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India introduces its NFT marketplace for creatives

Artists in India can now showcase their art pieces such as songs, videos, and paintings for auction in the newly released non-fungible token (NFT) marketplace, WazirX, powered by blockchain technology. Through this, artists can generate revenue and earn royalties for their pieces. The Binance-owned exchange was launched by Nischal Shetty. According to him, their goal is to empower customers by having value-added offerings.

‘Since our inception, we have been on the forefront of innovation and empowered our customers with value-added offerings. The latest addition to the WazirX portfolio builds along the same lines. It will truly transform the market in our rapidly digitising world with a growing interest in NFT worldwide. Both digital creators and collectors stand to benefit from the WazirX NFT marketplace,’ said Shetty.

Alongside Shetty, an entrepreneur based in Canada named Sandesh B Suvarna is also one of the people working in the WazirX NFT project. Vishakha Singh, a film actor and producer, is also a part of the team as their project adviser.

‘From the creative industry perspective, we believe this is a great opportunity for artists and IPR owners to monetise their existing assets via a new revenue stream. The myth of the starving artist needs to be rewritten. Every creator, artist, influencer has the right to showcase their IP with dignity and on a credible platform with legitimate buyers,’ Vikash Singh said during an interview.

In 2020, the NFTs market grew to a whopping 299% which translates to more than at least US$250 million worth of transactions. The transactions included activities such as ‘breeding’ and ‘minting’, which are common concepts when purchasing or investing in NFTs.

NFTs represent digital assets that can be traded, sold, or exchanged between individuals. In some cases, NFTs can also be used for purchasing or assigning value to in-game assets that can be found in video or computer games.

WazirX will impose charges on their customers if they create listings on the platform. The company released a statement indicating that one of the company’s goals is to remove the expensive fees when an NFT is verified in the digital marketplace.

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