The craze for NFTs is off the shelf right now. And more and more companies and individuals are getting into the game. Even Indians hyped up about this new form of digital art. An Indian bought the $69 million NFT sold by Beeple. Taking advantage of this whole situation, the largest Indian exchange, WazirX plans to launch India’s first NFT platform.
India now has a marketplace for digital collectibles. WazirX, launched a non-fungible tokens (NFT) platform on Monday, allowing creators to auction their digital assets and earn royalties. Apart from other digital goods and services, the platform would allow the exchange of digital assets and intellectual properties such as art, audio files, videos, programs, and even tweets. Recently, Twitter founder Jack Dorsey sold his first tweet for $2.9 million in an NFT-based transaction. The same holds for artists, distributors, and other stakeholders who wish to drive digital sales while keeping their copyrights intact.
For those unfamiliar, NFTs are irreplaceable and immutable digital items such as digital artwork, virtual game accessories, or even real-world items such as collector’s cards that have transferred onto a blockchain network. Unlike cryptocurrencies, which can trade for other cryptocurrencies, each NFT is one-of-a-kind and cannot trade it for another item.
Nischal Shetty, Founder, WazirX, said: “Since our inception, we have been on the forefront of innovation and empowered our customers with value-added offerings. The latest addition to the WazirX portfolio builds along the same lines. It will truly transform the market in our rapidly digitising world with a growing interest in NFT worldwide. Both digital creators and collectors stand to benefit from the WazirX NFT marketplace”.
“We are delighted to launch one of India’s first NFT marketplace,” Nischal Shetty, CEO of WazirX, said. “Both digital creators and collectors stand to benefit from the WazirX NFT marketplace.”
WazirX does not charge customers for creating and listing NFTs on its platform and is working toward making its marketplace more lucrative by eliminating costs associated with verifying NFT transactions on the blockchain, according to the press release. Since NFTs run on a blockchain, most trading platforms charge users for the computing power required to process and validate transactions on the blockchain.
Sandesh B Suvarna, a Canadian entrepreneur, leads WazirX’s NFT initiative, with Vishakha Singh, a film actor, and producer, as an adviser. Vishakha Singh said she’s confident the launch will be a success and help “erase the myth of the starving artist”.
“From the creative industry perspective, we believe this is a great opportunity for artists and IPR owners to monetize their existing assets via a new revenue stream,” Singh said. “We are confident that this would be a beautiful marriage of arts, technology, and commerce.”
NFTs have quickly become the modern way of owning artworks. For collectors, it is a real treat because of such an easy process of purchasing. Since there is no physical copy of the art, storage and transport are not issues. And can just easily store everything online.