WazirX (WRX) Token Price Increases As It launches India’s 1st NFT marketplace
NFTs will be sold on wazirx platform only through WRX tokens with a marketcap of one billion. However, it’ll allow traders to transfer digital assets to other blockchain technologies like Ethereum.
India’s biggest cryptocurrency exchange WazirX, on Tuesday announced India’s first non-fungible tokens (NFTs) marketplace. The development comes a day after the RBI breather to cryptos operators and amid the huge popularity of digital currencies in India. South Asian countries have also launched NFT marketplace Apart from India.
WazirX invites creators, artists, and buyers to come to narrate the new Indian story,” the company said. A non-fungible token (NFT) is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. NFTs can be used to represent items such as photos, videos, audio, and other types of digital files.. You can trade these assets on the platform with digital currency. Just like cryptocoins, they are also encoded with blockchain technology.
The company has said NFTs will be minted on its parent company Binance Technology’s blockchain technology. Binance is one of the largest crypto exchanges in the world. It had acquired WazirX in 2019.Interestingly, WazirX has decided to sell NFTs on its platform only through its native token WRX. The condition of buying digital assets via WRX will eventually lead to its global expansion and boost its price.
The company will also charge 5% service on the sale of digital assets, while the rest of the amount will be deposited in the accounts of the creators. The beta phase of the WazirX Marketplace will launch with a fixed price model, under which artists can add a royalty fee of up to 15% on the resale of their asset. The company has said bidding for digital assets will be not accept for now.
Since the environmental costs of minting NFTs is just like Bitcoin and other cryptos, the company has decided to allow sale and purchase in WRX token only, which will save the extra power cost for Binance. The cost of minting and buying NFT for each transaction is $1. So far, there are only 15 popular creators, including Vimal Chandran (visual artist), Sneha Chakraborty (wall mural artist), Ishita Banerjee (media artist), on WazirX’s marketplace. The company claims 15,000 more applications are being processed already.
Digital tokens and NFTs have seen huge popularity in India recently. The RBI also sent a breather to the crypto exchanges on Monday, saying banks or entities can’t cite its 2018 order that barred them from dealing with virtual cryptocurrencies. So crypto users can trade without any pressure from bank’s end to block the accounts.
