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WazirX to launch NFT marketplace for India

June 01, 2021

WazirX to launch NFT marketplace for India

India’s biggest cryptocurrency trade WazirX will on Tuesday launch a Non-Fungible Token (NFT) commercial center that will highlight selective work of art by mainstream photographers, artists, and mexed media experts from India and other South Asian countries.

NFTs are an extraordinary digital representation of an artistic expression living on a blockchain. While Ethereum is around the world the most well-known blockchain for printing NFTs, WazirX will use its parent organization Binance’s blockchain technology.

NFTs shot to fame after a series of high-profile deals this year, including one by Twitter organizer Jack Dorsey of his first tweet for more than $2 million, and the landmark purchase of a NFT artwork for more than $69 million by Vignesh Sundaresan at a Christie’s auction in March.

Interestingly, authorities can buy NFTs on WazirX’s commercial center just through the stage’s local token WRX which has a stock cap of one billion. One WRX token is worth ₹104 at present. WazirX will charge a 5% service fee on the sale price and creators will get 95% of the sale proceeds.

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