WazirX launches NFT marketplace for Indian artists to sell their work; offers 50k WRX tokens as bonus

The marketplace is open to everyone who wants to buy or sell artists' NFT using WRX. (File Photo)

Binance-owned crypto exchange WazirX on Tuesday said it has launched South Asia’s first non-fungible token (NFT) marketplace with 15 creators hailing from multiple categories including digital artists, muralist photographers, canvas artists, space 3D artists, street artists, and visual artists to sell their work. For the uninitiated, every NFT is unique and cannot be traded unlike cryptocurrencies, which are identical to each other, and can enable commercial transactions. For instance, one Bitcoin is equal to another Bitcoin or Re 1 is equal to another Re 1 but NFTs cannot be a medium of transactions because of their uniqueness. However, they are being used to represent real-life assets such as artwork. In fact, celebrities such as Snoop Dogg, Paris Hilton have used NFT to release their artwork in the recent past.

Launched in the Beta phase, the NFT marketplace by WazirX “will empower artists, creators, and collectors across India and abroad to create and trade unique digital assets that represent art, music, videos, collectibles, in-game articles among others,” the company said in a statement. The marketplace will charge gas fees of around $1 for minting NFTs and won’t have any listing price. The company is extending 50,000 WRX tokens as a bonus to its community.

As of now, the marketplace is “heavily focused on Indian-origin artists” globally and the selection of artists has been divided into Spotlight and Discover sections. The marketplace will have artists including Vimal Chandran, anonymous street artist Tyler, wall mural artist Sneha Chakraborty, mixed media artist Ishita Banerjee from Montreal, automotive photographer Arjun Menon, etc. The platform is announcing 50 selected artists each day under the Discover category. The marketplace is open to everyone who wants to buy or sell their NFT using WRX while all items listed on the platform, for now, are based on the ‘Fixed Price’ model.

“More artists and collectors across the globe are today tapping the power of NFTs. By doing so, they are realizing the wide-ranging benefits of using smart contracts to dignify and secure digital art ownership for every artist and collector by providing them with an opportunity to create wealth. NFTs ensure the exclusivity of ownership and can be seen as a way to digitize artwork and other collectible items,” said Sandesh B Suvarna, VP- WazirX NFT Marketplace in a statement.

The suggestions/recommendations around cryptocurrencies in this story are by the respective commentator. Financial Express Online does not bear any responsibility for their advice. Please consult your financial advisor before dealing/investing in cryptocurrencies.