What is WazirX NFT and WazirX NFT marketplace?
Have you heard of the WazirX NFT lately, but you’re utterly uninformed about what it represents? Are you eager to find all there is to know about the trendy WazirX NFT and the famous “WazirX marketplace” from experienced professionals in the crypto industry?
As a true fan of Non-Fungible Tokens and the latest trends in this area, it is no wonder that WazirX NFT has become a subject worthy of your attention and interest for numerous reasons. According to its uniqueness and the passionate community, it’s undoubtedly one of the most talked-about collections among crypto enthusiasts.
However, before we proceed to the famous WazirX NFT and the WazirX NFT marketplace explanation, let’s briefly overview Non-Fungible Tokens. Understanding NFTs, in general, will be of great importance to newbies who are just entering this ever-evolving industry.
Let’s learn what NFTs are and why they have been in the spotlight recently.
Understanding Non-Fungible Tokens
NFTs are a non-interchangeable unit of data that exists on Blockchain technology, a specific type of digital ledger that can be sold or traded. Data unit types of NFTs are usually associated with digital files such as photos, videos, and audio.
Nonetheless, today you can find memes, GIFs, and even tweets as non-fungible tokens. Although similar to cryptocurrencies, they differ from them because cryptos are fungible. Non-Fungible Token ledgers claim to provide proof of ownership and a public certificate of authenticity.
They have been used to exchange digital tokens attached to a digital file asset. NFTs do not confer the copyright to the buyer. It’s important to note that Non-Fungible tokens are primarily used in the following areas:
- Digital art
- Games
- Music
- Film
- Other associated files such as memes, virtual estate, etc.
NFTs In the Art World
The world of NFTs, and cryptos in general, never fail to surprise us with completely compelling and delightful collections from talented creators. Those who trade NFTs are collectors and creators that coexist in that market. Thus, it is no surprise that the main domain of Non-Fungible Tokens is in the art world.
The Crypto world is constantly adapting to the market’s needs, which in this case are to meet the needs of artists worldwide. In the art world, Non-Fungible tokens represent an excellent “instrument” that artists use to leave their mark, like their own signature.
Owning a Non-Fungible token is similar to owning a collectible antique and one-of-a-kind work of art. These unique tokens, or digital assets, will eventually generate value according to their unique characteristics. Crypto enthusiasts consider NFTs a “new asset class prone to appreciation.”
Combining Blockchain with Creativity
Collectors, artists, auction houses, and engineers continually explore new ways to combine Blockchain technology with creativity. Even though NFTs do not represent a work-of-art themselves, they can function as a digital certificate of authenticity for the work.
What NFT allows its creators are the following things:
- Naming a rightful owner of a particular file
- Providing them with the rights to present, resell, or access NFTs.
So, what about the WazirX NFT? Why has this non-fungible token become so popular and attracted so much attention from the crypto community? Let’s find out!
WazirX NFT marketplace explained in detail.
WazirX NFT marketplace represents a specific creator platform that is predominantly India-centric, and it’s in a beta phase at the moment. Everyone eager to buy or sell Non-Fungible tokens using WRX, a native token on the platform, can do so on its marketplace. All items on this platform are based on a “fixed price” model.
In short, WazirX refers to a crypto exchange platform whose utility token is WRX. It lets you trade numerous different cryptocurrency assets such as Bitcoin, Litecoin, Ethereum, etc. For the circulation of WRX tokens, the Binance blockchain technology is used. Since there is a limit of one billion tokens, it can be used as a mediator between trades.
The platform functions on an “Invite only basis.”
Even though this platform enables the minting of the Non-Fungible tokens, for now, it functions on an “Invite only” basis for creators and artists from India and some other parts of South-East Asia. Keep in mind that the minting of NFTs is done on the Binance blockchain technology, while sales are taking place using WRX, WazirX’s native token on the platform.
What is the minimal gas fee of WazirX?
Although this marketplace does not charge listing prices, a minimal gas fee is about $01. Compared to other NFT platforms that charge much more, from $60 to $100, it’s no wonder why crypto enthusiasts fell in love with the WazirX marketplace. It was made possible by the well-known Binance Smart Chain.
Top-notch open-source intelligent contracts back up all transactions generated within the platform. They protect valuable assets on the WazirX platform from numerous cyber criminals on the Internet. What happens to be one of the most identifying marks of this platform is its easy discoverability.
Which creators are minting NFTs on the WazirX platform?
Approximately 15,000 creators and artists applied to join the platform even before it was launched. However, not everyone made the cut. The platform has chosen some of the best artists to provide high-quality control and a reliable platform with unique Non-Fungible Tokens for its devoted users.
Many talented visual artists and creators on the WazirX platform are Karan Kalra, Abhinav Chandel, Vimal Chandran, Madhav Shorey, Varundoo, Shreya Daffney, Prasad Bhat, Santanu Hazarika, etc. They are all trying to generate value from their exquisite artwork.
