WazirX is India's First NFT marketplace to exchange digital assets, where users create and list NFT on its platform to help digital creators and collectors.
With interest growing in NFT, more users are entering the digital asset world, especially creators and collectors. It is an Indian marketplace where collectors and creators benefit when they exhibit and auction their collections and exchange intellectual properties and other digital assets.
WazirX, India's First NFT Marketplace
The cryptocurrency market is strengthening in value. WazirX has increased trading volume along with a surge in WazirX prices. More users enter the crypto market in recent times, attracted by the exchange of tokens through fee discounts and rewards. WazirX has gone up 929% in just a week. Last week, WazirX founder Nischal Shetty announced through a tweet, "WRX crosses $1 billion in its market cap".
In March 2018, WazirX was launched and it saw substantial growth in adoption and growth. In 2019 it was acquired by Binance. India has more than a billion people who have adopted cryptocurrencies and users welcome India's first NFT marketplace. The acquisition by Binance will help India and other developing nations to build fiat ramps, which decide the size and adoption of the crypto market. India has one of the leading mobile fintech markets.
WRX/USD saw a very sharp rise from $1.75 towards $5.57. In January 2021, it was at $0.0650 and has touched a high of $5.5708 on April 5, 2021. It is currently trading at 3.3650 on Wednesday, April 7,2021. If the crypto pair can move past its resistance at $5.57, WRX/USD may even move towards $10.00 soon.
On April 5, WazirX took a swift downturn from 5.5708 towards 3.9000 due to some internal problems. Shetty posted a series of tweets, saying that the issue would soon be resolved. "We have hit some internal limits", tweeted Nischal Shetty. He also assured investors who had tweeted, "funds are showing 0", by tweeting back that the matter is looked into by experts and will be resolved immediately.
NFT Marketplace for Indian Artists
NFT is a unique asset that is non-fungible and cannot be replaced by another item. Artists and distributors can keep hold of their copyrights as they are safe. It becomes a unique asset as its copies cannot be created. NFT cannot be used as a currency but can be used only as crypto art. The non-fungible asset deals in tangible and intangible items that are unique in creation, and cannot be traded for another item.
WazirX founder Nischal Shetty, "We are happy to introduce the first NFT marketplace in India. Digital workers and collectors can benefit from our NFT marketplace.
Only a gas fee is charged on miners to create and list NFT on the WazirX platform. There are no other changes, says the company. Steps are taken to make it more cost-effective for users, says the company.
Artists and Collectors
The Indian cryptocurrency exchange is a great opportunity for artists to use their digital assets. India's first NFT marketplace is a credible platform that every artist and creator can use to showcase their IP with dignity, says NFT Marketplace Advisor Vishakha Singh. The artist can retain the reproduction rights and copyrights, and they can own the original artwork. Creators can auction their digital assets on the Mumbai-based WazirX exchange and earn royalties on them.
The exchange of digital assets is possible through the WazirX platform, such as videos, audio, programs, and art pieces. A gas fee has to be paid by miners towards this, say officials. Web wallets are provided on the cryptocurrency exchange platforms that allow users to store their private keys on servers.
As always, just like bank accounts, cryptocurrencies are also prone to hacking, though companies make efforts to keep crypto funds safe. However, users have to take some precautions, such as using strong passwords for the accounts and not revealing their private keys to others, even on social media. They should not fall for scammers. Users have to check their URL and their lock symbol when they access the exchange.
India Considers Banning Cryptocurrencies
The Indian government is considering a ban on private cryptocurrencies. WazirX has asked for support for cryptocurrency to its users through his tweet.
A delay in the introduction of a bill that bans cryptocurrency in India has kept users happy. The Indian government is planning to develop its own central digital currency from the Reserve Bank of India. The entry into the NFT marketplace is coming just when the government has plans to ban cryptocurrencies.
The cryptocurrency market is growing globally. In March 2020, it fell almost 50% but recovered to move to high levels in 2021. Investors who have a very high-risk appetite have gained significant wealth during this period. Big corporate like PayPal and Visa have announced that they accept cryptocurrency payment, which has increased the number of users.
