WazirX, the country's largest crypto exchange, today announced the launch of the country's first NFT marketplace. The platform, which will be used to trade Non-Fungible Tokens (NFTs), is built on the Binance Smart Chain, a blockchain platform created by Binance, one of the world's largest cryptocurrency exchanges, which purchased WazirX in 2019.
The marketplace presently includes 15 creators, according to the business, and WazirX has already received over 15000 applications from producers and collectors.
What is NFT in crypto?
A non-fungible token (NFT) is a data unit kept on a digital ledger known as a blockchain that guarantees that a digital asset is unique and thus not interchangeable. Digital assets in art, music, sports and other forms of popular entertainment are now being commodified using NFTs. The Ethereum blockchain has the majority of NFTs; however, other blockchains can build their own versions of NFTs.
While Ethereum is the most popular blockchain for minting NFTs internationally, WazirX will leverage the blockchain technology of its parent company Binance.
It will be open to anyone who wishes to buy or sell NFTs, and trading will take place using WazirX's own WRX token. At the time, the platform only enables "fixed price" transactions, which means that no bids will be accepted for the items currently on sale. WazirX has stated that the NFTs will be interoperable and that they would be able to be moved to another blockchain, such as Ethereum, in the future.
The platform will be separated into two sections: 'Spotlight' and 'Discover.' While Spotlight will be a curated segment for musicians, every day, the firm will release 50 artists for Discover from the 15000+ applications it has received.