Mumbai-based cryptocurrency exchange WazirX has announced it will create a non-fungible Token (NFT) trading platform. According to recent media reports, WazirX will not charge fees for creating and listing NFT for users on its NFT platform. However, users will have to pay the gas fee to be determined in the coming period.
WazirX CEO Makes Remarks
After the launch, Indian artists will be able to earn royalties by auctioning their digital collectibles on the blockchain-based NFT market. Nischal Shetty, CEO of WazirX, said about his new initiatives: "The Last platform that joins WazirX is built on the same principles. In our rapidly digitizing world, the NFT sector is being followed with tremendous interest. Digital creators and collectors can now benefit from WazirX's NFT market. We are already working to make NFTS more profitable for our users.”
The new investment organisation was developed in partnership with renowned entrepreneur Sandesh B Suvarna and producer Vishakha Sing. “If we approach this step from a creative industry perspective, we believe that the platform is a great opportunity for artists and intellectual property owners to make money through a new revenue stream, " Singh said. It is now necessary to put aside the Legends of the Starving Artist. Every creator, artist or influencer has the right to showcase their work on a trusted platform with dignity and legitimate buyers.”
NFTS and the Indian market
Recently, we have witnessed the NFT madness in the cryptocurrency market. Recently, Twitter founder Jack Dorsey sold his first tweet on the platform for $ 2.9 million, turning it into an NFT form. The creation of an NFT platform in the Indian market will help Indian artists showcase their artwork and open it up to larger audiences. At the same time, such a platform will provide financial support to artists.
According to the latest data, the NFT market has grown by close to 300%. Intense interest and high market momentum could see the NFT sector see bigger increases in 2021.