WazirX, a prominent Indian exchange, has hopped on the non-fungible token [NFT] bandwagon and opened India’s first NFT marketplace. According to the official announcement made available to AMBCrypto, users will not be paid for making and listing NFTs, but will be required to pay a gas fee to miners.
Following the launch, Indian artists will be able to sell off their digital properties on the blockchain-based NFT marketplace and collect royalties. Nischal Shetty, the CEO of WazirX, stated:
“The latest addition to the WazirX portfolio builds along the same lines. It will truly transform the market in our rapidly digitizing 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.”
We also seen an increase in competition in NFTs in the global cryptocurrency industry over the last month. In an NFT-based deal, Twitter founder Jack Dorsey recently sold his first tweet for $2.9 million. The launch of the NFT marketplace in India will not only allow Indian artists to showcase and sell their work to a larger audience, but will also provide them with the necessary financial support.
Sandesh B Suvarna, a Canadian-based entrepreneur, is leading the exchange’s marketplace initiative, with Vishakha Singh, a film actor/producer, serving as an advisor. According to Singh:
“From the creative industry perspective, we believe this is a great opportunity for artists and IPR owners to monetize 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.”
According to reports, the NFT industry grew by 299 percent in 2020, with over $250 million in transactions. NFTs are predicted to see a larger surge in growth in 2021, thanks to the market’s strong momentum and speculation.
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