Country's Largest Crypto Exchange, WazirX Launches India's First 'NFT Marketplace'
WazirX NFT Marketplace:
WazirX, one of the largest crypto exchanges in the country, today launched India's first Non-Fungible Token (NFT) marketplace.
The platform used for trading Non-Fungible Tokens (NFTs) will be seen running on Binance Smart Chain, one of the largest crypto exchanges in the world, Binance. Let us tell you that Binance acquired Indian startup WazirX in 2019.
What is WazirX's NFT Marketplace? This new platform can be used by anyone who wants to buy or sell NFTs. In this you can use WazirX's own WRX Tokens for trading.
Interestingly, WazirX currently only allows sales at a “fixed price”, which means that at present there is no bidding for any type of sale, but a pre-determined price for the sale.
The company has also said that NFTs will be interoperable and after some time they can also be transferred to a different blockchain, such as Ethereum etc.
How WazirX NFT Marketplace Works? According to WazirX, there are currently 15 creators in this new marketplace, and the company has so far received over 15,000 applications from creators and collectors.
Let us tell you that there is no cost for listing in this new marketplace, which means listing of NFTs is free in this, but you will have to pay a minimum transaction price, $1.
The market place will initially host works by visual artist Vimal Chandran, unknown street artist Tyler, wall mural artist Sneha Chakraborty, Montreal-based media artist Ishita Banerjee, and automotive photographer Arjun Menon. But the company has clearly said that it will soon work to add more than 300 creators to this list.
The company has divided this new platform into two sections by 'Spotlight' and 'Discover'. While Spotlight will be a curated section for creators, 50 selected artists will be released on Discover every day from over 15000 applications received by the company.
What is NFT (Non-Fungible Token)?
Basically NFTs (non-fungible tokens) are property or assets purchased through digital tokens present on the blockchain.
Through this, anything can be bought in the form of property or asset, such as a photo, video, tweet and digital arts, article etc. on the Internet.
This is different and special because each NFT is different from each other due to its unique digital signature, and because of this, such an asset can prove to be the owner of the buyer.
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