IMAGE: WAZIRX TWITTER
WazirX, one of the largest crypto exchanges in India, announced India's first-ever NFT marketplace, called the WazirX NFT Marketplace on Tuesday. The WazirX NFT Marketplace will serve as a platform where users will be able to buy, sell and trade Non-Fungible Tokens(NFT). NFTs have become quite popular in 2021 after Beeple and Jack Dorsey sold their NFTs for millions of dollars. Read on to know more about the WazirX NFT launch date.
As per a report by Money Control, the WazirX NFT Marketplace is set to launch today, June 1. The exact time for the launch is not yet known, so the WazirX NFT marketplace could go live anytime. The NFT Marketplace is being run on the Binance Smart Chain, which is a blockchain platform similar to Ethereum where creators can create their own cryptocurrencies and blockchain platforms. WazirX was acquired by Binance back in 2019.
As per WazirX, the NFT marketplace currently has around 300 creators, including some celebrity artists and creators. WazirX also announced that they had received more than 15,000 applications from creators and collectors to register on their platform. More importantly, there will be no listing price for NFTs, meaning creators won't have to pay a fee to list their NFTs on the platform, which is a common fee seen in NFT platforms.
However, there will a 'minimal gas fee' charged on NFT transactions to the tune of $1. As per Money Control, the work of a few artists such as Vimal Chandran, anonymous artist Tyler, mural artist Sneha Chakraborty and many more. Readers can check out the marketplace here when it goes live - https://nft.wazirx.org/
The NFT Marketplace will be open to everyone who wants to buy, sell and trade NFTs. It should be noted that buying and selling of the NFTs will be done via the native cryptocurrency of the WazirX platform, the WRX Token. WazirX has also announced that at this time, the platform will only allow a 'fixed price' sale of NFTs, and no bids/auctions will be available as of now. WazirX has also announced that the NFTs will be interoperable, meaning they can be moved from the Binance Smart Chain to a different blockchain network like Ethereum.
While generally everyone understands what cryptocurrencies are, the concept of NFTs is quite new and can be difficult for people to understand if they are not familiar with the crypto terminology. In simple words, NFTs are non-fungible tokens, which are built on the same concept as blockchain. The inherent advantage of using blockchain-backed NFTs is that these are completely secure and cannot be changed/modified, once created.
These non-fungible tokens serve as proof of ownership and the poof of ownership is embedded into whatever form the NFT takes. NFTs can be used in a wide variety of use cases, such as verifying ownership of artwork, music, books, tickets. A few companies in the US have already started using NFTs as proof of ownership of houses and properties.