Blockchain & Crypto

WazirX’s NFT Marketplace sells India’s first-ever NFT

WazirX’s NFT marketplace has sold India’s first-ever NFT! A day after launching its official NFT Marketplace, WazirX has reported this through its Twitter handle.

Through a series of tweets, WazirX shared three different NFTs being the first-ever to be sold on its platform.

The above art, Creation- Dark Times 2020′, was sold for 200 WRX or Rs. 28, 298. It was created by digital artist Ravi Koranga, and purchased by Harivishnu D.

The above art, ‘Chasing Sunshine’, was sold for 150 WRX or Rs. 21223. It was created by digital artist Shreya Daffney and purchased by an anonymous person going by the tag MetaBoi.

WazirX’s NFT Marketplace

WazirX NFT Marketplace is powered by the Binance Smart Chain. This lowers the gas charge (the amount necessary to mint the NFT via blockchain) to only around $1. As NFTs are interoperable, one can even later transfer the NFT to a different blockchain like Ethereum.

The platform is currently in its beta phase. It has launched with a “fixed price” model, allowing artists to collect a royalty fee of up to 15% on the resale of their work. This enables Artists in India and around the world to earn in perpetuity from a single piece of artwork.

Since its announcement, WazirX NFT Marketplace has received over 15,000 applications for artist and collector registrations since its introduction. Overall, 300+ creators have been whitelisted in order to create the ideal artistic community on the platform. These artists will exclusively release their work on the platform.

Anyone interested to buy or trade NFT can do so with WRX (WazirX’s native token). At present. At the time of writing this, current price of WRX is 141.49 INR.

WazirX has also pledged $50,000 in WRX as gifts and rewards for collectors who buy NFTs on the website.

What is NFT, tl;dr

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.

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Rajat Chawda

Rajat is a student at the Institute of Law, Nirma University. Since a young age, he was fascinated by the technological advancements and his fascination with gadgets has helped him develop a keen interest in TMT Laws in his journey as a law student. He is associated with Mylawrd to further engage himself and learn in this area.

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