According to reports from the India Economic Times, India’s largest cryptocurrency exchange WazirX has launched an immutable symbol market for exchanging digital art, assets, intellectual property and more.
The launch comes just after a month in which WazirX’s domestic exchange symbol, WRX, surged in value nearly 2,000% and jumped from $ 0.27 to $ 5.66. The exchange itself has gone the same way in the past six months, with site visitors increasing 631%, according to information available in browser tools.
WazirX founder Nishal Shetty celebrated the launch, which he said was the first of its kind in India, stating, “We are delighted to launch one of the first NFT markets in India. From the beginning, we have been at the forefront of innovation and have added value to our customers. ”
It is considered free to build and build NFTs on the platform, and there seems to be work underway to eliminate the base gas charges that accumulate when NFTs are embedded in various blockchain chains.
“From now on, we are working on some key details to make NFT more profitable for our clients,” Shetty said.
NFTs appeared in 2017 as frivolous collectibles in the form of the then popular CryptoKitties. Its usefulness and sound remained a little muted in the following years, until its popularity spread again in December 2020, when famous artists, sports stars and celebrities began to maximize their potential as marketing tools. In just a few months, major corporate brands such as Gucci have begun to explore the use of NFT in the fashion industry, and more than half a billion dollars of NFT have already been acquired.
WazirX is launching the NFT platform despite clear indications from Indian officials that there could be a complete ban on cryptocurrencies as early as this year.