WazirX, India’s largest crypto exchange, has launched the country’s first marketplace for non-fungible tokens, featuring exclusive works by artists from India and other South Asian nations.
- The NFTs will be minted on parent company Binance’s blockchain, instead of the more popular Ethereum network, and can only be purchased with WazirX’s native token, WRX. They will, however, be interoperable with other blockchains, meaning that, once purchased, they can be moved onto Ethereum or other blockchains. WazirX was acquired by Binance in 2019.
- Setting itself apart from other marketplaces, WazirX will not charge artists to host NFTs, and will charge only a 5% transaction fee on any purchases. Artworks will have a fixed price once listed during the beta stage, not allowing auctions or bids for pieces, although artists will have the option of adding a 15% royalty fee to resales of any works.
- The launch comes amid a period of uncertainty for India’s crypto industry, with a ban by the country’s central bank on lenders offering crypto-related services having been overturned by the Supreme Court in March 2020. An attempt by parliament to legislate a ban on cryptocurrencies also failed earlier this year amid lobbying by the crypto industry for increased clarity and regulation. As of April 1, any company in India with crypto holdings must disclose them to the government through financial statements.