Why WazirX NFT Is Unique
When OpenSea, a P2P marketplace for NFTs became the first of its kind for crypto goods, it paved the way for new platforms. Some Indian creators went on to feature their NFTs on OpenSea but did not see much traction. In a marketplace where creators and collectors co-exist, the latter look to purchase digital assets from verified creators. Collectors also find it challenging to spot the right artist when there is clutter.
To deal with this challenge, ensure a well-curated set of great artists and build trust, the WazirX NFT team carefully vets applications when selecting spotlight artists. Vetting is based on well-defined consideration criteria. Art creators with strong social currency, who have consistently delivered value over the years and are willing to drop original artwork only on the WazirX platform are chosen. WazirX NFT has also built a robust community based on strong relationships with both creators and collectors, offering them more than just a digital marketplace. Users are provided with opportunities to share, trade and interact within the community, guided through insightful resources and offered a platform to learn more about the industry.
How It Works
WazirX’s NFT marketplace is a predominantly India-centric creator platform and is currently in a beta phase. The marketplace is open to everyone who wants to buy or sell NFTs, using WRX, the native token on WazirX. All items listed on the platform are based on a ‘fixed price’ model. While the marketplace does not charge any listing price, a minimal gas fee–about $1, compared to $60-$100 on other platforms, is charged to mint the NFT on the WazirX NFT marketplace. Here, the Binance Smart Chain is what makes the low gas fee possible.
15,000 artists and creators applied to join the platform just before it launched. But not everyone made the cut. WazirX handpicked spotlight artists to ensure robust quality control and a credible platform with exclusive NFT art. Visual artists such as Vimal Chandran, Montreal-based mixed-media artist Karan Kalra, Santanu Hazarika, Abhinav Chandel, Madhav Shorey, Shreya Daffney, Varundoo, Prasad Bhat and Santanu Hazarika are some of the many talented creators minting on the platform to generate value from their art.
The company currently boasts of a collector-to-creator ratio of 1:5. “Personal attention to our spotlight artists–that’s our USP; no other platform offers that, and we do so to ensure a quality product, a credible marketplace and a trustworthy community,” explains Vishakha Singh, Vice President at WazirX NFT Marketplace.
Easy discoverability is another calling card for WazirX NFT. The company plans to launch community-led invite options and introduce the auction feature in the next three months. Secondary markets will eventually follow. Down the road, WazirX also envisions having linked blockchains. The launch of an interoperability feature will allow users to move their assets from one blockchain to another.