India's largest cryptocurrency exchange, WazirX, recently launched India's first Non-Fungible Tokens (NFTs). WazirX's NFT marketplace will feature exclusive artwork by popular photographers, artists, and mixed media professionals from India and other South Asian nations.
Well, NFT is a digital asset, representing real-world objects like art, music, and videos. Non-Fungible Tokens can be bought and sold online with cryptocurrency and are encoded the same way as many digital coins.
Though Globally, Ethereum is currently the most popular blockchain for minting NFTs, WazirX will use its parent company Binance’s blockchain technology. Binance acquired WazirX in 2019.
These NFTs will have no listing price, but a minimal gas fee of $1 for transactions.
WazirX's NFT marketplace has been launched with 15 creators, with 15000 applications in line already. Artists like Sneha Chakraborty (wall mural artist), Vimal Chandran (visual artist), Ishita Banerjee (media artist), among others will feature on the marketplace.
Source: WazirX
People can purchase NFTs on WazirX’s marketplace only using the platform’s native token WRX. One WRX token is worth approx Rs 104 currently. The platform will charge a 5% service fee on the sale price and creators will get the rest 95% of the sale proceeds. The tokens can be later transferred to a different blockchain, like Ethereum.
"The added use case for WRX, a utility token, will lead to its international expansion," Nischal Shetty, founder WazirX told ET.
Initially, the NFT will be launched with a fixed-price model and give creators the ability to add a royalty fee of up to 15% on the resale of their work. The platform will also add the “auction” model soon, as it plans to onboard big names from the music and creator space.
