WazirX’s NFT Market for India, SAsia Art Opens Today
Collectors can buy NFTs only through platform’s native token WRX
India’s largest cryptocurrency exchange WazirX will on Tuesday launch a Non-Fungible Token (NFT) marketplace that will feature exclusive artwork by popular photographers, artists, and mixed media professionals from India and other South Asian nations. NFTs are a unique digital representation of an art form living on a blockchain.
While Ethereum is globally the most popular blockchain for minting NFTs, WazirX will use its parent company Binance’s blockchain technology. NFTs shot to fame after a series of high-profile sales this year, including one by Twitter founder Jack Dorsey of his first tweet for over $2 million, and the landmark purchase of an NFT artwork for over $69 million by Vignesh Sundaresan at a Christie’s auction in March.
Interestingly, collectors can purchase NFTs on WazirX’s marketplace only through the platform’s native token WRX which has a supply cap of one billion.
One WRX token is worth ₹104 currently. WazirX will charge a 5% service fee on the sale price and creators will get 95% of the sale proceeds.
The added use case for WRX, a utility token, will lead to its “international expansion”, WazirX founder Nischal Shetty told ET in an exclusive interaction.