India’s largest cryptocurrency exchange, WazirX, will launch a Non-fungibile Token (NFT) Market on Tuesday featuring exclusive work by popular photographers, artists and mixed media professionals from India and other South Asian countries.
NFT is a unique digital representation of the art form that lives on the blockchain.
While Ethereum is the world’s most popular blockchain for minting NFTs, WazirX will use the blockchain technology of its parent company, Binance.
NFS rose to fame after a series of high-profile sales this year, including Twitter co-founder Jack Dorsey of his first tweet for over $2 million and the iconic purchase of over $ 69 million of NFT artwork by Vignesh Sundarezan at Christie’s in March.
WazirX NFT Marketplace Main Points
- Interestingly, Users can only purchase NFTs on the WazirX marketplace through the WRX platform token, which has a supply limit of one billion.
- The platform is open to everyone who wants to buy or sell NFT
- More than 300 creators have been whitelisted to bring their art to market.
- It has no listing price and will charge a minimum gas charge of $1 per transactions.
- NFTs will be interoperable and can later be ported to another blockchain (e.g. Ethereum).
- At this time, You cannot bid for item sales, Wazirx NFT market place only allow fixed price sales.
- Artworks for sale will be shown in two sections – Spotlight and Discover. In the “Spotlight” section, curated artists will be presented. The Discover section will consist of a list of 50 selected artists each day from a pool of over 15,000 applications received.
Like Bitcoin and other crypto, NFTs have come under the scanner worldwide due to the environmental costs associated with it. By using the WRX token on the Binance smart chain, the platform eliminates electricity costs and the cost of each transaction for minting and purchasing NFT is less than $1.