WazirX is an Indian cryptocurrency exchange that launched its NFT platform in 2021. WazirX NFT platform is a decentralized marketplace, which means it is not connected to its parent company WazirX. To use the NFT marketplace, you will have to log in through your wallet. As of now, the platform only supports Binance and Metamask wallets. Here’s a brief WazriX NFT review.
Table of Contents
- WazirX NFT platform is built on the Binance Smart Chain (BSC).
- WazirX NFT is a decentralised marketplace, which means it is not connected to its parent company WazirX.
- To use the NFT marketplace, you will have to log in through your wallet. As of now, the platform only supports Binance and Metamask wallets.
- The website has four sections: the Drop, Discover, Creators, and Collectors’ sections.
- Creators and collectors who present just enough proof of authenticity and are active in the marketplace get a Verified badge.
- In the ‘Drop’ section, the latest NFTs are released by WazirX’s NFT creators.
- In the ‘Discover’ section, the platform showcases a selection of 50 artists every day.
- This platform does not levy any fees on creators for creating and listing NFT. However, they do charge a sales commission which is 5% of the total transaction fees.
- Once you register for WazirX’s wallet, you can use the marketplace to buy or sell NFTs with WRX token (WazirX’s native utility token).
How does WazirX NFT Marketplace work?
Binance Smart Chain powers the WazirX NFT platform, and the website has four different sections, namely, the Drop, Discover, Creators, and Collectors sections.
Drop: In this section, you will see the latest NFTs released by WazirX’s NFT creators.
Discover: In this section, the platform showcases a selection of 50 artists every day. This display makes sure that rising artists get discovered easily.
Once you register for WazirX’s wallet, you can use the marketplace to buy or sell NFTs with WRX token (WazirX’s native utility token). Collectors can check out the Collectors section. Creators can check out the Creators section. The NFT marketplace features an enormous range of collectables immersed in Indian cultural themes, Indian athletes, and picturesque videos portraying India’s beauty. Additionally, it also hosts various emerging solo artists based out of India.
Also read, Non-Fungible Tokens Explained
WazirX NFT Marketplace’s Layout
Various NFT marketplaces present their NFTs, the latest bid, and the remaining time of a particular auction in various ways. You are the one to decide what kind of viewing experience is comfortable for you.
How to buy NFTs on WazirX NFT?
Requirement: You need to possess a Metamask/Binance wallet, and this must be connected to the WazirX NFT platform.
- Click the option ‘Buy’
- Then, confirm this transaction in your own Metamask/Binance wallet.
- Now, you are the owner of an NFT.
How do I list/sell an NFT?
You can start by listing an item for sale.
- Visit the ‘Create NFT’ page.
- Then proceed by uploading your artwork in the specified formats and click on ‘Save’.
- Now, you can view your every creation under ‘Creations’ in the ‘Profile’ section.
WazirX NFT review: Fees
This platform does not levy any fees on creators for creating and listing NFT. However, they do charge a sales commission which is 5% of the total transaction fees. This sales commission consists of the platform fees and gas fees. Gas fees are paid to cryptocurrency miners. WazirX has chosen the BSC instead of Ethereum because of BSC’s low gas fees ($1USD). Notably, you can use your Binance or Metamask wallet to pay the fees. Unfortunately, the platform does not support credit or debit cards yet.
How is the art at WazirX NFT Marketplace?
The NFTs are brilliant. The designs are vibrant and distinctive. We Staking, Crypto Sauga, RG, and Arijit Das are the top NFT collectors on this platform. Abhishek Bhaskar, Nehha, Ritvia, and Ankita are the top verified NFT creators.
WazirX NFT Review: Customer support
Alternatives to WazirX NFT Marketplace:
Opensea is another great website for anyone who wants to list their art. However, there are a lot of charges that one has to pay, such as gas fees. The high fees are a result of most NFT sales taking place over the Ethereum network.
Kalamint, as the name might suggest, was built by Indians. It runs on Tezos. Kalamint manages a good number of sales each month. Moreover, when compared with WazirX, there are more buyers on the Kalamint platform. Lastly, people can earn $KALAM tokens when they buy or sell NFTs on Kalamint.
WazirX NFT Review: Conclusion
Getting to know and experience NFTs via WazirX is an excellent way to support Indian artists and tokenize their work. Additionally, this platform’s attractive gas fee structure will surely attract collectors as well as creators. Therefore, all in all, WazirX NFT is a fantastic platform.
Frequently Asked Questions
How do creators and collectors get a Verifieda badge?
Creators and collectors who present just enough proof of authenticity and are active in the marketplace get a Verified badge. This activity can be related to social media, communicating with the community members, number of sold and minted NFTs.
What is a secondary market?
The first sale of an artwork is associated with the ‘primary market’. The subsequent sales of the same artwork are related to the ‘secondary market’. This allows NFT collectors to list and sell their NFT on a marketplace just like the creators.