Collector-to-creator ratio of 1:5
The current collector-to-creator ratio is 1:5, which according to Vishakha Singh, the Vice President at WazirX NFT marketplace, is a highly positive thing. Singh stated that their primary goal is to provide a:
- High-quality product
- Credible marketplace
- Trustworthy community
Wazirx is in the top 35 secure Smart Contracts worldwide.
We are all aware that NFT’s nature is valuable, permanent, non-fungible, and incomparable, making them a fantastic asset for creators and investors. However, some users may have certain doubts since Non-Fungible tokens are entirely digital, so cybercriminals could easily access them.
For that reason, security, stability, and trust in a platform should be the number one priority of numerous clients. WazirX open-source Smart Contracts are utilized to mint Non-Fungible Tokens are audited by a reputed and well-established audit firm that placed WazirX in the top 35 secure Smart Contracts worldwide.
Besides that, at the WazirX NFT marketplace, all Non-Fungible Token files are stored on IPFS; an acronym for the InterPlanetary File System, instead of cloud servers. It’s significant because if companies that use centralized servers get dissolved, all NFT files stored on these servers will lose their value.
How to Buy NFT on the WazirX Platform?
If you are wondering how to buy NFT on the WazirX platform, you need to:
- Register an account on its marketplace.
- Make sure to have enough BNB coins, along with sufficient WRX coins on your MetaMask wallet.
- Click on the “Discover” button to see all available types of NFTs on the Wazirx NFT platform. When you find an NFT you wish to buy from a specific creator, click on it, and click the “Buy” button.
- The metal mask will pop up, and you only have to press the “confirm” button. The process of the entire transaction will take approximately ten seconds.
Learn how to sell NFT on the WazirX platform
On the other hand, if you’re not 100% sure how to sell NFT on the WazirX platform, you need to sign up on the WazirX NFT platform as a creator and mint the NFT before you sell it on the marketplace. An item on this platform can be sold for a fixed price.
Keep in mind that you set the price while minting the NFT; moreover, you set the royalty for the NFT at that time too.
What if you want to mint your NFTs?
Minting NFT on the WazirX platform is possible once you fill up an application form which the website will review. The waiting period for getting a response is from three to four weeks.
After you get approved and logged in to your profile, you’ll be redirected to the NFT creation page once you click on it and create your unique NFT.
How to burn an NFT?
And, of course, for those who wish to burn their NFTs, it’s essential to click on the NFT page you wish to burn, then “manage,” “burn,” and “confirm” to delist it. By clicking the “Confirm” button again and “Burn the NFT,” the wallet you connected will prompt you to confirm the transaction by purchasing the necessary gas fee for completing the whole process.
Why should you invest in WazirX NFT today?
Suppose you are wondering whether you should invest in Wazirx NFT or not. In that case, you should know that investing in it is one of the most intelligent decisions you can make in the crypto world. Although the WazirX platform is still in its beta phase and primarily focused on India, it’s available to anyone from all over the world who wishes to trade Non-Fungible Tokens 100% securely and loyally.
Investors should be aware that this platform offers a fantastic array of possibilities, transforming the perspective and making it much more appealing for numerous investors to invest in Non-Fungible Token as it’s a tremendous potential growth market.
Generally, they should be aware of all the nuances of the NFT world and the item they’re investing in. Once making a purchase, investors should check the history, the art itself, and the artist since they are all fundamental aspects.
For that reason, in particular, NFTs are assets that somehow represent real-world objects. Wazirx enables retail investors to participate in the immense growth potential that Non-Fungible tokens offer to their investors. Vishaka explained that their goal is to onboard the Indian population into the crypto universe.
Is it worth investing in the WazirX coin?
Investing in the WRX coin is ideal because of its accessibility and user-friendliness. You can use the WazirX utility token in transactions involving financial services extending beyond currency trade, INR deposits, withdrawals, etc.
Once buying WazirX tokens, all users get rewards. In addition to that, early adopters can receive discounted exchange trading fees and other incentives.
The Bottom Line
We are witnessing the flourishing of the NFT marketplace and the emergence of new collections of talented and enthusiastic creators daily. In the world of art, NFTs represent one of the hottest trends. NFT investors have an excellent opportunity to invest in diverse categories and create their own set of digital files that will potentially increase value over time.
In 2020 alone, Non-Fungible Tokens grew by 299% and saw more than $250 million worth of transactions. We can expect incredible growth in years to come.
The WazirX NFT marketplace became one of the most popular ones for its uniqueness and small gas fee, not only in India but also in many other countries worldwide. If you are thinking about investing in authentic NFTs, we highly recommend trying with WazirX. You’ll get amazed by its rich offer!
