Prominent Indian exchange WazirX has jumped on the non-fungible token [NFT] bandwagon and launched India’s first marketplace for it. As per the official announcement shared with AMBCrypto, users will not be charged for creating and listing NFTs but will have to pay a gas fee to miners.
Following the launch, Indian artists will be able to place their digital assets for auction over the blockchain-based NFT marketplace and earn royalty. The CEO of WazirX, Nischal Shetty noted:
“The latest addition to the WazirX portfolio builds along the same lines. 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.”
In the past month, we have seen the interest regarding NFTs rise in the global cryptocurrency market. Recently, Twitter founder Jack Dorsey sold his first tweet for $2.9 million in an NFT-based transaction. The launch of the NFT marketplace in India will help not only Indian artists showcase and sell their artworks to a larger group, but also provide them with the necessary financial support.
The marketplace initiative for the exchange has been led by Canada-based entrepreneur, Sandesh B Suvarna along with film actor/produced Vishakha Singh who is serving as an advisor. As per Singh:
“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. Every creator, artist, influencer has the right to showcase their IP with dignity and on a credible platform with legitimate buyers.”
As per data, the NFT market has witnessed a 299% boom in 2020 as it registered over $250 million in transactions. With a high momentum and hype in the market, NFTs are expected to see a greater surge in growth in 2021.