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NFT Marketplace Review

WazirX NFT Marketplace

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Commission

5.00%

Payment Methods

No Credit Card No Paypal

Blockchain

Binance Smart Chain

Categories

Art

NFTs (5)

My Cute Mini, Satish Acharya, Rakshith N, Blooming Palette, Saptarshi Kapri

WazirX’s NFT platform is a digital assets collectables marketplace by the Indian cryptocurrency exchange WazirX. It is built on the Binance Smart Chain. Since it is a decentralized marketplace and distinct from their cryptocurrency exchange users will have login through their wallets. Currently WazirX’s NFT portal only supports Metamask and Binance wallets. This portal was launched in June 2021.

WazirX NFT Marketplace

An NFT Marketplace is a marketplace for NFT. So far so good. But what is an NFT?

NFT is an acronym for “Non-Fungible Tokens”. Something which is fungible is replaceable. For instance, one kilo of 24 karat gold is – at least in theory – replaceable with any other kilo of 24 karat gold. When something is non-fungible, it means that it is unique, and not replaceable with any other item out there.

Although NFTs are conceptually similar to cryptocurrencies, these digital assets might represent antiques & artworks, collectables like trading cards, and other items with unique features. These tokens are stored cryptographically in a blockchain network for authentication and validation. Even when transacting, each token is sold as a whole, unlike cryptocurrencies which are divisible into smaller units. NFTs lose their value when split into smaller portions, however, they can be duplicated by the artist and each additional copy can be sold separately (but the total number of duplicates will then always be known).

WazirX’s NFT platform is India’s first digital asset collectables market. It hosts many individual artists from India and a sizable number of the collectables are focused on Indian cultural themes, Indian athletes and scenic videos from different parts of India.

WazirX NFT Marketplace

When you make a trade at WazirX’s NFT trading platform, they charge you with a sales commission. WazirX charges 5% on the total transaction as sales commission. This is inclusive of platform fees and gas fees paid to miners for validating transactions.

Different NFT Marketplaces present their NFTs, the latest bid and the remaining time of an auction etc. in different ways. What you are most comfortable with viewing and using is up to you and no one else. The following picture is a print screen from WazirX NFT Marketplace.

WazirX NFT Marketplace

A few of the NFT Marketplaces out there accept deposits and payments via credit or debit card, and some even accept PayPal deposits.

We could not find any information which suggests that the WazirX NFT trading portal accepts cards or PayPal. We are assuming that cryptocurrency wallets (Metamask and Binance) are the sole medium for payments and withdrawals.