NFTs allow people to buy and sell ownership of digital items in cryptocurrencies
As high net worth individuals continue to invest in cryptocurrencies, non-fungible tokens (NFTs) are slowly gaining asset-class credibility.
Indians are also investing in this new digital asset that has given creators and collaborators a fresh platform to earn more while generating more value for their work.
NFTs allow people to buy and sell ownership of digital items in cryptocurrencies, and keep track of who owns them using the Blockchain. NFTs can contain anything digital, including drawings, artworks, tweets, animated GIFs, songs or even video games.
On the NFT marketplace by WazirX, India’s biggest cryptocurrency exchange in terms of trading volume, a unique NFT, which was a collaborative artwork between pop icon Ritviz and visual artist Santanu Hazarika, was sold for $391.8 within 10 seconds of going live.
WazirX has sold more than 160 pieces of digital art on its platform for NFTs within month of its launch.
The platform came without any listing price and extended 50,000 WRX (WazirX tokens) as bonuses for the community.
More artists and collectors across the globe are today tapping the power of NFTs. NFTs ensure the exclusivity of ownership and can be seen as a way to digitise artwork and other collectible items, said Sandesh B Suvarna, VP, WazirX NFT Marketplace.
According to Hazarika, the global NFT market is slowly becoming a crucial promotional tool for all artists to monetise their work and uniquely engage with their community of collectors and fans who value art. With NFTs, artists are now open to working with anyone.
The WazirX NFT Marketplace is powered by the Binance Smart Chain, which brings the gas fee — a sum required to mint the NFT via a blockchain — down from $60-$100 to about $1.
Since the NFTs are interoperable, anyone can later transfer the NFT to a different cryptocurrency such as Ethereum.
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