Binance-owned cryptocurrency exchange WazirX has launched a marketplace for Non-Fungible Tokens (NFT), a move that will enable Indian creators to auction their digital assets over the Blockchain-based platform and earn royalty.
WazirX claims this is the first marketplace for NFT in the country.
This marketplace enables the exchange of digital assets and intellectual properties such as art pieces, audio files, videos and even tweets apart from other digital goods and services, the company said in a statement.
Nischal Shetty, Founder, WazirX, said: “Since our inception, we have been on 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 digitising world with a growing interest in NFT worldwide. Both digital creators and collectors stand to benefit from the WazirX NFT marketplace”.
WazirX will not charge its customers for listing NFTs on the platform. 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.
NFT is non-fungible, which means copies cannot be created following the purchase.
WazirX ‘s NFT initiative is being spearheaded by Canada-based entrepreneur Sandesh B Suvarna with film actor and producer Vishakha Singh as an adviser.
“From the creative industry perspective, we believe this is a great opportunity for artists and IPR owners to monetise their existing assets via a new revenue stream. The myth of the starving artist needs to be rewritten. Every creator, artist, influencer has the right to showcase their IP with dignity and on a credible platform with legitimate buyers,” Vishakha Singh, Adviser, NFT Marketplace said.
According to industry data, the NFT market grew by 299 per cent in 2020 as it clocked more than $250 million as the total value of transactions. This includes all sales and transactions, including ‘breeding’, ‘minting’, and ‘renting’ of NFTs.