Key takeaways:
- WazirX, an Indian Exchange, terminates its NFT marketplace because of its poor performance.
- The general consensus is that this is as a result of the team’s increased attention to Shardeum, a Layer 1 cryptocurrency.
- Wazirx’s move to close its NFT marketplace comes as its conflict with Binance intensifies.
WazirX, an Indian cryptocurrency exchange, has declared the discontinuation of its non-fungible tokens (NFT) marketplace due to a shortage of traction amid elevated taxes, regulatory barriers, and global market variability.
However, according to the website, users can still exchange their NFTs there. Users can buy or sell the NFTs they bought on WazirX by clicking the OpenSea link that is given on the website. 52,253 products are presently available for purchase on WazirX’s OpenSea profile.
“The WazirX NFT Marketplace has been sunsetted, we apologise to inform you. We are pleased to have introduced the first NFT Marketplace in India in June 2021, which featured the creations of numerous artists“, the statement from WazirX reads.
Since last August, WazirX and Binance have been at odds over who owns the platform. Binance stated earlier this month that it would be severing its relationship with WazirX by ending its wallet services.
The Indian exchange then announced that it was willing to undertake the required actions to pursue justice against Binance’s false and deceiving statements.
The Indian cryptocurrency exchange has encountered numerous difficulties, including regulatory scrutiny, in addition to the public dispute with Binance. The director of the business was raided by the Enforcement Directorate in August 2022, and bank accounts worth Rs 64.67 crores were frozen as a result.
Up until last year, when the government enacted a strict tax system that severely hurt the platform’s trading volumes, WazirX was India’s largest cryptocurrency exchange. The crypto exchange faced significant challenges as a result of this and a significant decline in the worldwide crypto market.
WazirX is in a vulnerable situation due to India’s stance on cryptocurrencies and other virtual digital assets. The situation has users on edge, and many are concerned that the exchange might be the next to close.
In February 2022, Nischal Shetty, a co-founder of WazirX, unveiled Shardeum, a Layer 1 blockchain. The community thinks that Shetty has been preoccupied with Shardeum ever since.
Shardeum will be an L1 blockchain fully decentralised, endlessly scalable, and sharded.
