WazirX NFT Marketplace has completed 100 days in the Indian market. Shetty tells us that "the thing about NFT is that you can attach any media to it, which can be an image file, it can be an audio file or a video file". NFT tokens "are minted as a transaction on the underlying blockchain, where a permanent record of the transaction is kept. The artist has to pay a price for interacting with the blockchain, for example, there is a cost of gas to mint an NFT on the Ethereum blockchain.
India's largest cryptocurrency exchange in terms of trading volume, WazirX, has sold 166 pieces of digital art in the first month of launching its NFT or non-fungible token platform, as more and more Indians try to jump on board the latest craze in the world of cryptocurrencies. A non-fungible token (NFT) is a cryptographic token that represents something unique and has an individual characteristic that differentiates it. WazirX, one of India's largest cryptocurrency exchanges, on Tuesday announced India's first NFT marketplace, called WazirX NFT Marketplace. WazirX has also announced that NFTs will be interoperable, meaning they can be moved from Binance's smart chain to another blockchain network such as Ethereum.
Some US companies have already started using NFTs as proof of home and property ownership. NFTs have the potential to transform property rights as the future tool for selling digital goods or works of art. NFTs are a class of cryptocurrencies that represent a wide range of unique tangible and intangible items, from collectible sports cards to virtual real estate and even digital trainers, as CoinDesk discussed last month. Regardless of the off-chain migration of the real asset to the new owner, NFTs offer a new way to transfer ownership on the blockchain when it is linked to the real asset.
The exchange has now announced a platform for NFT artists, where local creators will be able to sell their art on the digital marketplace. Harshit Agrawal, who sells AI artwork in the form of NFTs, tells us how NFTs benefit the artist: "NFTs have been great for digital artists as they have provided a ready market for digital art, which was not there before NFTs, because everyone was worried about duplication and authenticity of digital art. The NFT sector is heating up globally, and many big artists are launching their own tokens.