Crypto exchange WazirX launches NFT marketplace for Indian artists

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Leading cryptocurrency exchange WazirX has launched one of India’s first marketplace for non-fungible tokens (NFT) for artists, the company announced on April 5.

The development has paved the way for seamless exchange of digital assets and intellectual properties including art pieces, audio files, videos, programs, and even tweets apart from other digital goods and services, it said.

Following the launch, Indian creators can now place their digital assets for auction over the blockchain-based NFT marketplace and earn royalty thereafter, WazirX stated.

"WazirX will not charge its customers for creating and listing NFTs on the platform. However, since NFT builds on blockchains that allow smart contracts, a gas fee is paid to the miners in respective currencies," an official release issued by the company said.

This cost is against the computer power used to verify the transactions. WazirX is currently working towards nullifying this cost to make NFT minting cost-effective for artists and creators, it added.

According to WazirX founder Nischal Shetty, the launch of NFT marketplace would "truly transform the market in our rapidly digitising 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," he said.

Vishakha Singh, film actor-producer and NFT Marketplace Advisor said a "great opportunity" has been created for artists to monetise 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," she said.

We are glad to be a part of one of India’s first NFT marketplace under WazirX and are confident that this would be a beautiful marriage of arts, technology and commerce," Singh added.

NFT, notably, is a one-of-its-kind asset that is non-fungible in nature. It means that NFT is not replaceable by another ‘identical’ item. Its copies cannot be created following the purchase, thereby making it a unique asset for buyers.

According to a recent market report, the NFT market grew by 299 percent in 2020 as it clocked more than $250 million as the total value of transactions. With a momentum generated in its favour, NFTs are expected to grow even more robustly in 2021, especially as it enters the popular lexicon.