate currencies. The computers needed to verify transactions are credited with a ‘gas fee’.
As part of our ongoing efforts to make NFT minting more affordable for artists and creators, WazirX is currently working to eliminate this cost.
In addition, NFT cannot be duplicated after it is purchased.
An initiative launched by WazirX to promote the use of New Financial Technologies is being headed by Canadian entrepreneur Sandesh B Suvarna, who has film actor Vishakha Singh appointed as an advisor.
“From the creative industry perspective, we believe this is a great opportunity for artists and IPR owners to monetise their existing assets via a new revenue stream. The myth of the starving artist needs to be rewritten. Every creator, artist, influencer has the right to showcase their IP with dignity and on a credible platform with legitimate buyers,”
Vishakha Singh, Adviser, NFT Marketplace
A yearly industry report states that NFT transactions will reach over $250 million in 2020, representing a 299 percent increase from the $1 million recorded in 2014. The data includes all sales, including “breeding”, “minting” and “renting” of NFTs.