Indians can now sell their digital assets on the blockchain-based NFT marketplace and then claim royalties thereafter. WazirX has opened India’s first non-fungible token (NFT) marketplace. Apart from other digital products and services, the launch has paved the way for seamless sharing of digital assets and intellectual properties such as art, audio files, images, programs, and even tweets.
According to a statement from WazirX, customers will not be charged for developing and listing NFTs on the website. However, since NFT is based on blockchains that back smart contracts, miners charge a gas fee in their respective currencies. This fee is offset by the computer processing power used to validate the transactions. WazirX is currently working to remove this expense, allowing artists and developers to mint NFTs at a lower cost.
Nischal Shetty, founder of WazirX stated that rising interest in NFT around the world will truly change the industry in our rapidly digitizing world. The WazirX NFT marketplace would help both digital developers and collectors. For the time being, we’re working around some nitty-gritty to make NFTs more profitable for our customers.
What is NFT?
NFT is a non-fungible asset that is one-of-a-kind. It implies that a NFT cannot be replaced with another object that is “identical.” Its copies cannot be made after the purchase, making it a one-of-a-kind commodity for buyers. NFT is the next logical step for those interested in unique intellectual properties, from collectors to companies. In a recent NFT-based deal, Twitter creator Jack Dorsey sold his first tweet for $2.9 million. These assets are beneficial to Artists, publishers, and other stakeholders who want to push digital sales while maintaining their copyrights intact.
According to a market report, the NFT market grew by 299% in 2020 as it clocked more than $250 million as the total value of transactions. This figure includes all sales and transactions including ‘breeding’, ‘minting’, and ‘renting’ of NFTs. With a strong momentum generated, NFTs are expected to grow even more robustly in 2021.