Indian crypto exchange, WazirX, is launching the country’s first NFT marketplace. Of note, the marketplace will offer exclusive digital artwork by Indian and South Asian creators.
Non-fungible tokens (NFTs) took the world by storm earlier this year. The demand and interest around the unique digital assets led many celebrities to create their own NFTs. As such, there is no better time than now for WazirX to launch its marketplace.
Notably, WazirX is a subsidiary of Binance, and as such the Binance Smart Chain (BSC) shall host the new marketplace. Fortunately, BSC offers a faster and cheaper option for minting and selling NFTs, in comparison to top rival Ethereum. For instance, it will cost creators about $1 to mint and transfer NFTs on WazirX. On the other hand, the same process can cost up to $150 on Ethereum.
In addition, the platform has received over 15,000 applications from artists interested in minting NFTs on WazirX. However, the platform has only confirmed 15 creators, at the time of writing. Some of the confirmed artists include Vimal Chandran, a visual artist, Tyler an anonymous street artist, wall muralist Sneha Chakraborty, mixed media artist Ishita Banerjee, and photographer Arjun Menon among others.
Of note, users will utilize WazirX’s token WRX to pay for transaction fees and purchase NFTs on the marketplace. To be specific, WazirX will charge users 5% of the sales price as a service fee while the creators receive the balance. Speaking on the launch, WazirX Founder Nischal Shetty noted,
“Depending on how well the platform does and how the adoption is, I am sure it will reflect on the prices. But I think what is more important is to bring in use cases because, in the long term, a token is more useful when you can use it in multiple ways.”
As such, we can expect WRX price to go up as the token’s utility expands. At the time of writing WRX is trading at $2.11 with a trading volume of $520,483,285.