Cryptocurrency exchange WazirX has shut down its NFT marketplace, WazirX NFT. This comes as the crypto industry faces the brunt of the continued downturn.
The marketplace’s website read, “The WazirX NFT marketplace has been sunseted. You can still trade your NFTs on OpenSea.” At present, the OpenSea profile of the crypto exchange has 46,400 items on sale.
WazirX said the marketplace did not gain traction. “We regret to announce that the WazirX NFT Marketplace has been sunsetted. We are proud to have launched India’s first NFT marketplace in June 2021, which showcased the work of many creators. Unfortunately, it did not gain much traction,” it said in a statement.
We are proud of the contribution that we have made to the NFT sector in India. We have provided a platform for creators to showcase their talent, and our efforts have helped put the spotlight on many Indian creators, it added.
The Indian crypto ecosystem has had a rough ride as it faces the whammies of a prolonged bear market and the regulatory measures introduced by the government. Crypto exchanges have seen their trading volumes slump heavily and are still laying low.
WazirX recently released its proof of reserves report, disclosing that the value of user assets held is $286 million. It’s reserves-to-liabilities ratio remains more than 1:1, implying sufficient liquidity for users in the event of a withdrawal, it said.
The company also said: “We created a safe and secure marketplace where creators could showcase and trade their unique digital assets. Our users can rest assured that they can continue to hold their NFTs in their wallets, and these can be sold in other marketplaces such as OpenSea.”