WazirX used to offer only Cryptocurrencies and now also offers Non-Fungible Tokens. In simple words, NFTs are one-of-a-kind digital artwork that has been sold for millions in different countries. However, Binance owned WazirX is offering to do this as there is some cloud hovering over crypto. Also, the Reserve Bank of India (RBI) issued few clarifications over the legitimacy of cryptocurrencies and how banks treat them!
WazirX launched a marketplace for NFTs.
The company is well-known for offering cryptocurrency exchange. However, they were going back and forth between record users and breakdowns amid the crypto boom, announces on June 1 that they launched a marketplace for NFTs. Such an initiative will let enthusiasts own unique digital artwork. Also, creators will seem much more interested in this current economic explosion. For the first time in South Asia, the app will allow different kinds of artists. This may include digital artists, 3D artists, canvas artists, and other creative content like music, gifs, videos, and games.
Want to know more about NFTs?
A lot of buzzes have been going around related to Non-Fungible Tokens or NFTs. These are a unique creation of digital items made using blockchain technology. The same technology is behind cryptocurrency. We all know that crypto is doing great in the financial world, whereas NFTs are a new face for the art world. The growth so far in the value of transactions has seen the horizon of success.
NFTs show a pathway to sell anything artistic or anything you have created online. After the product is sold, they are made as buyers’ property with a unique digital signature showing their ownership. Before blockchain technology, it was impossible to buy something unless and until bought physically. However, with each passing year, technology is seeing new heights, eases our way of living.
What does Wazirx have to say about it?
The company has got no listing fees, but they offer cashback and rewards that could be worth more than $50,000. They also offer minimal gas fees, i.e., payment the NFT trading platform charges for transactions.
The firm announced many things, and one of them is that the creators of WazirX involved with the NFT platform have been divided into categories. And the team of WazirX is getting them on board in a phasing-out manner. The launch will have a positive effect on Indian artists who are living all across the world. The selection of artists is further divided into sections, namely ‘Discover’ & ‘Spotlight.’ You will be amazed to know that there were over 15000 applicants who were interested in this initiative. Well-known artists like Ishita Banerjee and Vimal Chandran are among the many.
NFTs are quite popular in the West, where each digital work sells for millions of dollars. However, However, South Asia is catching up to this new trend as well. In India, Kaber Vasuki (Tamil Musician) sold his song ‘Vasanam’ for 50 Ethereum coins. Surprising, isn’t it!
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Learn more about NFTs:- What are NFTs? Should you buy or avoid them?