WazirX, India’s largest cryptocurrency exchange, has just launched its new NFT platform. Digital artists will now be able to exhibit their work and sell it to collectors – all through the seamless blockchain technology provided by the company.
What are NFTs, and how can blockchain technology benefit from them?
After the latest cryptocurrency boom, far more people are beginning to acknowledge the value and legitimacy of digital coins. Innovative technology has made it possible for artists and other web workers to unleash their true potential and contribute to the development of the industry. Blockchain software has enabled this process through the usage of the so-called Non-Fungible Tokens, or NFTs.
Non-Fungible Tokens are pieces of unique data stored on a digital ledger. They allow users to receive direct ownership of either a photo, a piece of art, a video, or another type of intellectual property, all through the power of blockchain.
How WazirX plans to take over the NFT market in Asia
Ethereum developers have been actively engaged with developing their NFT ecosystem, which up until recently, acted as an assembly point for most digital art collectors and connoisseurs. Last week though, Binance’s backed WazirX has launched its own NFT platform, which will work entirely through the platform’s native token WRX, rivaling the European crypto titan.
According to the latest news, WazirX will withhold 5% of the sold NFT’s price as a service fee, which is only one-third of what Ethereum is collecting at present (15%). The company has only hinted at having further plans for global development, but from what we have seen so far, we can easily assume that Binance’s subsidiary will soon look to expand to the international NFT market.
Moreover, the WazirX development team has announced that using WRX tokens on the Binance Smart Chain (for the purchase of NFTs) will eliminate all electricity costs and reduce mining costs to under $1. This means a lot for the industry, as lately, many big corporations have brought forward the ecological problems associated with mining cryptocurrency tokens and executing protocol transactions. The WazirX developers have not only promised to abolish all potential environmental damage brought by mining but also guarantee safety and seamless interactions through its innovative blockchain software.
And for those interested in how the new platform will operate in the coming weeks, WazirX has revealed detailed information about the different stages in which the marketplace will unfold.
WazirX NFT platform launch stages and future expectations
The NFT platform launched with a selection of Indian-origin artists, divided into ‘Spotlight’ and ‘Discover’ sections. From over 15,000 received applications, 300 artists were chosen to represent their work to the blockchain users, with the creations being curated by their genre, popularity, and credibility. At present, the WazirX NFT supports images and video files of up to 100MB, which is only a temporary limit while the software is being tested in real-time. As the NFT platform grows larger, WazirX has declared that more creators will be accepted and allowed to present their masterpieces to the public.
Collectors will also benefit by engaging with the platform, as 50,000 WRX worth of giveaways and cashback is already being distributed throughout some of the buyers. After the successful launch, WazirX’s new project is expected to continue expanding its reach into Asia and soon enough take the place of a regional leader in NFT trading.
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