WazirX launches India’s First Marketplace for NFTs

WazirX launches India's First Marketplace for NFTs

WazirX is India’s biggest and leading Bitcoin and cryptocurrency exchange platform acquired by Binance. WaxirX is one of the biggest crypto-trading tycoons in India, having a total market cap of over $650M. Now the Bitcoin and Cryptocurrency traders (i.e) WazirX have decided to launch and trade non-fungible tokens. So, what are non-fungible tokens (NFT)?

What is NFT (Non-Fungible Tokens)?

NFT is an emerging catalyst in the transformation of economies of the creative ecosystem. Any digital piece of art can be bought to the decentralized global marketplace backed by a Blockchain network. So, what can be counted as NFT products: digital collectibles, game items, digital artwork(gifs, design, etc), event tickets, domain names, and even social handles on Twitter and Facebook are some examples of digital goods that can be registered as NFTs on the Internet.

“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.”
                                                            - Vishakha Singh, Advisor, NFT Marketplace
An Art piece sold for $6,600,000 by Beeple on Nifty Gateway

Also Read: An NFT Bundle by CryptoPunk Sold for $17 million at Christie’s Auction

Things to Know Before Getting Started into NFTs

  • WazirX received more than 15,000 applications from collectors and creators among them 300 creators have been already ‘whitelisted’ to release their form of art digitally in the market.
  • It’s a leading NFT trading platform, where everyone can buy or sell NFT.
  • You can trade using the company’s own WRX token.
  • NFTs will be interoperable and can be transferred to another blockchain (e.g. Ethereum) later as per your preference.
  • The U/I has two sections Discover and Spotlight, where the artwork placed in the sale can be found.
  • The Spotlight section will feature commissariated and well-known artists.
  • Artist like Tyler, automotive photographer Arjun Menon, Montreal-based mixed media artist Ishita Banerjee, visual artist Vimal Chandran, and wall mural artist Sneha Chakraborty among others have already whitelisted with the release of NFT trading on this platform.

Meanwhile, the Reserve Bank of India (RBI) on May 31 passed a circular on Customer due diligence for transactions in virtual currencies (VC). According to RBI “clearing the rumors spread around by the respective banks by the order of the supreme court about deposit and withdrawal of cryptocurrencies.”

WhatsApp Image 2021 05 31 at 19.56.50
Circullar passed by RBI on May31.

Some banks and regulated companies have quoted the circular is no longer valid and ensuring compliance with relevant provisions under (FEMA) Foreign Exchange Management Act for overseas settlement.

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