Wazirx Launches India's First NFT Marketplace On Binance Smart Chain

Introduction

NFTs are now the tycoon of the crypto industry. We could say that the future of the crypto market would be shaped profoundly with this trend. Many popular Crypto Exchanges are on their way to build their own NFT Marketplace. Global Crypto Exchange Binance has revealed that they have planned to launch their own NFT marketplace in the month of june, 2021. By following the footprints of binance, wazirx also announced their own NFT Marketplace Which brings huge hype to the people all around the world specially in Indian market.

“Wazirx NFT Launch Date” has became the crucial search term in the recent days, To answer to this million dollar question, Wazirx, launched their own NFT Marketplace in beta version on 31st May 2021, which becomes India’s First NFT Marketplace.

What is Wazirx NFT Marketplace ?

Wazirx NFT Marketplace is the platform built by wazirx exclusively for the art industry where one can buy, sell , create NFTs. As Wazirx is the India based company and the primary focus is given to indian based artists.

NFTs are entirely different from cryptocurrencies, they are ultimately unique which bring ownership to the real-world assets. It is believed that this NFT marketplace will attract many indian artists. Wazirx itself has published a detailed blog regarding NFT

Explore here: The Guide to NFTs

“”will empower artists, creators, and collectors across India and abroad to create and trade unique digital assets that represent art, music, videos, collectibles, in-game articles among others””

The above are the words of wazirx, about their wazirx NFT.

Currently. Wazirx NFT has 15 creators and 300 more creators are whitelisted from the company. The popular artists on the platform includes vimal chandran, street artist Tyler, photographer Arjun menonm etc,  It is said that they have received nearly 15K applications from creators all over the globe. 

Reference: The Economic Times

Blockchain Behind Wazirx NFT - Binance Smart Chain

We all know about Binance Acquisition of Wazirx yet most of the NFT marketplaces are built on Ethereum Blockchain whereas Wazirx NFT was built on the Binance Smart chain. Which uses WRX token, the native token of wazirx for transactions which eventually increase the price and global image of WRX and it has committed 50K tokens initially as the giveaway. 

Wazirx NFT was not the first NFT marketplace built on binance smart chain, three popular NFT marketplaces like Bakeryswap, Pancakeswap , Battle Pets. It is said that the NFTs in the Wazirx NFT are interoperable, they can be transacted to the other blockchains like Ethereum

How Does Wazirx NFT Works?

The Platform is working under Binance Smart chain and  has two different sections,

1. spotlight
2. Discover

In the Discover section, the platform displays 50 selected artists each day where new talents are identified whereas the spotlight category is the kind of direct marketplace. Anyone registered can easily access the marketplace to buy or sell NFTs with WRX token.

Now, At the moment we can spot many digital art works and photographs in the marketplace. Those prices are labelled in WRX. 

It also provides clear details for every NFTs Listed like

1. File Size
2. Original Resolution
3. Tools used
4. Creator of the NFT
5. Owner of NFT

Before proceeding with buying or selling, the users need to connect their metamask wallet with their registered account.

How To Mint  NFT on Wazirx NFT ?

The process of minting NFTs would be the same as other NFT marketplaces, the only difference here is to proceed with WRX. In the beta phase, this platform allows users to upload photos and videos upto 100 MB.

Step 1: Connect your wallet with the marketplace
Step 2:Fill the requirements and fix the price for your work
Step 3: Upload your artwork
Step 4: Pay the gas fee to the platform with the payment options available in the Wazirx NFT

The above are the common steps involved in any kind of NFT marketplace. You can know more here in Binance Academy Article: How to Make Your Own NFTs

Features of NFT Marketplaces

The below are some of the much needed features of NFT Marketplaces

• Integrated Cryptocurrency Wallet
• Instant and easy registration  process
• Quick NFT Creation
• Multiple Payment options 
• Viewable History of NFTs
• Integrated Security protocols
• Filter options to find artworks
• Search options, etc, 

The Pricing of Wazirx NFT

This platform allows only fixed price, meaning that it does not take bids form the NFT sale. For minting NFTs the marketplace will charge around 1$ as a gas fee and they won't ask for a listing fee. It also said that during resale of the asset, the artist can add up to 15% in the price.

Scope of Wazirx NFT

“Depending on how well the platform does and how the adoption is, I am sure it will reflect on the prices. But I think what is more important is to bring in use cases because, in the long term, a token is more useful when you can use it in multiple ways,” Shetty said.

Now, at the time of launch, the ultimate aim of the team is to bring users to the platform and to increase the use cases of all their native tokens. They believe that the secondary sales in NFt would be the game changer and users can sell NFTs 10x more than the price they have bought. In the future, they have big plans to add an auction model in order to obtain a prominent place in creator space.

As Wazirx is not a new term for Indians, it is actually a popular cryptocurrency exchange with high trade volume and lots of indian traders. As this is India's first NFT marketplace, many indian artists will get into it and tokenize their work. In the future, we could see the marvelous growth of wazirx NFT marketplace as well as the price of WRX. 

Conclusion

Artists and collectors all over the globe are now switching towards NFTs by realizing the drastic power of smart contracts and Blockchain technology. They really wanted to get immutable ownership for their art work in the digital form. Let’s hope for another best in the crypto industry.

Stay Tuned To Know More Updates Wazirx NFT Marketplace!

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