A new turnaround for the world as many individuals, investors, and corporate businesses embraces digital currency.
This is transforming market activities and the financial systems of various countries.
For the benefit of those that might not know, non-fungible tokens (NFTs) are units of unique data/digital items that cannot be interchanged and are present on digital ledgers known as blockchains.
Some of these NFTs are digital files like art, videos, audios, programs, and other things related to creative work that can be bought on the NFT market.
On the 5th of April, WazirX, a leading cryptocurrency exchange, announced the launching of the NFT marketplace for Indian artists, which is the very first of its kind for India.
This will help boost the exchange of digital assets and other intellectual properties such as the digital files found on the NFT market, as mentioned above.
The founder of WazirX, Nischal Shetty, said in a briefing that the NFT marketplace launch would transform the market, and this is very apt when looking at the rapid revolution of the digital world and the evolving interest in NFT around the world.
Based on this new development, Indians into creative works can now displace their digital assets for auction on the blockchain through the NFT market and earn royalty.
Following this launch, WazirX will not collect charges from customers that create and list their NFT digital files on the platform. Rather some fees will be paid to those that mine in various currencies. This information was obtained from the company’s official release, and the fee that will be paid will be called ‘gas fee’.
Furthermore, the company said that they are intensively working on eliminating the cost for NFT minting to be cost-effective for the artisans and creators – the reason being that the cost is against computer power used in verifying the transactions.
Some top celebrities in India, like Vishakha Singh, are highly elated about the new development and said it would pave the way for great opportunities where artists, creators, and influencers can display their IP on a reliable platform with dignity and connect with credible buyers.
As the NFT marketplace continues to expand and accumulate transactions of over $250 million, there are possibilities of higher projections in 2021 with this recent launching and many more to come.
The increase in the number of interested persons in the NFT marketplace has led to many speculations.
Creators and artists have embraced the NFT launching in India, with many saying that this is a great union between arts, creativity, technology, and commerce, thereby boosting productivity.
NFT is one of a kind, and its irreplaceable, digital data on the non-fungible tokens cannot be pirated or copied when purchased. This makes it a highly secured asset for buyers.
This is an amazing move as Indian artists and creators are now privileged to exchange their digital assets in a secured platform without interruption.