The craze for NFTs is off the shelf right now. And more and more companies and individuals are getting into the game. Even Indians are hyped up about this new form of digital art. Heck! Even the $69 million NFT sold by Beeple was bought by an Indian. The name of the individual was Vignesh Sundaresan, and he said that the reason for the purchase was that it would be seen as a starting point in history. And taking advantage of this whole situation and an entirely new market, WazirX plans to launch India’s first NFT platform.
India’s first NFT platform from WazirX
🚨 Launching decentralized NFT marketplace 🚨
Buy, sell, trade digital assets & intellectual properties, including art pieces, audio files, videos, programs & even tweets.
Pre-register & join our Telegram channel to stay updated 👇https://t.co/dWhZzpeise
— WazirX: Bitcoin & Cryptocurrency Exchange in India (@WazirXIndia) April 5, 2021
The new NFT platform from WazirX will be an easy way for Indian creators to auction their digital arts and paintings. Using this app will be much easier than any other website and will mainly focus on the Indian audience. The platform’s functionality will not be just limited to digital art or paintings but will also support audio files, videos, even tweets (Remember Jack Dorsey’s Tweet sale?). This is a great way for wazir to strengthen its position in the nascent crypto and NFTs market.
Talking about this new endeavor of WazirX, CEO Nischal Shetty said that they had been the face of innovation since their arrival in India. So, this latest offering from WazirX is another such innovation that will help the digital art market really grow in the country. They believe that this new platform will be great for both creators and collectors. In fact, the company will make it free for creators to post NFTs on the platform and even try to reduce the blockchain verification fees, says a report.
What are NFTs?
For those who still don’t know what NFTs are, it is a unique token that proves your ownership of a particular digital entity in simple terms. For example, if I sell a cat gif to you as an NFT, it will have your digital signature. NFTs or non-fungible tokens run on blockchain technology and are unique and can’t be traded for anything else. For example, someone can trade a Bitcoin for another curreny but not an NFT. They are by all means a single piece in existence whose value is decided by the creator.
NFTs have quickly become the modern way of owning artworks. For collectors, it is a real treat because of such an easy process of purchasing. In fact, since there is no physical copy of the art, storage and transport are not an issue. And everything can just easily be stored online. There is no saying whether this market is a bubble or not. But if things go right, it will be the biggest gamechanger in the world of art.
What are your thoughts on WazirX launching India’s first NFT platform? And could it become the biggest platform for NFTs in India like their crypto platform? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.