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India’s WazirX Brings Down Shutters on NFT Marketplace on the Quiet

2 mins
Updated by Geraint Price
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In Brief

  • WazirX has maintained a silence on the closure of its NFT marketplace.
  • The platform witnessed declining volume since months as the core team abandoned it.
  • The community believes that it is because the team is more focused on Layer 1 blockchain, Shardeum.
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The WazirX NFT marketplace has been closed down without warning to its artists or customers.

The marketplace, a project once marketed as India’s best non-fungible token (NFT) marketplace, has closed its operations. The team or the founders made no public announcement or communications regarding sunsetting the platform.

It is worth noting that the last tweet from the WazirX NFT Marketplace was on Oct. 14 2022. Also, the latest Discord announcement was on Oct. 18 2022. 

WazirX NFT Marketplace official website
Source: Official website

The Indian exchange WazirX has been in a dispute with Binance over the ownership of the platform since last August. Earlier this month, Binance announced cutting its ties with WazirX by terminating its wallet services. Then the Indian exchange declared that it had prepared to take necessary steps to seek recourse against “false and misleading” statements from Binance.

Closure Anticipated by Artists

Yash Gawde, an NFT artist known as “Busibeast,” told BeInCrypto that the artist community expected the platform’s shutdown due to low volumes from the past few months. He is a 19-year-old verified NFT artist on WazirX whose company “Elite NFT,” was valued at over a million dollars last year.

According to Busibeast, the volume on the WazirX NFT Marketplace declined as the core team left. He says, “As the team who was managing the whole platform left and started their new project the community was left on its own. So people started leaving as they were not being heard.”

Busibeast believes the platform could have turned out to be a cash machine if the team had handled it well. But, he says the WazirX team “got a new toy to play with, so they left this one.”

The beauty of Web3 is that the community is the pillar instead of any particular project. Busibeast concludes, “The platform is dead but the communities we created are still alive.” He further mentions that he met his chief operating officer Manish Patole, through WazirX NFT Marketplace. 

Nischal Shetty, the co-founder of WazirX, announced Shardeum, a Layer 1 blockchain, in February 2022. Since then, the community believes that Shardeum has been the primary focus for Shetty.

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

Harsh Notariya
Harsh started investing in crypto during the 2021 bull market. He took the opportunity of the market crash in May to learn more about Bitcoin and blockchain technology. Since...