WazirX Shuts Down NFT Marketplace Due to Low Traction

Indian crypto trade WazirX has wound up its NFT market operations with fast impact. Presently, the WazirX NFT web site shows a message to this impact. 

WazirX NFT Sunsetted

“The WazirX NFT marketplace has been sunsetted. You can still trade your NFTs on OpenSea,” the message reads. 

In a statement on its web site, Wazir mentioned regardless of making a “safe and secure” market, the enterprise “did not gain much traction.”        

“NFTs are decentralized, and owners have complete control over their assets, which is why they have become so popular. Our users can rest assured that they can continue to hold their NFTs in their wallets, and these can be sold in other marketplaces such as OpenSea,” the assertion clarified. 

A report by Inc42 said that WazirX NFTs has 52,253 gadgets on sale on OpenSea. 

No Discover, Rug Pull…

The information was obtained with shock on social media. A number of posts on Twitter pointed to “Zero notice,” and a few termed it a rug-pull. A Twitter person complained that the NFTs hosted on this platform will now fetch nothing. 

WazirX CEO Nischal Shetty replied to a tweet that termed the closing down of the WazirX NFT market a rug-pull. 

“Rugpull? NFTs have always been under self-custody of those participating,” he said.  

Solely a day earlier than WazirX shut down its market, an NFT assortment beneath the model identify Friendsies introduced an analogous determination to “pause” operations, citing market volatility. The announcement brought on fears of a rug-pull within the Friendsies group.     

India NFT Market 

WazirX NFT market launched in June 2021, adopted by a number of different India-focused NFT platforms by different firms. Some have been capable of rope in high movie stars to mint their NFTs, and the market gave the impression to be taking off for larger heights, with movie stars and cricket personalities, particularly, leaping on the NFT bandwagon. However a chronic bear market and unfriendly regulatory surroundings appear to have hit the crypto subsector arduous. 

Expertise consultancy agency Deloitte in its Expertise, Media, and Telecommunications (TMT) Predictions 2022, mentioned the Indian sports activities and leisure NFT market will develop to $1 billion within the close to future, whereas the worldwide sports activities NFT commerce will cross $2 billion in 2022. 

“With more than 500 million cricket fans in India, and Bollywood…, an NFT marketplace for just cinema and sports in India has the potential to cross $1 billion in value in the near future,” the Deloitte report mentioned.

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