India’s one of the largest crypto currency exchange, WazirX has launched India’s first marketplace for Non-Fungible Tokens (NFT) to enable seamless exchange of digital assets and intellectual properties including art pieces, audio files, videos, programs, tweets and other digital goods and services.
Indian creators can now place their digital assets for auction over the blockchain-based NFT marketplace and earn royalty. WazirX will not charge its customers for creating and listing NFTs on the platform. However, since NFT builds on blockchains that allow smart contracts, a gas fee is paid to the miners in respective currencies. WazirX is currently working towards nullifying this cost to make NFT minting cost-effective.
NFT are the next logical step for everyone from collectors to businesses who are interested in inimitable, intellectual properties. Recently, Twitter founder Jack Dorsey sold his first tweet for $2.9 million in an NFT-based transaction. The same holds for artists, distributors, and other stakeholders who wish to drive digital sales while keeping their copyrights intact.
“We are delighted to launch one of India’s first NFT marketplace. 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.”Nischal Shetty, Founder, WazirX
WazirX ‘s NFT initiative is being spearheaded by Canada based entrepreneur, Sandesh B Suvarna with film actor/producer Vishakha Singh as an advisor. The two have a history of working on SAAS products in the celebrity fan engagement space.Vishakha Singh, Advisor, NFT Marketplace said, “From the creative industry perspective, we believe this is a great opportunity for artists and IPR owners to monetize their existing assets via a new revenue stream. The myth of the starving artist needs to be rewritten. We are glad to be a part of one of India’s first NFT marketplace under WazirX and are confident that this would be a beautiful marriage of arts, technology and commerce.”
