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WazirX launches India's first NFT marketplace

WazirX launches India's first NFT marketplace

WazirX launches India's first NFT marketplace
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By Jun 1, 2021 9:34:19 AM IST (Published)

WazirX, India's largest cryptocurrency exchange, is all set to launch its NFT marketplace on Tuesday. NFTs are non-fungible tokens that represent the value of a digital asset. They can be traded on exchanges like cryptocurrencies. The launch is all set to take place on Tuesday, with over 15 creators' art up for trading. Like other NFT exchanges, WazirX will not permit bidding on the art pieces, rather it will follow the 'fixed price sale' concept in its beta phase.

WazirX, India's largest cryptocurrency exchange, announced the launch of India's first Non-Fungible Tokens (NFTs) on Tuesday. The platform will feature exclusive artwork from artists, photographers, and media professionals from India and some South African nations.

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NFT is a digital asset, representing real-world objects like art, music, and videos. These can be bought and sold online with cryptocurrency and are encoded with the same software as many digital coins.
WazirX will mint the NFTs on its parent company Binance's technology—one of the largest crypto exchanges in the world. Binance acquired WazirX in 2019.
The non-fungible tokens will have no listing price, but a minimal gas fee of $1 for transactions, Mint reported.
Till now, WazirX's NFT marketplace has 15 creators, with 15000 applications in line already. Artists like Vimal Chandran (visual artist), Sneha Chakraborty (wall mural artist), Ishita Banerjee (media artist), among others will feature on the marketplace.
The collectors can purchase NFTs via WazirX through its native token WRX. Moreover, it will not take bids for the pieces on sale for now and will go ahead with the 'fixed price sale' concept. However, the tokens can be later transferred to a different blockchain, like Ethereum.
WazirX will charge a 5 percent service fee on each sale, with the creators getting 95 percent of the sale proceeds, ET reported.
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