India’s largest crypto exchange WazirX has launched a new NFT marketplace to support India’s vast array of emerging talent. Once established, WazirX will additionally roll out the technology to other Asian nations.
WazirX operates on parent company Binance’s blockchain technology. The Beta launched with a fixed price model, but auctions will be added with future developments. WazirX will charge a 5% listing fee for each NFT sold and creators can also set a resale royalty of up to 15%.
The new platform operates exclusively using the $WRX native token in order to vastly reduce gas fees. The estimated cost of minting an NFT is $1. Once an NFT is purchased however, the owner can transfer the asset to another blockchain such as Ethereum. It is anticipated that the added use case for the coin will drive up its value.
The site is up and running now, and currently features artworks by a number of India’s finest artists, photographers and mixed media professionals. As part of a phased launch, the platform is currently hosting works by 15 popular Indian artists, with additional contributors added daily. In the case of non-digital creators, artists have the option to tie the NFT to a physical item, such as a painting or a sculpture.
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Image credit: via WazirX
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