WazirX unveils NFT marketplace for India & South Asian nations

WazirX unveils NFT marketplace for India & South Asian nations

India’s leading cryptocurrency exchange, WazirX, has reportedly announced the launch of an NFT marketplace in Indian as well as other South Asian sub-continents. Apparently, the platform would feature exclusive artwork by popular artists, photographers, and mixed media professionals from the above mentioned countries.

As per credible reports, the new NFT marketplace would allow collectors to purchase NFTs through its own token WRX which has a cap of 1 billion. The company is expected to charge 5% service fee on the sales price and creators would get 95% of the sales proceeds.

In fact, Nischal Shetty, Founder of WazirX mentioned that the added use case for WRX, a utility token, would potentially lead to its international expansion in the years to come.

Reports suggest that the phased launch of the platform would begin with 15 well known artists and creators whose work will be projected in the ‘Spotlight’ category, which has been curated and perfectly vetted by the company, and a ‘Discover’ tab in which nearly 50 creators would be added every day from a list of 300 creators.

Moreover, in its beta phase, the platform would support video and image files of upto 100 MB, and the marketplace would be launched with a fixed price model while providing the artists the ability to add a royalty fee of upto 15% on the resale of their work.

Speculations have it that WazirX would let artists decide the terms and conditions of the sales. In the case of creators and painters who work with physical objects, they have been given an option to tie the NFT with physical sales of the artwork produced.

For the record, WazirX would also provide WRX worth 50,000 as cashback and giveaways for the collectors who engage well on the platform to trade their NFTs.

Source Credit: https://economictimes.indiatimes.com/tech/technology/wazirx-to-launch-nft-marketplace/articleshow/83121844.cms