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WazirX announces India’s first NFT marketplace – All you need to know

WazirX NFT: More than 300 creators have been ‘whitelisted’ to release their art on the marketplace.

June 03, 2021 / 09:23 AM IST
At present, the platform will not allow bids for sale pieces and only allows “fixed price” sales. (Image: Shutterstock)

At present, the platform will not allow bids for sale pieces and only allows “fixed price” sales. (Image: Shutterstock)

WazirX, India’s biggest cryptocurrency exchange, on May 31 announced India’s first marketplace for trade of non-fungible tokens or NFTs.

Vishakha Singh, Advisor, NFT Marketplace at WazirX said: “Our list of curated collectors and the 5 Million strong WazirX Crypto Community shall give us the impetus needed to grow the NFT community within the region.”

Here is all you need to know:

- The marketplace already has 15 creators and has received more than 15,000 applications from collectors and creators.

- It is being run on the Binance Smart Chain platform created by blockchain platform and WazirX’s parent company Binance.

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- More than 300 creators have been ‘whitelisted’ to release their art on the marketplace.

- The platform is “open to all” who want to buy or sell NFT

- It has no listing price and will charge a ‘minimal gas fee’ of $1 for transactions

- The token for trading will be the company’s own WRX token.

- At present, the platform will not allow bids for sale pieces and only allows “fixed price” sales.

- NFTs will be interoperable and can be transferred to another blockchain (e.g. Ethereum) later.

- The artwork on sale will be ‘displayed’ in two sections – Spotlight and Discover.

- The Spotlight section will feature curated artists.

- The Discover section will consist of a list of 50 selected artists each day from a pool of over 15,000 applications received.

- Among creators to be hosted on the platform include anonymous street artist Tyler, automotive photographer Arjun Menon, Montreal-based mixed media artist Ishita Banerjee, visual artist Vimal Chandran, and wall mural artist Sneha Chakraborty among others.

Meanwhile, in a brief relief to the crypto section in India, the Reserve Bank of India (RBI) on May 31 asked banks, non-banking finance companies (NBFCs), and payment system providers not to refer to its earlier virtual currencies-related circular, that was issued in April 2018 and later aside by the Supreme Court, in their communications to customers.

The latest directive comes against the backdrop of some banks and regulated entities citing the circular and cautioning customers against dealing in virtual currencies.

The circular pertaining to virtual currencies was issued by the Reserve Bank of India (RBI) on April 6, 2018, and the same was set aside by the Supreme Court on March 4, 2020. As per the 2018 circular, entities regulated by RBI were prohibited from "providing any service in relation to virtual currencies including those of transfer or receipt of money in accounts relating to the purchase or sale of virtual currencies".
Moneycontrol News
first published: Jun 1, 2021 09:38 am

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