WazirX, an Indian crypto exchange, has created the country’s first NFT marketplace. The Binance Smart Chain will power the exchange, which Binance controls.
The idea intends to become the go-to place in India for digital artists to show and sell their work. Artists have already agreed to contribute digital works for sale.
A place for Indian artists to call home
The company also claimed that it had received over 15,000 applications for membership in the marketplace from potential contributors and collectors.
The marketplace will sell digital work by artists such as Vimal Chandran, Sneha Chakraborty, Ishita Banjerkee, and Ajun Menon when it first launches.
These artists have a wide range of artistic backgrounds, ranging from classical visual art to street performers, muralists, and even car photographers.
A rapidly expanding NFT platform
On WazirX’s marketplace, collectors will be able to purchase submitted NFTs solely with $WRX, the platform’s native token. $WRX is now trading at $1.43. The marketplace will incur a 5% service fee on sales, with sellers collecting the remaining 95%.
Furthermore, the NFTs are able to communicate with one another. This means they can be moved from the Binance Smart Chain to any other network of the buyer’s choice.
Spotlight and Discover are the two divisions of the marketplace. Artists will be able to exhibit their work in the former part, which will be curated. The latter is art from WazirX’s daily selection of 50 artists from thousands of applicants.
In India, there is a lot of ambiguity about cryptocurrency
While the debut of this initiative is wonderful, it comes when cryptos in India are experiencing some difficulties.
The issues originate from the Reserve Bank of India’s (RBI) letter pushing banks to cease relations with cryptocurrency exchanges.
Even though the request was informal, many people have expressed concern about going against authorities. As a result, numerous banks have backed away from crypto exchanges with whom they had previously partnered.
ICICI Bank, for example, has already demanded that companies with which it works cease any crypto-related transactions.
While India’s regulations are in flux, WazirX’s NFT marketplace is safe now, but that could change quickly if the RBI continues to push for stricter controls.