Binance Indian exchange, WazirX launches an NFT marketplace

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TL;DR Breakdown:

  • Indian exchange, WazirX has launched an NFT marketplace.
  • The platform is designed to enable Indian artists and creators to easily participate in the growing NFT market.

The Binance-owned Indian cryptocurrency exchange, WazirX, has joined the list of companies looking to extend the growth of the non-fungible token (NFT) market. A report on Monday by Business Insider informed the exchange has launched an NFT marketplace, specifically for India users. The platform is reportedly one of the first marketplaces launched in the country.

Leading Indian exchange debuts NFT marketplace

The commission-free NFT platform will enable digital artists and creators in the country to easily create and auction their contents to earn royalty, according to the Indian exchange. Users only have to pay gas fees which are essential for the verification of the transactions on the blockchain. While commenting on the launch, the founder of WazirX, Nischal Shetty, said:

“Both digital creators and collectors stand to benefit from the WazirX NFT marketplace. As of now, we are working around a certain nitty-gritty to make NFTs more lucrative for our customers.”

The Indian exchange was acquired by Binance back in 2019. The launch of its NFT marketplace comes amid the growing interest in the market amongst artists, musicians, and many celebrities.

A Canadian-based entrepreneur, Sandesh B Suvarna, was appointed to spearhead the platform, while Vishakha Singh, a movie actor, joins the board as an advisor.

The rush in NFT

The NFT market has gained more popularity since the beginning of the year. Some content creators have been able to bag millions of dollars from their NFT, including the likes of Beeple. More than $200 million NFT contents were traded last month, as Cryptopolitan reported.

It’s not surprising why many crypto companies, including venture capitals, are inventing in the market. Recently, Crypto.com, a digital currency payment platform, also launched its NFT marketplace that will feature exclusive content from celebrities, including Snoop Dogg.