India’s first non-fungible token (NFT) forum has been initiated by the country’s biggest crypto exchange which includes masterpieces of the artists belonging to India and other countries of South Asia.
The creation of NFTs will take place on the Binance blockchain network rather than the most popular Ethereum network. Initially, WazirX has manufactured 50,000 tokens, but as the demand increases, the number of tokens will also increase. The purchase of these tokens can only be in exchange for WRX, the native token of WazirX. After being purchased, these tokens can be converted to other blockchain technologies like Ethereum. Binance incorporated WazirX in 2019, and since then, the collaboration is focusing on advancing technology with the passage and need of the time.
To create a distinction among the rest of the marketplaces, the artists will not be charged for hosting NFTs, but as little as a 5% transaction fee will be charged on them by WazirX. In the time of beta stage, there will be a fixed price of the artworks after being listed for not granting any auctions. However, the option of deducing the royalty fee (15%) on any of the works will be given to the artists.
This launch is going to happen at a time when India is uncertain about the acceptance of the crypto trade and the trend of cryptocurrencies. In March 2020, the ban on crypto lenders providing services related to cryptocurrency had been reversed by the Supreme Court. Recently, an effort by parliament for the legislation on the crypto ban to increase regulation and clarity has also failed. Since by the start of April, it is to be made mandatory for each crypto holding company to disclose itself by a financial statement in front of the government.
Sooner or later, this organization will branch itself into two separate departments of Discover and Spotlight. The organized market is the focus of Spotlight, and the Discover section will include new artworks of the selected arts every day. Fifteen thousand applications for this purpose have been received already.
What is NFT?
Non-Fungible Tokens are the tokens digitally available on the blockchain offering to claim over digital goods like music, art, and so on. They are not like cryptocurrency, being non-fungible, as they cannot be converted or replaced by the other tokens. The distinction between the two is that the cryptocurrency can be converted because it’s a currency, but these tokens are just the marketing cards that can be bartered but not be replaced.
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