In today’s art scene, NFTs are the hottest trend. Non-fungible Tokens [NFTs] provide investors with a one-of-a-kind opportunity to invest in a niche market and establish a portfolio of digital assets that grow in value over time.
NFTs rose by 299 percent in 2020 and saw over $250 million in transactions. In the expanding Indian market, WazirX, India’s largest crypto exchange platform, has enabled a unique feature of the NFT sector: allowing artists of Indian heritage to promote and sell their original artwork to collectors using Non-Fungible Tokens.
The world of cryptocurrency never fails to amaze, adjusting to the demands in the market, in this case, artists’ needs. NFTs, or Non-Fungible Tokens, offer a one-of-a-kind opportunity in a category that is significantly different from the norm and consists of developing digital assets with long-term worth.
What distinguishes WazirX NFT from the competition?
The first thing to know about NFTs is that it is categorized as art. Those who deal in that market are both artists and collectors.
When an artist creates a work for the digital gallery, they utilize their NFTs to leave their stamp; it’s similar to signing their name.
It will always have its particular pattern, even if it gets marketed. Thanks to WazirX’s crypto trading platform, this has made a major stir, especially in India.
So, what makes it special?
You may discover a strong community on WazirX. The careful selection of artists with excellent trajectories, and the provision of a digital marketplace where they may trade, strengthen the ties between creators and collectors.
Is WazirX trustable and secured?
NFTs are a win-win asset for both investors and producers since they are incomparable, valuable, permanent, and non-fungible. Users may be concerned, however, that because NFTs are entirely digital and a potentially valuable asset, hackers may gain access to them.
WazirX, on the other hand, uses top-notch open-source Smart Contracts to mint NFTs, which have been certified by a well-known, reputable audit company, ranking WazirX among the top 35 secure Smart Contracts in the world.
That’s not everything. All NFT files on the WazirX NFT marketplace are kept on an Interplanetary File System (IPFS). “Because NFTs are decentralized, they must be kept on the IPFS more precisely than on the centralized cloud servers of Google or Amazon.” If a company that uses centralized servers is dissolved, NFT files are stored on an Interplanetary File System (IPFS). NFT data housed on centralized servers would lose their value if the organizations that utilize them go out of business “Sandesh Suvarna, Vice President of WazirX NFT Marketplace, says.
What is WazirX NFT and how does it work?
WazirX is a cryptocurrency platform with its native token, WRX, which can be used to purchase and trade NFT. The goods provided on the WazirX platform are priced according to a “fixed pricing” concept.
NFT, like all other tokens, must be issued on the market. As a result, it charges a $1 minimum gas price, which is far less than other platforms such as SockShare, which charges between $60 and $100.
The Binance Smart Chain is responsible for this. As previously stated, the artists are chosen based on specified criteria, assuring collectors of a high level of quality control and establishing WazirX as a reliable platform for unique NFT art. As a result, the platform’s transactions are protected by top-notch open-source intelligent contracts, which shield those potentially valuable assets from hackers.
WazirX is a great place to invest in NFTs. Purchasing NFTs from WazirX is a wise investment. Even though this platform is still in beta and is now focused on India, anyone who wants to trade NFTs safely and securely is welcome to participate.
If there is one thing that distinguishes NFTs, it is their inherent value, incomparability, permanence, and non-fungibility. Everyone benefits from this asset; no one loses, and both investors and creators are delighted.
WazirX provides a window of opportunity for retail investors, shifting their viewpoint and making it more appealing for them to participate in NFT as a potential growth sector.
In any situation, the investor must understand the intricacies of the world and the object in which they are investing. As a result, before making a purchase, researching the history, art, and artist becomes crucial.
As a result, NFTs are assets that reflect real-world things. They fulfill an ancestor’s demand, in which creative artists have taken extra precautions to protect their intellectual property. Plagiarism, duplication, and illicit sharing of an item that does not belong to them are all avoided when NFTs are used.
An NFT is similar to owning a one-of-a-kind work of art or a valuable antique. They must be considered as one-of-a-kind tokens or digital assets that will create value due to their rarity. “A bigger number of them also belong to the start-up ecosystem, who perceive NFTs as a new asset class that’s likely to gain,” adds Vishakha, “since most collectors are tech-savvy, habitually engage in crypto, and understand the market.” Many possibilities might exist for these investors, whether through managed funds or individual NFTs.
But, for those who dismiss NFTs as a transitory craze, a word of caution: historical precedent suggests that the impact of technical breakthroughs typically becomes more apparent after the first frenzy of publicity has died down. Several commentators dismissed technology businesses during the late 1990s dot-com boom and the initial wave of bitcoin in 2017, only to be proven incorrect.
Conclusion
NFTs are digital assets that depict real-world items at their most basic level. They address long-standing challenges that artists have when attempting to protect their intellectual property from being copied or shared on the internet. Even though current versions of NFTs are mostly limited to a restricted collection of digital assets, WazirX has provided the basis for wider adoption in the future, allowing for brand new business models that did not exist previously.
They won’t be the last as digital art, music, virtual gaming assets, brands, influencers, and a slew of other items become first-use cases. WazirX NFT offers up a world of possibilities, which is why being the first to try out for such a fantastic chance might be a thrilling invitation.
