India-based crypto exchange WazirX launched the first NFT marketplace in the country. The exchange, owned by Binance, will run on the Binance Smart Chain.
The project aims to become the go-to spot for artists in India to display and sell their digital work. It already has artists signed on to provide digital pieces for sale.
A home for Indian artists
According to WazirX, the NFT marketplace currently has north of 300 creators signed on to provide products. Some are high-profile artists, while many are those looking to make a name in the world of art and NFTs.
The company also announced it had received more than 15,000 applications from would-be contributors and collectors to join the marketplace.
At launch, the marketplace will be selling digital work from artists Vimal Chandran, Sneha Chakraborty, Ishita Banjerkee, and Ajun Menon, among others.
These artists come from diverse artistic backgrounds, including traditional visual art to street performers, mural specialists, and even automotive photographers.
A growing NFT platform
Collectors will be able to buy submitted NFTs on WazirX’s marketplace only with $WRX, the platform’s native token. At the time of writing, $WRX is at $1.43. The marketplace will charge a 5% service fee on sales, with sellers receiving the other 95%.
WazirX has also let would-be buyers know that, as of now, the NFT platform will allow fixed-price sales of NFTs and will forgo the auction format for the time being.
Additionally, the NFTs are interoperable. This means they can be transferred out of the Binance Smart Chain to a different network of the buyer’s choosing.
The marketplace has two sections, Spotlight and Discover. The former section will serve as a curated area for artists. The latter is art from 50 selected artists daily from the thousands of applications WazirX received.
Crypto uncertainty in India
The launch of this project, while exciting, comes during a bit of a rough patch as far as cryptos in India are concerned.
The problems stem from a letter sent by the Reserve Bank of India (RBI) urging lenders to cut ties with crypto exchanges.
While the request was informal, many have expressed fear of going against regulators. As a result, many banks have distanced themselves from the crypto exchanges they had previously teamed up with.
One example is ICICI Bank which has already requested that companies it is involved with stop any crypto-related transactions.
While the regulations in India are currently in flux, WazirX’s NFT marketplace is in a safe zone, but that could change quickly if the RBI continues to push toward harsher restrictions.