India’s largest crypto exchange, WazirX, today announced the country’s first NXT market. The platform, which will be used to trade irreplaceable tokens (NXT), is run on the Binance Smart Chain,
A blockchain platform created by Binance, one of the world’s largest crypto exchanges, which launched 2019 Acquired WazirX.
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WazirX Received 15000 applications for Its New NFT Marketplace!
So far WazirX’s NXT marketplace has 15 creators, of which 15000 applications are already in line.
Artists like Vimal Chandran (Visual Artist), Sneha Chakraborty (Wall Mural Artist), Ishita Banerjee (Media Artist) will be seen in the market.Collectors can buy NFTs through WazirX with their native token WRX.
Further, it will not take bids for sale as of now and will go ahead with the ‘fixed price sale’ concept. However, the token can later be transferred to another blockchain such as Ethereum.
What is NFT & What makes it So Unique?
NFT is a unique cryptocurrency asset of its kind that is irreplaceable in nature, meaning that NFT cannot be replaced with any other ‘similar’ item. No copy of NFT can be made after purchase, making it a unique asset for buyers.
What the Founder of WazirX says about the New NFT Marketplace?
Nischal Shetty, Founder, WazirX, said: “Since our inception, we have been at the forefront of innovation and empowered our customers with value-added offerings.
The latest addition to the WazirX portfolio follows the same lines. This will truly transform the market in our increasingly digitizing world with increasing interest in NFTs across the globe.
Both digital creators and collectors stand to benefit from the WazierX NXT marketplace.
When will WazirX’s New NFT Marketplace Launch?
According to a Money Control report, the WazirX NXT marketplace is scheduled to launch today, June 1. The exact time of launch is not yet known, so the WazirX NXT marketplace can go live anytime.
The NFT marketplace is run on Binance Smart Chain, a blockchain platform similar to Ethereum where creators can create their own cryptocurrency and blockchain platform.
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A NFT Platform for Indian NFT Creators!
Indian manufacturers can now put their digital assets up for auction in the blockchain-based NXT market and earn royalties.
WazirX will not charge its customers any fees for creating and listing NFTs on the platform. However, as NXT builds on blockchains that allow for smart contracts, miners are paid gas charges in the respective currencies.
WazirX is currently working towards reducing this cost to make NXT mining cost-effective.