WazirX NFT marketplace to go live from 6 pm today

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WazirX, India’s largest crypto exchange, is set to launch a Non-Fungible Token or NFT marketplace introducing creators hailing from diverse categories such as space 3D artists, digital artists, muralist photographers, canvas artists, street artists and visual artists. The newly launched marketplace seeks to empower to create and trade unique digital assets that represent art, music, videos, collectables and in-game articles.

“NFT is the flavour of the season. Our users were saying that they wanted to participate in NFT. Then we got thousands of artists who wanted to showcase their art to the Indian audience. That’s why we announced the NFT marketplace. And we are going to launch it today at 6 pm today. If you are a buyer you can buy the NFT token of your famous artist. It is a decentralised platform where we will not have custody of NFT. You can directly have an interaction with the buyer and seller,” said Nischal Shetty, founder and CEO, WazirX.

The NFT can be bought using WRX, the native token of WazirX, which is currently trading at Ra 153.

Price range

“We cannot set the price for NFT, as it is on the creator and fan following on how much value they see in it. It can anywhere between Rs 500-Rs 2 lakh depending on the artist and followers. We are also focusing to have NFTs for mass audiences,” Shetty added.  The marketplace charges 5% fees from the seller on selling the NFT. There is, however,  no platform fees for buyers.

The selection of artists has been divided into ‘Spotlight’ and ‘Discover’ sections. Spotlight artists have been curated keeping in mind the diversity of their work, genre, popularity and credibility. WazirX NFT Marketplace will see the participation of well-known names like visual artist Vimal Chandran, India’s very own Banksy- the anonymous street artist Tyler, wall mural artist Sneha Chakraborty, Mixed media artist Ishita Banerjee from Montreal, Automotive Photographer Arjun Menon amongst many others. For artists in the ‘Discover’ category, the platform is announcing 50 selected artists each day from over 15 thousand applications received.

NFT Craze

In the physical world, you can simply go and buy a painting, which you wish to hang on your wall. You pay the artist and you become the owner of the painting. Through NFT you can become the owner in the digital world. Through NFT every digital collectable is given a unique code making it one-of-a-kind work of art. In simple words, you can say that NFTs is a digital certificate, which establishes absolute ownership of digital artwork. It is a type of crypto asset in which an asset is made unique by giving them a unique code. This unique code is like the ownership certificate of the digital asset.  Recently on March 12 Beeple sold an NFT at the first of its kind auction at Christie’s. He sold his digital artwork called “Everydays: The First 5000 Days” for a huge sum of $69.3 million.