Indian Cryptocurrency Exchange Launched an NFT Marketplace
WazirX launched a nonfungible token (NFT) marketplace for the exchange of digital art, assets, intellectual property, etc. This information comes hot on the heels of a month when WazirX’s in-house exchange token WRX gained almost 2,000% in value, and its price increased from $0.27 to $5.66. India’s largest cryptocurrency exchange itself was subject to the same trajectory during the past six months. The visitors to WazirX’s site rose by 631%.
According to WazirX founder Nischal Shetty, an NFT marketplace launched by WazirX was the first of its kind in India. The country’s largest cryptocurrency exchange is working hard to offer to expand its business.
Creating as well as listing NFTs will reportedly be free on the platform. Moreover, the work is reportedly underway to negate the bedrock gas fees accumulated when minting NFTs on various blockchains. Currently, WazirX is working around certain important aspects to make NFTs more lucrative for WazirX’s customers.
Cryptocurrency exchange and nonfungible tokens
India’s largest cryptocurrency exchange understands the importance of nonfungible tokens. They emerged in 2017 as non-serious collectible tokens in the form of the then-popular CryptoKitties. Interestingly, their utility and fanfare remained more or less muted in the following years until they gained popularity for the second time in 2020.
Last year, famous artists and other celebrities began maximizing their potential as marketing tools. In a couple of months, famous brands like Gucci begun exploring the use of nonfungible tokens. More than half a billion dollars worth of nonfungible tokens has changed hands already.
WazirX made the decision to launch its NFT marketplace despite strong indications from authorities that there could be a blanket ban issued on cryptocurrency possibly as early as this year. In 2020, India’s Supreme Court overturned the central bank’s blanket ban on local banks providing services to businesses dealing with crypto.
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