One of the leading Indian crypto exchanges, WazirX declared the ‘sunset’ of its NFT marketplace on its website, less than two years after its launch back in June 2021.
The notice on the website reads “The WazirX NFT marketplace has been sunset. You can still trade your NFTs on OpenSea.”
This is quite shocking as the NFT market is seeing a fresh wave of hype again as trading volume has jumped in the last few days.
WazirX had captured a significant portion of crypto traders in India until the hostile government implemented a heavy tax on crypto transactions. The move was clearly intended to curb the speculation of crypto. Adding fuel to this, the downfall in the crypto market and the collapse of major crypto platforms turned many Indian crypto investors away from crypto.
Another major problem that WazirX faces is its battle against Binance. After celebrating the acquisition of WazirX first in 2019, Binance’s CEO Changpeng Zhao refused to claim ownership and acquisition agreement. As per the latest update, Binance has terminated access to its wallet service for WazirX users.
