India’s largest cryptocurrency exchange WazirX has introduced a non-fungible token (NFT) marketplace for commercial transactions on unique digital artwork. WazirX is founded in the year 2017 and headquartered in Mumbai. Binance, a Cayman Islands-domiciled cryptocurrency exchange has acquired WazirX in the year 2019.
Non-fungible tokens (NFT) are kinds of assets that are non-tangible and can be bought and sold using cryptocurrencies in the digital world like any other kind of investment in the real world. The digital tokens serve as proof of a certificate of ownership for digital or physical assets. WRX is the digital token of WazirX exchange and is minted using blockchain technology of its parent company Binance.
The WazirX has launched South Asia’s first NFT marketplace on 1st June which enables the artists in different categories such as canvas artists, space 3D artists, street artists, muralist photographers, and visual artists, etc. to trade their artwork. NFT cannot act as a medium of transaction like real-world currency or cryptocurrency as it is unique. For example, Re1 is equal to Re 1, but NFT is not interchangeable. However, NFT enables commercial transactions on the artwork. Digital artworks such as music, video, etc., can be easily duplicated unlike traditional paintings and with NFT artwork can be tokenized to represent the ownership for original artwork. Earlier, famous artists such as Snoop Dogg, and Paris Hilton have released their artwork through NFT.
According to WazirX, the NFT marketplace will become a platform for creators, artists, and collectors across the world to trade on unique digital artworks such as music, videos, games, etc. The marketplace does not have any listing fee but it charges $1 as gas fees for minting NFTs. The company provides a bonus of 50,000 WRX tokens to users.
The newly launched marketplace is presently focused on Indian-origin artists in the world and the artists are categorized into Spotlight and Discover sections. Some of the artists included in the marketplace are anonymous street artist Tyler, mural painting artist Sneha Chakraborty, Vimal Chandran, automotive photographer Arjun Menon, mixed media artist Ishita Banerjee from Montreal, etc. The platform features 50 selected artists per day under the Discover category. The items listed on the marketplace are based on the ‘Fixed Price’ model and it is open to all who are interested to buy or sell their NFTs using WRX tokens.
Many artists and collectors across the world are tackling the advantage of NFTs as it enables them to use smart contracts to dignify and protect their digital artwork ownership and accumulates wealth.