The largest Indian exchange, 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, programmes, and even tweets.
Non-Fungible Tokens are those that cannot be duplicated after purchase.
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 been transferred onto a blockchain network. Unlike cryptocurrencies, which can be traded for other cryptocurrencies, each NFT is one-of-a-kind and thus cannot be traded 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".
🚨 Launching decentralized NFT marketplace 🚨— WazirX: Bitcoin & Cryptocurrency Exchange in India (@WazirXIndia) April 5, 2021
Buy, sell, trade digital assets & intellectual properties, including art pieces, audio files, videos, programs & even tweets.
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"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."
According to the press release, WazirX does not charge customers for creating and listing NFTs on its platform, and it is working to make its marketplace more profitable by eliminating costs associated with verifying NFT transactions on the blockchain.
Sandesh B Suvarna, a Canadian entrepreneur, is leading WazirX's NFT initiative, with Vishakha Singh, a film actor and producer, as an adviser.