Liking this story?
Get one mail covering top tech news of the day in under 5 minutes!
WazirX will not charge its customers for creating and listing NFTs on the platform, the company said in a statement. However, since NFT builds on blockchains that allow smart contracts, a gas fee is paid to the miners in respective currencies. This cost is against the computer power used to verify the transactions. WazirX is currently working towards nullifying this cost to make NFT minting cost-effective for artists and creators.
For the uninitiated, NFT is a one-of-its-kind asset that is non-fungible in nature. It means that NFT is not replaceable by another ‘identical’ item. Its copies cannot be created following the purchase, thereby making it a unique asset for buyers. NFT are the next logical step for everyone from collectors to businesses who are interested in inimitable, intellectual properties. Recently, Twitter founder Jack Dorsey sold his first tweet for $2.9 million in an NFT-based transaction. The same holds for artists, distributors, and other stakeholders who wish to drive digital sales while keeping their copyrights intact.
Nischal Shetty, Founder, WazirX said, “We are delighted to launch one of India’s first NFT marketplace. Since our inception, we have been at the forefront of innovation and empowered our customers with value-added offerings. 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.”
WazirX ‘s NFT initiative is being spearheaded by Canada based entrepreneur, Sandesh B Suvarna with film actor/producer Vishakha Singh as an advisor. The two have a history of working on SAAS products in the celebrity fan engagement space.
According to a market report, the NFT market grew by 299% in 2020 as it clocked more than $250 million as the total value of transactions. This figure includes all sales and transactions including ‘breeding’, ‘minting’, and ‘renting’ of NFTs. With a strong momentum generated, NFTs are expected to grow even more robustly in 2021, especially as it enters the popular lexicon.