A Crypto Exchange in India Launches the First NFT Marketplace in the Country

The project aims to become the go-to location for indigenous artists in India to showcase and sell their digital works. The marketplace has already signed artists that will provide their digital masterpieces for sale.

A New Home for Indian Artists

Based on WazirX, the new marketplace of NFTs has signed about 300 digital creators currently to provide their products. Some of these artists are high-profiled, while a number of them are still looking to thrive and make a name in the world of NFTs and art.

The firm also revealed that it had received about 15,000 applications from people who are interested in being collectors and contributors on the marketplace.

At the marketplace launch, it will be selling digital products of artists like Ajun Menon, Ishita Banjerkee, Sneha Chakraborty, and Vimal Chandran, among many others.

These artists have different backgrounds in the art world, and these include mural specialists, automotive photographers, street performers, and even traditional visual artists.

A Growing NFT Marketplace

On the new marketplace of WazirX, collectors will be able to buy the NFTs submitted with $WRX, which is the native token of the platform. Currently, the price of the token is $1.43. the service fee charged for transactions on the marketplace is 5%, while the sellers will be getting the remaining 95%.

Also, WazirX has let the intended buyers know that currently, the auction format of purchase will be forgone for the time being, and the price of the NFTs sold on the platform will be fixed.

In addition, the NFTs would be interoperable, which means that they can be moved to a new choice network of the buyer outside the Binance Smart Chain (BSC).

The platform has two sections which are Discover and Spotlight. The latter will be a curated area for artists, and the former is the compilation of art from 50 selected artists on a daily basis out of the thousands of applications that WazirX is receiving.

The Uncertainty Around Crypto in India

The new project launch though quite exciting, comes in days of a rough patch as far as crypto is concerned in India. The real problem came from a letter sent to lenders by the Reserve Bank of India urging them to sever any relationship with crypto exchanges.

While the request in the letter is informal, several banks are trying to be on the side of the regulators, thereby separated themselves from the crypto exchanges they are partnered with previously.

Currently, it can be concluded that WazirX is safe, but the narrative can change if the RBI push for harsher restrictions.