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Wazirx Launches NFT Marketplace



WazirX, one of the largest crypto exchanges in India, launched India's first-ever NFT marketplace, called the WazirX NFT Marketplace.The WazirX NFT Marketplace will serve as a platform where users will be able to buy, sell and trade Non-Fungible Tokens(NFT). NFTs have become quite popular in 2021 after Beeple and Jack Dorsey sold their NFTs for millions of dollars.

As per WazirX, the NFT marketplace currently has around 300 creators, including some celebrity artists and creators. WazirX also announced that they had received more than 15,000 applications from creators and collectors to register on their platform. More importantly, there will be no listing price for NFTs, meaning creators won't have to pay a fee to list their NFTs on the platform, which is a common fee seen in NFT platforms.

The NFT Marketplace will be open to everyone who wants to buy, sell and trade NFTs. It should be noted that buying and selling of the NFTs will be done via the native cryptocurrency of the WazirX platform, the WRX Token. WazirX has also announced that at this time, the platform will only allow a 'fixed price' sale of NFTs, and no bids/auctions will be available as of now. WazirX has also announced that the NFTs will be interoperable, meaning they can be moved from the Binance Smart Chain to a different blockchain network like Ethereum.

NFT Meaning

While generally everyone understands what cryptocurrencies are, the concept of NFTs is quite new and can be difficult for people to understand if they are not familiar with the crypto terminology. In simple words, NFTs are non-fungible tokens, which are built on the same concept as blockchain. The inherent advantage of using blockchain-backed NFTs is that these are completely secure and cannot be changed/modified, once created.

These non-fungible tokens serve as proof of ownership and the poof of ownership is embedded into whatever form the NFT takes. NFTs can be used in a wide variety of use cases, such as verifying ownership of artwork, music, books, tickets. A few companies in the US have already started using NFTs as proof of ownership of houses and properties.
Posted On: Jun 07, 2021

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