Cryptocurrency exchange WazirX has launched a marketplace for Non-Fungible Tokens (NFT) for Indian artists and creators. This paves the way for the exchange of digital assets and intellectual properties including art pieces, audio files, videos, programmes, and even tweets apart from other digital goods and services. Following the launch, 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. This cost is against the computer power used to verify the transactions,” the company said in a statement. WazirX is currently working towards nullifying this cost to make NFT minting cost-effective for artists and creators.
NFT is a one-of-its-kind cryptocurrency asset that is non-fungible in nature. It means that NFT is not replaceable by another ‘identical’ item. Its copies cannot be created following the purchase, thereby making it a unique asset for buyers.
NFTs 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. Singapore-based blockchain entrepreneur Vignesh Sundaresan also bought an NFT created by artist Mike Winkelmann, known as Beeple, for $69.3 million in an auction conducted by Christie’s. The same holds for artists, distributors, and other stakeholders who wish to drive digital sales while keeping their copyrights intact.
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.
“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 digitising world with a growing interest in NFT across the globe. Both digital creators and collectors stand to benefit from the WazirX NFT marketplace,” said Nischal Shetty, Founder, WazirX.
According to a market report, the NFT market grew by 299% in 2020 as it clocked more than $250 million in total value of transactions. This figure includes all sales and transactions including ‘breeding’, ‘minting’, and ‘renting’ of NFTs.