Yerevan (CoinChapter.com) – WazirX, India’s largest cryptocurrency exchange, has announced the launch of India’s first Non-Fungible Tokens (NFTs) on Tuesday. According to the press release, the ambitious platform will have artwork in NFT format by artists, photographers, and media professionals. The platform has opened its doors not only to creators from India but from South African nations as well.
Nischal Shetty, CEO of WazirX announced the news of the launch of his company’s NFT platform on Twitter.
According to Merriam Webster, an NFT is “a unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, and that is used to certify authenticity and ownership (as of a specific digital asset and specific rights relating to it).”
The company sold the above definition as an NFT last month.
Creators buy and sell NFTs as digital assets online using cryptocurrencies and digital tokens. Although they are all unique, some are available on the internet for free before being sold as Non-Fungible Tokens.
What is WazirX?
WazirX is India’s largest cryptocurrency exchange. It currently has over 2 million users after doubling that number between January and March this year. The company has ambitious plans to have over 10 million customers.
Between January and March 2021, the company’s trading volumes constituted $6.1 billion. The number is a massive 405% hike from the previous quarter.
Besides being a platform for currency exchange and providing a wallet, the company has other things to boast about. It also has an in-house utility token, the WazirX Token (WRX). The WRX is the first token that an Indian crypto exchange platform backs.
More than seven global crypto exchanges have the WRX token listed. As per the company website, the total supply of WRX is 1 billion. The company will encourage users to purchase NFTs on the platform using the platform’s WRX token.
At the time of writing this article, the value of each WRX token is $1.81. It is ranked 102 as per its market cap.
Unlike most NFT tokens minted on Ethereum platforms, WazirX will use its parent company Binance’s blockchain technology to mint its digital assets.
There will be a 5% platform commission on every NFT sale. Should the NFT be re-sold in the future, the artist will earn a royalty of up to 15%.
Here is an example of an NFT that is up for sale on the platform.
To encourage people to use their platform to buy NFTs, WazirX has announced it will allocate 50,000 in WRX as giveaways and cashback.
Considering the sheer size of the Indian market, this is a great feat for the promoters and advocates of NFT tokens.