India’s largest cryptocurrency exchange decides to launch the NFT market after a token surge of 2,000%
According to Cointelegraph, a cryptocurrency media outlet on the 6th (local time), India’s WazirX will enter the NFT market for digital asset trading. This launch was decided one month after the exchange’s own token, WRX, became strong.
WazirX, India’s largest cryptocurrency exchange, has launched an NFT market to exchange digital art, assets and intellectual property rights, according to The Economic Times of India.
The decision came one month after WazirX’s own trading token, WRX, surged from $0.27 to $5.66 in price by nearly 2,000%. According to a related source, the number of visitors to the website increased by 631%, and the exchange itself showed a sharp increase over the past six months.
“We are pleased to launch India’s first NFT marketplace,” said Nischal Shetty, founder of WazirX, for the launch of India’s first NFT marketplace. Was loaded.”
After creating and listing the NFT on the platform, it is known that the work is underway to invalidate the underlying gas fees incurred when mining NFTs on various blockchains.
“At the moment, we are looking for a solid loophole to help NFTs bring more revenue to our customers,” Shetty explained.
NFT appeared in 2017 as a collectible token for fun in the form of CryptoKitties, which was popular at the time. Due to their utility and interest, the following year, in December 2020, famous artists, sports stars, and celebrities began maximizing their potential as marketing tools.
In just a few months, major corporate brands like Gucci have begun exploring ways to use NFTs in the fashion wear industry, and more than $500 million NFTs have already been replaced.
Meanwhile, the launch of WazirX’s NFT platform came despite strong instructions from Indian government officials that there may be a full ban on cryptocurrency as early as this year.