One of India’s largest crypto exchanges, WazirX, has announced the launch of the first NFT market in India. The Binance affiliated exchange has noted that the marketplace will include some of the most prominent artists in India and other Asian countries.
As per the announcement, non-fungible tokens will be created on the Binance blockchain and bought using WazirX native token. The tokens will be interoperable, though, and will be easily moved to other blockchains such as Ethereum.
The exchange also announced that artists hosting NFTs on its platform would not be charged. Instead, there will be a 5% transaction fee on all purchases. The exchange has further stated that artworks listings will be on fixed price terms.
However, this will only be the case during the beta testing stage. To incentivize artists, they will be allowed to include a royalty fee of 15% for any resales after the initial sale.
The announcement of an NFT marketplace comes at an exciting time in India. The country has been in uncertain waters on the future of crypto for a while now. In March last year, the country’s Supreme Court overruled a ban on crypto services that had been introduced by the Central Bank.
This year, the country’s parliament tried to pass legislation banning crypto, but it failed. As of April this year, the operating rule is that all crypto transactions must be reported to the government. Therefore, crypto companies in the country have to make their financial statements known to the government.